Recently a trade college in Indiana found itself the subject of a law suit for their alleged use of predatory student loans and unethical tactics used in order to ensure repayment of the loans. The Indiana based school boast some of the highest tuition rates in the country in the private for profit education industry. […]
Someone Else’s Debt Could Ruin Your Credit Rating
Debt collectors are pursuing one in seven Americans—and often screwing up Last month, Amrit Singh, an adjunct professor at Hostos Community College in the South Bronx, received a letter from the New York City Marshal, advising him that he owed $10,000, due within 20 days. If Singh did not pay, the letter said, money would […]
Pitfalls of Reverse Mortgages May Pass to Borrower’s Heirs
By JESSICA SILVER-GREENBERG originally posted here Jim Wilson/The New York TimesIsabel Santos says she spends her evenings huddled over stacks of foreclosure notices on her parents’ home. The only solace for Isabel Santos as she spends her evenings huddled over stacks of yellowed foreclosure notices is that her parents are not alive to watch their […]
What Adversary Proceedings Mean to a Consumer
When filing for bankruptcy, whether it be Chapter 7 or Chapter 13, every client should be aware of the potential of being hauled to court to litigate issues surrounding the bankruptcy. At times the process of bankruptcy can be simple however more often the process can be complex when the opportunity to file an adversary […]
Avoiding Tax Liability on Short Sales and Foreclosures
Insolvency can leave a homeowner with little hope and few options of ever meeting their financial obligations to their lenders. Given the ongoing foreclosure crisis in North Jersey, it may be appropriate to mention two avenues in which lenders and homeowners can deal with the populaces increasing inability to pay off their debts. Two methods […]
When Health Costs Harm Your Credit
By ELISABETH ROSENTHAL MARCH 8, 2014 LIKE most people, I am generally vigilant about paying my bills — credit cards, mortgage, cellphone and so on. But medical bills have a different trajectory. I (usually) open the envelopes and peruse the amalgam of codes and charges. I sigh or swear. And set them aside for when […]
Tenancy by the Entireties and Judgment Liens in Bankruptcy
In a recent case to come out of the Third Circuit a Chapter 7 debtor was able to void several significant judgment liens in property he jointly owned with his wife as tenants by the entirety. At stake in this case were two properties: The debtor’s home worth over $150,000 A commercial property worth $55,000 […]
Fraud and its Exception from Discharge
Generally the ultimate goal of a debtor who files for bankruptcy is to receive a discharge of his debts in order to get the coveted fresh start offered through the process of Bankruptcy. However in certain scenarios a debtor may not be entitled to a discharge of his entire debt if a creditor can make […]
Loan Complaints by Homeowners Rise Once More
By JESSICA SILVER-GREENBERG and MICHAEL CORKERY Daniel Rosenbaum for The New York Times Wanda Darden, at home in Riverdale, Md. Her mortgage has bounced among three loan servicers, leading to increasing mix-ups. “I either get conflicting answers or no answer at all,” she said. A growing number of homeowners trying to avert foreclosure are confronting […]
The Automatic Stay and Passive Conduct
In a recent case a creditor was held liable for willfully violating the automatic stay of a debtor who had recently filed chapter 13 reorganization plan. The peculiar thing about this case is that the creditor violated the automatic stay through inaction rather than committing some type of act that would be a clear violation […]
