Many clients come to me who have tried to file bankruptcy on their own. The usual result of a client filing bankruptcy is that the bankruptcy gets dismissed. To start with, there is a prerequisite to filing a bankruptcy. The prerequisite is that an individual seeking to file bankruptcy must take a credit counseling course. If the individual … [Read more...]
Student Loan Considered A Special Circumstance Under Chapter 7 Bankruptcy
A bankruptcy Judge in the Western District of New York found a debtor's non-dischargeable student loan constituted "a special circumstance" under the Bankruptcy Law. A special circumstance could overcome the statutory presumption of abuse upon filing bankruptcy. This special circumstance would allow the student loan to be discharged in … [Read more...]
How Debt Collections Work
If you have debt, such as credit cards, there is a timeline followed by your creditors in collecting these debts. Thirty Days If you miss a payment on one of your debts by more than thirty days, the creditors will immediately start making phone calls and sending you letters about paying the debt.In some situations, the lender will also report … [Read more...]
Warren Buffet’s Advice: Buy a Home You Can Afford, Not Your Dream Home
Warren Buffet is the third richest man in the United States. He is a very frugal man. He purchased his home in 1958 for $31,500. It is a 6,000 square foot home. He still lives in it! In a recent interview, he stated, “our country’s social goals should not be to put families into the house of their dreams, but rather to put them into a house that … [Read more...]
New Bankruptcy Law Exemptions in New York
Homeowners previously had an exemption of $50,000 for the equity in their home. Now each party on the deed has an exemption on Long Island for $150,000 in equity on their home. Therefore, a husband and wife who own a home together have $300,000 in exemptions when they file bankruptcy. This means homeowners on Long Island can file a Chapter 7 … [Read more...]
Senior Citizens Filing Bankruptcy
Many seniors no longer have sufficient assets to maintain their lifestyles. There is a tendency in these situations to go into debt. Seniors use credit cards to finance routine purchases with the hope that they will be able to pay their credit cards back at some point in the future. In some instances, they are unable to accomplish this goal. … [Read more...]
JP Morgan Chase Suspends Foreclosure Activities
JP Morgan Chase previously announced that it was seizing all further legal action on 56,000 pending foreclosure proceedings. The bank is taking this action due to the fact that its employees have improperly prepared legal documents related to foreclosure proceedings. These suspensions took place in the 23 states where foreclosure lawsuits must … [Read more...]
Bank of America and Foreclosures
Bank of America is the largest bank in the United States. They have recently taken action to stop moving forward with foreclosures throughout the United States. Allegations have arisen with regard to how the bank is handling the foreclosure process. Bank of America is among many large financial institutions which also include Chase Manhattan and … [Read more...]
The Use of Incorrect Documents in Foreclosures
Numerous financial institutions are finding that the documents they anticipated using in foreclosure proceedings are flawed! GMAC and JP Morgan Chase are among two large financial institutions that have acknowledged that mistakes were made with regards to the processing of mortgages. Both companies have suspended all foreclosure … [Read more...]
Foreclosure – Don’t Give Up – You Can Fight
Many Americans unfortunately find themselves having difficulty paying their mortgages. When a family falls behind on their mortgage payments, there are a number of ways to deal with the situation. Houses go into foreclosure for a variety of reasons. Loss of employment, divorce, injuries, illnesses and disabilities. In this situation, you have a … [Read more...]
