bankruptcyforeclosureblog- We've Moved! June 2, 2011Our new home is http://blog.nolo.com/bankruptcy/.
- Protection From Garnishment for Social Security, Veterans Benefits May 12, 2011A new treasury rule, effective May 1, 2011, will provide more protection to receipients of federal benefits from garnishment of their bank accounts. Garnishment and Federal Benefits: The Basics If a creditor gets a judgment against you, it has various tools to collect on that judgment. One tool allows the creditor to garnish (grab the money in) your bank acc […]
- How and When to Reopen a Bankruptcy Case April 26, 2011Sometimes people want to reopen a closed bankruptcy case because they failed to invoke important procedures while their bankruptcy case was open. Fortunately it's usually possible to reopen the bankruptcy and play catch-up. Common reasons for wanting to reopen a bankruptcy case include: failing to timely file an Official Form 23 (pre-discharge counselin […]
- New Mexico Debt Collection Rule Is a Victory for Debtors April 18, 2011New Mexico's Attorney General will begin enforcing a new Rule which requires debt collectors doing business in New Mexico to (1) make a good faith effort to determine if collection of a debt is time-barred (meaning it is too late to sue for recovery of the debt in court) and (2) if it is time-barred, to so inform the debtor. The collector must also tell […]
- Foreclosures Down, But Not for the Right Reasons April 14, 2011According to RealtyTrac, foreclosures in the first three months of 2011 are trending down as compared to 2010. Foreclosures in January, Februrary, and March of 2011 are down by 27% as compared to foreclosures in the same months of 2010. Unfortunately, most experts agree that this trend is not due to a healthier economy and housing market, but instead to bank […]
- Watch Out For the Newest Foreclosure Scam in California April 12, 2011Scams involving purported mortgage modifications and foreclosure assistance have abounded since the California foreclosure crisis in 2009. The California Department of Real Estate recently warned consumers about the newest version of these scams. (To learn more about foreclosure, check out Nolo's Real Estate & Rental Property area.) In this scam, a […]
- Reestablishing Credit During the Recession March 28, 2011A number of the people I counsel want to know how soon they can restore their credit after bankruptcy. The prerecession standard advice was two years for a credit card with decent interest and four years for a mortgage with indecent interest. But that was then. Now, because so many people have bad credit because of foreclosures, late payments, and bankruptci […]
- Same Sex Couple Files Joint Chapter 13 Bankruptcy Petition March 16, 2011On February 24, 2011, a same-sex couple filed a joint Chapter 13 bankruptcy petition in Los Angeles, California. Why is this big news? Bankruptcy is one of the many (thousands, actually) areas in which same-sex couples are treated differently from opposite-sex couples. Even if a same-sex couple is legally married (for example, the couple lives and marries in […]
- MERS: The Elephant in the Foreclosure Room March 5, 2011If you are a homeowner, chances are that the current owner of your mortgage is an entity known as MERS (Mortgage Electronic Recording System). This is true even though you are making your payments to one of the major banks or a dedicated mortgage servicing company. Nobody borrows from MERS in the first instance but somewhere in the chain of title the likelih […]
- Bankruptcy and Foreclosure March 2, 2011The most common question I get these days is whether filing Chapter 7 or Chapter 13 bankruptcy will stop a foreclosure. Chapter 7 Bankruptcy and Foreclosure The simple answer is, Chapter 7 bankruptcy can keep you in your home for an additional two to three months, and that's about it. But, and it's a big "but," because you will be getting […]
- Reaffirming Car Loans in Bankruptcy February 23, 2011If you file for Chapter 7 bankruptcy, the lender may require you to reaffirm your car loan in order to keep the car. Here's why, and what happens if the reaffirmation agreement is, or is not, approved by the bankruptcy court. When you are making payments on a car, your car note has two different parts -- the promissory note that makes you personally lia […]
- Bankruptcy and Second-Mortgage Liens February 15, 2011If you file for Chapter 7 or Chapter 13 bankruptcy, what happens to second or third mortgages and liens on your home? The real estate crash, and the resulting depreciation in home values, may mean that as a practical matter, many people won't have to worry about those liens. Here's why. The Real Estate Crash Has Resulted in Many Unsecured Second an […]
- Lawsuits Allege Banks Broke Promises to Homeowners Facing Foreclosure February 8, 2011Two recent lawsuits, in Washington and California, use "promissory estoppel" (a legal theory in contract cases) to get monetary damages from banks that broke their promises to homeowners facing foreclosure. The Washington Case: Promissory Estoppel as a Cause of Action Abuses by mortgage banks and servicers committed while dealing with homeowners s […]
