Its not what you think it is, but a bar date is a good thing for a debtor in bankruptcy. Everyone wants some amount of certainty in their life. The bar date gives debtors the certainty they need during the bankruptcy process. If you file a chapter 13, or a chapter 7 with assets, the court will set a bar date for claims from creditors. This means a creditor must file its proof of claim [...]
You have mounting credit card and other unsecured debts, but you are on a fixed income of social security or pensions. Surprise! You might not need to file bankruptcy at all! It will take some discipline, some planning, and your willingness to not use traditional sources of credit for future purchases - but it can be done. I consult with potential clients who often have only exempt assets (creditors cannot touch these possessions) and their [...]
If you just found out your landlord is in foreclosure, you probably must continue to pay your rent, or you risk a possible eviction. On the flip side of the coin, if your tenants are not paying rent because you are in foreclosure, then you should demand rent be paid, or evict them if they don't leave the home. Foreclosures are moving slowly in Orlando, Daytona Beach, Ormond Beach, and Palm Coast. They are almost [...]
What is a deed in lieu? Or deed in lieu of foreclosure? It is the process of signing the deed over to your mortgage lender to avoid the completion of a foreclosure on the property. It is a favorite subject right now, but one with lots of misinformation under the umbrella of "what is a strategic default?" It is popular in this mortgage meltdown to search for ways to get out from an underwater mortgage. A [...]
Can you discharge a private student loan in bankruptcy? What can be done about my federal student loans in bankruptcy? As you can imagine, I get asked this question a lot. It is being asked more often since student loan debt now is now higher than total credit card debt, according to the Wall Street Journal. In general, private student loans and federal student loans cannot be discharged in bankruptcy. But I have blogged in [...]
The Fair Debt Collection Practices Act (or FDCPA) requires certain proper behavior for debt collectors and debt buyers. You are not supposed to be harassed over your debt. How many times a day does that bill collector call you? Once, three, five, over ten times a day? Have you stopped answering the phone at all because they won't leave you alone? Debt collector laws most often appear in my practice after the filing of a bankruptcy. [...]
Yes, it is that time of year again - tax returns were due yesterday - unless you filed an extension. It is important to remember that you need to file the tax return, even if you can't pay a tax you might owe. The reason for filing the return will follow below. Did you know that a chapter 7 or chapter 13 bankruptcy may be able to wipe away certain tax debts? But be careful, [...]
I have blogged in the past regarding credit card debt lawsuits and debt settlement. A recent article in the Sun Sentinel shows that credit card companies and debt buyers are trying harder to collect. Small claims courts in Broward and Palm Beach counties are reporting a spike in the number of cases against debtors, who typically owe between $2,000 to $4,000. Some judges say they are handling more than 25 such cases a week, compared [...]
Many people think they can go to jail (debtor's prison) for not paying their debts. This is not true. It is your right to ignore a lawsuit, if you want to – up to a certain point. I don’t think that is a very good strategy, but it is your right. If for whatever reason you don’t want to fight a lawsuit against you, it can be ignored. But a judgment will likely be entered [...]
A recent Fox 35 Orlando news story shows how Experian's new credit reporting policy can actually help improve one's credit score after losing a home to foreclosure. News that the Experian Credit Agency is the first to count rental histories when calculating one's credit score, is the first solid bit of hope she's had in awhile. The woman featured in the news piece lost her home to foreclosure, rented a similar house literally around the [...]
