Strip-off Your Second Mortgage
Falling Home Prices and resulting increase in Chapter 13 Lien Stripping
U.S. homes values have continued to decline in the last two years. As a result, the equity in homes throughout the U.S. (especially Colorado and surrounding states) has continued to decline. Many experts estimate ...
Read More posted by: on: Dec 14, 2009 @ 05:43
Top Ten Reasons Why People File for Bankruptcy
1. End the Legal Obligation to Pay-off most, if not all, of Your Debt.
2. Stop Foreclosure on a Home and Allow You to Catch up on Missed Mortgage Payments by filing a chapter 13.
3. Prevent repossession of a vehicle or other secured property.
4...
Read More posted by: on: Nov 10, 2009 @ 06:44
Debtors Have Right to Convert Non-Exempt Assets into Exempt Assets before filing
MAXIMIZING THE BENEFIT OF A DEBTOR’S EXEMPTIONS
Generally speaking it is neither illegal nor improper to arrange or rearrange a debtor’s financial affairs to maximize the benefit of a debtor’s exemptions. As explained by one court:
It is well established that under the Code the conversion ...
Read More posted by: on: Oct 26, 2009 @ 03:27
Some Collectors Use Psychology in Their Collection Efforts
A recent New York Times article* looked at how debt collection agencies are using new statistical relationships to gauge payment risks.
The findings from the study include the following:
1) That people who bought cheap, generic oil for their car were much more likely to miss a credit ...
Read More posted by: on: Oct 06, 2009 @ 09:56
Two-Year Limitations period for Collections on Cell Phone, Long Distance Bills
Consumers may not realize that federal law specifies a two-year statute of limitation for actions to recover on cell phone and interstate and foreign land line communications charges. This short period has a large impact because lawsuits for collections on these type of debts are often brought beyon...
Read More posted by: on: Oct 06, 2009 @ 09:40
Wages Protected from Ganishment Increased this July
The federal Consumer Credit Protection Act wage garnishment provisions exempt a portion of a consumer's earning from garnishment, the amount being tied to the federal minimum wage. In July, the minimum wage increased to $7.25 per hour, so that the amount of an employee's disposable earning totally e...
Read More posted by: on: Oct 06, 2009 @ 09:32
Credit Card and Open End Protections
The Credit Card Act of 2009 generally goes into effect on February, 22 2010 but two provisions have already gone in effect. One of these provisions requires that each open end credit periodic statement is mailed to the consumer not later than 21 days before the due date. Otherwise, the payment canno...
Read More posted by: on: Oct 06, 2009 @ 09:26
Significant Changes re Mortgage Loans
The Helping Families Save Their Homes Act of 2009 requires that whenever a mortgage loan securing a consumer's principal dwelling is transferred to a third party, the new loan owner must, within 30 days, notify the borrower of certian information in writing including: the name, address, and&nbs...
Read More posted by: on: Oct 06, 2009 @ 09:20
May I keep my home after filing bankruptcy?
May I keep my home after filing bankruptcy?
In most cases, you may keep your house after filing a Chapter 7 bankruptcy if several conditions are met. The equity in your house must be exempt (most debtor’s are allowed up to $60,000- if you are over 61 you may claim up to $90,000).
If there i...
Read More posted by: on: Jul 03, 2009 @ 08:03
Can I buy a new house after bankruptcy?
Can I buy a house after filing bankruptcy?
Several studies reveal that within 18-24 months after a bankruptcy discharge, bankruptcy debtors may qualify for a mortgage loan on the same terms as if they had not filed bankruptcy. Future lenders will be much more interested in the...
Read More posted by: on: Jul 03, 2009 @ 08:00
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