- Bankruptcy and Foreclosure: Fighting a Motion to Lift the Automatic Stay January 31, 2011Recently, homeowners are having more success in preventing mortgage lenders from continuing with a foreclosure (by lifting the "automatic stay") after the homeowner has filed for bankruptcy. Bankruptcy's Automatic Stay When you file bankruptcy your creditors must stop all activities related to collecting a debt, with a few exceptions (usually […]
- Massachusetts Court Refuses to Give Clear Title in Foreclosures January 12, 2011In earlier blogs I've mentioned some of the ways that homeowners can resist foreclosures. For at least a year some state and federal courts have favorably entertained homeowner arguments regarding shoddy paperwork, robo-signings, and the inability of those bringing the foreclosure action to "show me the note." As I've noted these decision […]
- We've Moved! June 2, 2011
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- Do You Want to Give Money You Don’t Owe to a Credit Card Company?This is not a trick question. I received this letter today from American Express regarding the balance owed by one of my Chapter 13 bankruptcy clients whose case was dismissed. The letter acknowledges that because of the age of the debt, Amex cannot sue my former client, nor can they report the unpaid balance to […]The post Do You Want to Give Money You Don […]
- Can You File Bankruptcy if You Have Been the Victim of Identity Theft?If you have been a victim of identity theft, you can file bankruptcy but you need to be prepared for potential complications. Identity theft is a big problem in 2018 and a number of large retailers and even credit bureaus have been hacked. Personal and financial information about millions of Americans is available for sale […]The post Can You File Bankruptcy […]
- How the Georgia “Wildcard” Exemption Can Save You Thousands When You File BankruptcyWhen you file either a Chapter 7 or a Chapter 13 bankruptcy, you are allowed to declare certain property as “exempt.” Exempt property does not count as an asset for bankruptcy calculations. This is why you will not have to give up household items like your clothes, kitchen utensils and furniture when you file bankruptcy. […]The post How the Georgia “Wildcard […]
- Why You Must Pay Your Mortgage Directly After Filing Chapter 13If you are behind on your mortgage, you can use Chapter 13 to stop a pending foreclosure and repay missed payments over the 5 year term of your Chapter 13 plan. However, filing your Chapter 13 case is only the first step in saving your home. In Atlanta area Chapter 13 cases, your repayment plan […]The post Why You Must Pay Your Mortgage Directly After Filing […]
- Georgia Supreme Court Rules in Favor of Mortgage Lenders Over Homeowners in Important DecisionA 2017 ruling by the Georgia Supreme Court most likely represents a significant weakening to a consumer protection provision contained in Georgia’s home foreclosure law. Georgia law allows what is known as a non-judicial foreclosure. This means that if you fall behind on your mortgage payments, your mortgage company does not have to go to […]The post Georgia […]
- What Happens After Your Chapter 13 Plan is Confirmed?When your Chapter 13 plan is confirmed, it means that the bankruptcy judge assigned to your case has formally approved your plan of reorganization and all creditors are bound to the terms of your plan. In the Northern District of Georgia, a hearing on the confirmation of your plan will be scheduled automatically a the […]The post What Happens After Your Chap […]
- What is the Secret to Making Your Chapter 13 Plan Work?After 25+ years representing hardworking but financially struggling men and women in the Atlanta area, I can report to you that the #1 secret to surviving Chapter 13 is living below your means. This can mean you have to make some difficult choices. Chapter 13 Trustees are Increasingly Demanding When you enter Chapter 13, […]The post What is the Secret to M […]
- Comedian John Oliver Explains the Debt Buying “Industry” and Zombie DebtLate night comedian John Oliver recently offered his unique and humorous take on the debt buying industry, noting that collection agencies are responsible for more lawsuits than any other type of plaintiff, and that many of these lawsuits claim money damages for zombie debt. Zombie debt is debt that is not legally collectible because the […]The post Comedia […]
- Relief From Your 72 Month Car LoanFinancial experts bemoan the “crisis” in student loan debt (over $1.2 trillion as of 2015) and the rising rates of credit card debt ($733 billion as of 2015) but no one seems to be talking about yet another debt bubble – the huge rise of auto loan debt. In 2012, total auto loan debt in […]The post Relief From Your 72 Month Car Loan appeared first on theBKBlo […]
- Georgia’s Likely New Pre-Garnishment Notice Not All Good NewsGeorgia may soon have a new law governing wage garnishments and bank account levies. But the news is not all good. You may recall that back in September, 2015, I reported that federal judge Marvin Shoob had issued a ruling that invalidated on Constitutional grounds bank account levies in Gwinnett County, Georgia. A man named […]The post Georgia’s Likely New […]
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