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Keep Evidence When Creditors Harass You

Several federal consumer protection laws protect against creditor harassment. For instance, the Fair Debt Collection Practices Act forbids a third party collector from calling after you have retained an attorney to represent you (to file bankruptcy, for instance). The Telephone Consumer Protection Act prohibits auto-dialing telephone calls to a cell phone, unless you have previously given express consent. Of course, …

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7 Facts From Nevada Foreclosure Mediation Statistics

Facing a wave of foreclosures due to the housing bust, in 2009 the State of Nevada implemented a foreclosure mediation program to stem the tide. Superficially, it appears like a good idea because Nevada allows “nonjudicial” foreclosures, which means the lender can initiate a foreclosure proceeding without having a judge or other magistrate sign off on it. The Nevada judiciary …

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New Credit Score for Those Without Credit

The traditional wisdom is that having any credit score is better than not having a score at all. Lacking a credit score makes it very difficult for a lender to calculate the risk of extending credit to a particular consumer. Consequently, a person with fair or even poor credit may be extended credit after evaluating all circumstances, while a person …

New Credit Score for Those without Credit

The traditional wisdom is that having any credit score is better than not having a score at all. Lacking a credit score makes it very difficult for a lender to calculate the risk of extending credit to a particular consumer. Consequently, a person with fair or even poor credit may be extended credit after evaluating all circumstances, while a person …

What Records Will the Bankruptcy Trustee Require

The bankruptcy system is built on trust. It really isn’t designed that way, at least not intentionally, but this trust system has developed from necessity. The volume of bankruptcy cases necessitates that bankruptcy trustees accept most debtor statements without verification, and rely on the examination of a few records for the rest. Many of these records are mandated by the …

How are Debts Handled in Bankruptcy

Individuals who have been through the bankruptcy process are often happy to talk about their experiences. Usually this is not a bad thing, but sometimes it can lead to misinformation and unrealistic expectations. How your friend’s debts were treated in her case may be very different from how similar debts are treated in your case. For instance, a bankruptcy court …

Can a Bank Freeze Your Account After Filing Bankruptcy

Filing bankruptcy does not “stop” or “freeze” your finances. The bankruptcy law recognizes that you have an on-going need to pay for gas, food, the rent, etc. This implies money is available, which can be a problem if the money is in a checking or savings account at a bank where you owes money. When Your Bank is a Creditor …

Filing Tax Return after the Deadline May Lead to Bankruptcy Trap

A troubling trend has now turned into a full-blown minority opinion in the bankruptcy world. Some bankruptcy and appellate courts are reading the Federal Bankruptcy Code to exclude late-filed tax returns from the definition of a “tax return.” It has long been held that recent income tax debts are not dischargeable in bankruptcy, but older tax debts (that otherwise qualify …

Bad Legal Advice Will Not Save Your Bankruptcy Case

When something bad happens in your bankruptcy case, who gets the blame? You do. The responsibility for your bankruptcy case is first and foremost squarely on your own shoulders. Your attorney works on your case. It is not your lawyer’s case – it is your case. Sure, when something goes wrong you can complain about your attorney. You may even …

Many Americans Walking Edge of Financial Ruin

Recently Bankrate.com released a survey suggesting that many American adults are walking the edge of financial disaster. Bankrate surveyed more than 1,000 adults and discovered that 37% had credit card debt that equals or exceeds their emergency savings. Credit card debt is old news to most Americans. According to Federal Reserve statistics from December 2014, Americans owe more than $880 …