Board Certified Specialist in Bankruptcy
I found a lot to recommend about this NYT article on credit repair. These three topics are most helpful for those considering bankruptcy and others who are rebuilding their credit worthiness. Place a note on your credit report The article says "Because prospective employers may pull a copy of your credit report, consider adding the equivalent of a doctor’s note to each of your reports … [Read more...]
There are financial and emotional reasons to seek bankruptcy protection. Let's consider both categories. Financial questions to ask yourselfAre you able to make more than a minimal payment on your debts every month? How many times in the last year have you been late or skipped a payment on a debt? What is your total debt relative to your annual income? The higher your debt to annual … [Read more...]
It’s easier to answer the second part of the question first, so how long does it take to complete or process a bankruptcy case in the court system?A typical Chapter 7 case is open approximately four months, and, assuming that a discharge is ordered by the bankruptcy courts, dischargeable debts are discharged as of the date the petition is filed (not the date the case is closed).A typical … [Read more...]
Older Adults Can Learn about Fraud Prevention at Senior Scene on October 5 Presented by the Better Business Bureau Consumer Foundation, Senior Scene will be held on Tuesday, October 5 from 8:30 a.m. until 12:30 p.m. at St. Stephen Methodist Church, located at 6800 Sardis Road, Charlotte, N.C. 28270.Senior Scene 2010 is Charlotte's premier event for information on Medicare fraud, prescription … [Read more...]
The 57-year-old woman featured in this NYT story paid her home off but may lose it in foreclosure because she cannot pay her property taxes. She is not alone.According to the article it will take years to absorb the giant pool of unemployed at the economy’s recent pace:Of the 14.9 million unemployed, more than 2.2 million are 55 or older.Nearly half of them have been unemployed six … [Read more...]
Last week I wrote about creditors that text collections messages to debtors' cell phones. We had a question from a reader about the legality of creditors using cell phones in light of the federal Do Not Call Registry. Specifically, if you place your cell phone on the Registry, are creditors prohibited from calling you?The short answer is "no." Handling calls from creditors When the … [Read more...]
We've written a great deal about the abuses and excesses of debt settlement operations lately.Last month federal legislation was proposed to tighten the screws on unsavory practices in this industry. It pointed out that while costs vary, "a company might charge up to 20 percent of the total debt. Fees are usually demanded upfront, even though a settlement may never be secured." Why pay … [Read more...]
On April 15 of this year The Private Student Loan Bankruptcy Fairness Act of 2010 was introduced to the House of Representatives calling for certain student loans to be eligible for discharge under bankruptcy.Time will tell whether the Act becomes law; if it does, it is likely to undergo substantial revisions prior to passage. Student loans are not dischargeable Under the current law, … [Read more...]
Some people think they can tie their creditors' hands by ignoring requests for payment or by contesting their debts with a credit bureau. They also call our offices for help cleaning up their credit reports, which is not a service we offer.If you wish to dispute an entry to your credit report, we suggest you use this letter guide, provided courtesy of the Consumer Credit Counseling Service … [Read more...]
Here are three common questions asked of my partner, Rick Mitchell, and me by homeowners considering defaulting on their mortgages. I can't afford to pay my mortgage and my other bills. The house is under water. I've asked for a modification. How long do I have to decide whether strategic default is an option? I don't want to come home and find the locks have been changed on my house. The lender … [Read more...]