By Scott Riddle Posted in Chapter 7,Creditor Law,Debt Collection & ForeclosureFunds in joint bank accounts can generally be accessed by all account-holders — each of them can withdraw all of the money in the account regardless of who actually deposited the funds in the account. This is often the reason for having a joint account. However, this can create a huge problem for the account… Continue Reading
By Scott Riddle Posted in Creditor Law,Debt Collection & Foreclosure The following news release discusses a rise in a scam involving criminals impersonating federal court and law enforcement personnel. Across the United States, individuals posing as federal court officials and U.S. Marshals are targeting citizens, threatening them with arrest unless they pay. “This year’s scams are more aggressive and sophisticated than we’ve seen in… Continue Reading
By Scott Riddle Posted in Bankruptcy Basics,Chapter 13,Chapter 7,Creditor Law,Debt Collection & ForeclosureYou have filed and completed your Chapter 7 or Chapter 13 Bankruptcy case, and finally received your all-important discharge. Unless you have very unusual circumstances, you did not officially reaffirm any of your debts in your case. However, now you have thought about it and you want to pay back a certain pre-petition debt that… Continue Reading
By Scott Riddle Posted in Creditor Law,Debt Collection & ForeclosureYou have been informed by a creditor that your debt has been “charged off,” or your credit report shows that a debt has been charged off. You believe that this is the end of the matter, but all of a sudden you find out you have been sued for the debt by a debt collector. … Continue Reading
By Scott Riddle Posted in Creditor Law,Debt Collection & ForeclosureIf you have been sued by a creditor or a collection agency on a debt that you owe, one way to resolve it is a settlement. Settlements are generally good for both parties, or at least less painful for both parties. The creditor gets some of the money it is owed, and you hopefully are… Continue Reading
By Scott Riddle Posted in Creditor Law,Debt Collection & ForeclosureThe U.S. Department of Education recently announced a new process to identify and assist borrowers with disabilities who may be eligible for Total and Permanent Disability (TPD) federal student loan discharge. More information about qualifications and the application process can be found by clicking here. You can also read the April 12, 2016 Press Release… Continue Reading
By Scott Riddle Posted in Chapter 13,Chapter 7,Creditor Law,Debt Collection & ForeclosureYou have been sued for a debt, the case is over and a judgment has been entered against you. Is it too late to file for Bankruptcy to try to discharge most or all of the debt? No…it is rarely “too late” to file a Bankruptcy case. Often, it is the judgment that provides the… Continue Reading
By Scott Riddle Posted in Bankruptcy Basics,Creditor Law,Debt Collection & ForeclosureDo you have a friend or relative who just throws money away by spending every penny or running up credit cards and debt on unnecessary things? All of know people who do that to some extent. What if a relative is personal friends with a Nigerian Prince and sends him money on occasion? What if… Continue Reading
By Scott Riddle Posted in Bankruptcy Basics,Creditor Law,Debt Collection & ForeclosureOne of the most frequently asked questions on the various debt and bankruptcy forums is whether a person is still responsible for debts their former spouse agreed to pay (or was ordered to pay) in a divorce settlement or decree. For example, a Court may divide the debts and order the husband to pay the… Continue Reading
By Scott Riddle Posted in Chapter 13,Chapter 7,Creditor Law,Debt Collection & ForeclosureYou see the signs all over the place. “BUY HERE PAY HERE!” “NO CREDIT CHECK!!” “APPROVED!!” “BAD CREDIT OK!!” This is an awesome deal for people with poor credit, such as people just out of a Bankruptcy case, right? These companies provide a good service and help people rebuild their financial lives and give them… Continue Reading
By Scott Riddle Posted in Chapter 7,Creditor Law,Debt Collection & Foreclosure‘Tis the Season … of very attractive offers from credit cards for cash advances or balance transfers at 0% interest or a very low interest rate (“teaser rates”). I get them just about every day from credit cards I have and ones I don’t have. The most aggressive bank sends me about two offers a… Continue Reading
By Scott Riddle Posted in Creditor Law,Debt Collection & ForeclosureAlthough Debtors Prison was a reality in the United States a couple hundred years ago, and still exists in other countries, you cannot go to jail or prison, or even be lawfully arrested, merely for owing a debt. It does not matter whether it is a $100 debt to a friend or a $1 million… Continue Reading
By Scott Riddle Posted in Bankruptcy Basics,Creditor Law,Debt Collection & ForeclosureAmong the biggest causes of Bankruptcy is divorce. Not only can it lead to significant legal fees, the spouses usually find themselves paying for two households rather than one while still making the same combined income. One party may not have the ability to keep paying for their house on a single income. The problems… Continue Reading
By Scott Riddle Posted in Chapter 13,Chapter 7,Creditor LawWhen completing Bankruptcy Schedules, we are asked to identify three categories of creditors: 1) Secured Creditors (Schedule D), 2) Unsecured Creditors (Schedule F) and 3) Priority Creditors (Schedule E). When creditors file a Proof of Claim, they have to state which category into which their claim falls. Here is a brief description of each of… Continue Reading
By Scott Riddle Posted in Bankruptcy Basics,Chapter 13,Chapter 7,Creditor LawIf you are a party in a personal Bankruptcy case, you have probably come across references to a “Proof of Claim” form (sometimes simply referred to as a “claim”). Officially, it is known as Form B10, and you can view and complete the form on the U.S. Courts website. This form, completed by the creditor,… Continue Reading
By Scott Riddle Posted in Chapter 13,Chapter 7,Creditor Law,Debt Collection & ForeclosureWe have all heard that we should check all three major credit reports at least once a year and some experts recommend checking it two or three times a year. There are several good reasons for this. One, your credit reports and credit scores directly impact your ability to obtain credit and the terms of… Continue Reading
By Scott Riddle Posted in Chapter 13,Chapter 7,Creditor Law,Debt Collection & ForeclosureA term that has become popular in the real estate crisis of the last few years is “strategic default” (or “strategic foreclosure“). The theory behind the term is that the borrower is defaulting on a loan because of a financial “strategy” rather than an inability to pay. With the decline in housing prices many people… Continue Reading
By Scott Riddle Posted in Bankruptcy Basics,Creditor Law,Debt Collection & ForeclosureWhether you are in good financial shape, facing financial problems, or recovering from Bankruptcy, you need to periodically check your credit report with the three major credit bureaus (Equifax, Experian and TransUnion). By law, you can get copies of your credit reports every year. The easiest way to get the three reports is to go… Continue Reading
By Scott Riddle Posted in Bankruptcy Basics,Creditor Law,Debt Collection & ForeclosureA question that comes up fairly regularly is whether it is too late to file for Bankruptcy after you have been sued. The answer is no, it is not too late. Most debts, such as credit cards or medical bills, are just as dischargeable after a case is filed or judgment entered as they are… Continue Reading
