Blog , Foreclosure , Mortgages & Foreclosures
Can I sell my house to my child so that I can stop a foreclosure and continue to live there? Yes, but your child will still have to pay off the loan. We have seen a number of situations in which people file a Chapter 13 bankruptcy case to stop a foreclosure sale. The debtor […]
Read MoreBlog , Chapter 7 Bankruptcy , Debt Collection , Financial Problems
The Unexpected Bankruptcy and What to Do About It The morning mail arrives, and with it is a notice of a bankruptcy filing by a customer you have not heard from in years. The customer owes you money, and the statute of limitations has long since run so you can no longer file suit to […]
Read MoreBlog , Business Debt , Chapter 12 Bankruptcy , Chapter 13 Bankruptcy , Declaring Bankruptcy , Financial Problems , General Bankruptcy
One of the least asked questions startup entrepreneurs ask themselves is, “What will I do if the business has financial problems?” There are lots of seminars and courses that talk about business plans, marketing, operations, and accounts receivable management, but rarely do these seminars or courses address how the entrepreneur should deal with financial difficulties. […]
Read MoreBlog , Foreclosure , General Bankruptcy , Mortgages & Foreclosures
The pros and cons of a 30-year mortgage loan is a discussion I often have with my clients. They are often shocked by the amount of interest they will pay over a span of 30 years. My suggestion, though, is to get the longest possible amortization. The longer the amortization, the lower the required payment. […]
Read MoreBlog , Business Debt , Credit & Credit Scores , Creditors & Credit Cards , General Bankruptcy
I have not heard from the credit card company I owe for a long time. Should I still file bankruptcy? Probably not, although you should make sure that you could file a bankruptcy promptly if the need arises. I spoke with a client earlier this week whose only significant debt is a single credit […]
Read MoreBlog , Debt Collection , Financial Problems
A 2014 report on holiday shopping plans and finances found that about 55% of the respondents reported that money was their main source of stress during the holiday season. Despite this, more than half of those people planned to use their credit cards for holiday shopping, and they plan to spend about as much money […]
Read MoreBlog , Credit & Credit Scores , Creditors & Credit Cards , Declaring Bankruptcy , Financial Problems , General Bankruptcy
We don’t talk about things that make us feel uncomfortable, and many people are very uncomfortable talking about their financial problems. Often, people with such problems will hide all evidence of financial distress. Some people do this with a misguided sense of protecting their loved ones. If I don’t tell my spouse about the problems […]
Read MoreBlog , Debt Collection , Declaring Bankruptcy , Financial Problems , General Bankruptcy
Yes. The court will mail a notice to all creditors. That notice will show the names of the debtor(s), the filing date, and the date set for the Meeting of Creditors. It will also show the deadline by which any creditor may file a request to have the discharge denied or to object to the […]
Read MoreBlog , Business Debt , Debt Collection , Declaring Bankruptcy , Financial Problems , General Bankruptcy
How can you tell if your debt is out of control? There are various signs that a person has too much debt. These indicators include the following: You don’t know the balances on your accounts. You have made minimum payments for three or more successive months. This signals an inability to reduce the […]
Read MoreBlog , Business Debt , Credit & Credit Scores , Creditors & Credit Cards , Declaring Bankruptcy , General Bankruptcy , Student Loans
I attend a lot of seminars and educational programs dealing with bankruptcy and related issues. Usually the information is valuable to my practice and to my clients, but I recently attended a seminar where an attorney stated to the audience that we should never advise our clients to incur debts while we are planning on […]
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