-
Posted By
Dave Johnsen
A common preceding cause of a bankruptcy filing is a car repossession. On a basic level, a car loan is a secured debt. This means that unlike failure to make your credit card payments, which can result in lawsuits and judgments down the road, failure to make a car payment gives the holder of that secured interest the right to repossess the vehicle in order to pay off the debt. Bankruptcy offers a ...
Continue Reading
-
Posted By
Dave Johnsen
A common misconception about bankruptcy, especially Chapter 7 bankruptcy, is that you lose all of your property upon filing. This isn't true; we've discussed in this space how bankruptcy exemptions and a lack of equity in property can protect your property and allow you to keep most, if not all, of it throughout your bankruptcy. On the flip side of that, though, Chapter 7 can be a convenient ...
Continue Reading
-
Posted By
Dave Johnsen
The Fair Debt Collection Practices Act is a federal statute originally signed into law in the late 1970s that is designed to provide protection to consumers from unethical and/or illegal actions by debt collectors. At the time of the promulgation of the act, Congress stated that it had substantial evidence of bad practices by so-called debt collectors, including abuse of consumers, deception, and ...
Continue Reading
-
Posted By
Dave Johnsen
Last week we started to address the various schedules that constitute a bankruptcy petition. We addressed Schedule A (covering real property), Schedule B (covering personal property), and Schedule C (detailing the exemptions used to shield assets listed on both Schedules A & B). Now, we turn to schedules that address and detail your debt. Schedule D Schedule D lists all of your secured debts. ...
Continue Reading
-
Posted By
Dave Johnsen
Every situation is different, and each bankruptcy case is unique in the circumstances that precipitated its filing. This is one of the things that makes bankruptcy a complex area of law, as each individual has a different situation that must be addressed in their bankruptcy petition. At the same time, however, there are several common causes leading to bankruptcy that seem to encompass most cases. ...
Continue Reading
-
Posted By
Dave Johnsen
We discussed yesterday the basic concepts of the automatic stay in a bankruptcy case. The automatic stay stops all debt collection efforts from the onset of the filing of the bankruptcy case. This also includes any efforts by a secured creditor, such as your mortgage or car company, to collect on their debt with you. In certain situations, including if the debtor is late on payments to their ...
Continue Reading
-
Posted By
Attorney Joseph P. Doyle
When you don't pay your debt, debt collectors and collection agencies can both report your debt to credit bureaus and pursue legal options. These legal remedies can include filing a lawsuit in either state or federal court; obtaining a judgment; and any attempts to collect on judgments. If you do not pay your debt you could face: Wage garnishments Citations Attachments Bank garnishments ...
Continue Reading
