By Scott Riddle Posted in Bankruptcy Basics,Chapter 13,Chapter 7,Debt Collection & ForeclosureOccasionally we see loan agreement or other contracts that have a provision in them that says the borrower will not file for Bankruptcy or that the Borrower has waived their right to file for Bankruptcy. If you sign a contract with these terms, the other party may believe you are barred from filing a Bankruptcy… Continue Reading
By Scott Riddle Posted in Chapter 13,Chapter 7,Debt Collection & ForeclosureVehicle title loans (or title pawns) are big business in Georgia and other states. A title loan is a loan transaction whereby the borrower hands over the actual title of their vehicle to the lender in exchange for a short term loan based on the value of the vehicle. For example, if the vehicle is… Continue Reading
By Scott Riddle Posted in Chapter 13,Chapter 7,Debt Collection & ForeclosurePayday loans are popular in the United States. By some estimates, there are more payday loan outlets than McDonald’s (and there are more than 14,000 locations of McDonald’s.). First, let’s define a payday loan. It is a relatively small loan usually intended to get the borrower to their next paycheck. These loans are usually unsecured,… Continue Reading
By Scott Riddle Posted in Bankruptcy Basics,Chapter 13,Chapter 7,Debt Collection & ForeclosureMost consumer websites such as this one focus on Chapter 7 cases and Chapter 13 cases, with the occasional reference to individual Chapter 11 cases. The types of Bankruptcy are identified by the specific chapter in the U.S. Bankruptcy Code. What is a Chapter 20 case, since there is no Chapter 20 in the Bankruptcy… Continue Reading
By Scott Riddle Posted in Chapter 13,Chapter 7,Debt Collection & ForeclosureA deficiency claim is a claim by a lender for the balance owed on a loan after a foreclosure or repossession and liquidation of the collateral. For example, if the balance owed on a home loan is $200,000, and a lender forecloses and sells the house for $150,000, the lender has a claim for the… 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 Debt Collection & Foreclosure“Cash for keys” is an agreement between a foreclosing lender and a home owner or tenant whereby the owner or tenant receives a cash payment in exchange for moving out of the foreclosed property at an agreed-upon time and leaving the property in good condition. The new owner (which could be the original secured lender… Continue Reading
By Scott Riddle Posted in Bankruptcy Basics,Chapter 11,Chapter 13,Chapter 7,Debt Collection & ForeclosureAlthough many people enter Bankruptcy with a desire to save their home from foreclosure, others are anxious to rid themselves of the property and the debt associated with it. This could be their primary residence or other homes or real estate they own. A problem that occasionally comes up is that the person in Bankruptcy… Continue Reading
By Scott Riddle Posted in Bankruptcy Basics,Chapter 13,Chapter 7,Debt Collection & ForeclosureOne of the alternatives to foreclosure is a “deed in lieu of foreclosure.” Simply stated, this means that rather than making the lender go through the foreclosure process, the home owner agrees to execute a deed for the property transferring it to the lender. In turn, the lender agrees to accept the deed (and transfer… 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,Chapter 13,Chapter 7,Debt Collection & ForeclosureMany Bankruptcy cases in Georgia, and other states, are filed to stop a foreclosure of the family home. They are not filed only because of the foreclosure, but the realization that the family home is about to be lost is usually the final straw after a period of financial problems. It is certainly understandable that… Continue Reading
By Scott Riddle Posted in Bankruptcy Basics,Chapter 13,Chapter 7,Debt Collection & Foreclosure“Emergency” Bankruptcy cases or petitions, and “skeletal” petitions, are terms that are used fairly often in the Bankruptcy world and you may come across the terms in various websites (such as this one). The terms are related, but have different meanings. An “emergency” Bankruptcy case is, as the name implies, a Bankruptcy case that has… 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
