Articles Posted in Bankruptcy

by

Douglas Jacobs has an interesting article about seven myths that he sees as a California bankruptcy attorney. Specifically myths about modifications — bankruptcies — and foreclosures.

I agree, from an Alabama perspective on foreclosures, that doing a modification will not stop a foreclosure unless the mortgage company tells you. But then they often lie and we end up suing them after the foreclosure.

And modifications are not something that you are entitled to — more common to be denied than accepted.

by

We have talked about how bankruptcy is very limited when dealing with any type of student loan — even private student loans with a bank.

Here is an article discussing an effort by the Consumer Financial Protection Bureau and, surprisingly, the Department of Education to open up more options to discharge a private student loan in bankruptcy.

Many people, old and young, are trapped by student loan they can never pay off. Federal student loans do have some options and protections but with private student loans it is the same as a credit card. Except you can very rarely get a bankruptcy discharge.

by
Posted in: and
Updated:

by

Last year brought a decline in bankruptcies around the country. The question is will it continue to decline or will it spike up this year?

Filings fell 12% in 2011 as 1.35 million Americans entered Chapter 7 or 13, according to an analysis for the National Bankruptcy Research Center by Columbia Law School professor Ronald Mann.

That’s down from more than 1.5 million filings in 2010, or about one out of every 150 people. In 2011, the ratio was one out of every 175 Americans. Chapter 7 liquidation filings were down 17% compared with 2010’s figures, while Chapter 13 rehabilitation filings declined 25%.

by
Posted in:
Updated:

by

There are many reasons to consider bankruptcy. Maybe you are dealing with abusive debt collectors or you are facing foreclosure. Or maybe you have lost your job and are drowning in debt.

Bankruptcy is a very serious option with serious consequences. Those consequences can be good overview of the bankruptcy laws, particularly for the Birmingham, Alabama areagood or bad.

It makes sense to do what you are doing — research to find out about your options.

by
Posted in:
Updated:

by

For several years we have sent out every Thursday (except when I am running late!) a free email newsletter where we talk about suing collection agencies, defending against collection lawsuits, correcting errors on your credit reports, fighting wrongful foreclosures, protecting against identity theft, and other consumer issues.

We call it “Consumer Power” as our intention is to give you knowledge and to give you encouragement to take action. Knowledge plus action is truly power and we want to empower consumers.

We have now set up a website, ConsumerPowerNewsletter.com, where we have all of the back issues. Usually a day or so after we put out our weekly newsletter, we will have the new issue up.

by

While we are still working on it, we did want to let you know that we have at least parts of AlabamaConsumerProtection.com up and running and hope you will take a moment and check out our new website.

Our intention is to do a complete overhaul on our websites and to add a number of new websites, such as this consumer oriented site. Most, if not all, of our new sites will be specialized sites but we did want to have another site similar to AlabamaConsumer.com in order to present information about bankruptcy, debt collectors, credit report errors, foreclosures, etc. in a different format. We have lots of videos and we are adding blog posts and articles every day to this site.

Thanks for checking it out and let us know what feedback you have for us.

by

Sometimes when we file bankruptcy we are doing it because of the wrongdoing of someone else. Maybe a drunk driver ran a red light and hit us and we can’t work. Maybe a debt collector called our work and got us fired.

Any potential lawsuit we have should be listed in our bankruptcy papers. If we don’t list them, then we may have lost the right to bring the suit forever.

Here is the concluding paragraph to a good short post by David Leibowitz:

by
Posted in:
Updated:

by

The Arizona Bankruptcy Lawyer Blog has posted an article that discusses why it’s so important for you to be honest about your assets when you’re filing for bankruptcy. You can’t pick and choose what assets or debts to include while filing, you have to list any and all you may have.

However, just because you list an item of property on your bankruptcy schedules and statements that are filed on your behalf with the Bankruptcy Court does not mean that you will automatically lose that item of property to the trustee administering your Bankruptcy case. To the contrary, it is very possible that your state has a law on the books that would shield that particular item of property from being lost to your bankruptcy trustee, thereby making it “exempt.”

Sometimes people come up with grand schemes to make a property or asset “disappear” by getting rid of it at the last minute or by selling it to a friend or family member with the intent to purchase it back. This type of scheme can have very serious and unfortunate results. Recently, a couple from Iowa tried to cheat their creditors out of $380,000 when they were filing for bankruptcy. Mr. and Mrs. Schuerer attempted to unload some of their assets by selling them to friends and family members right before their bankruptcy case was filed and intended to purchase them right back after the case went through. The couple was found out, spent time in jail, has been ordered to pay $394,984.00 in restitution to the United States Trustee, and has also been required to pay substantial fines to their creditors.

by
Posted in:
Updated:
Contact Information