Cathy Moran, Esq., (Redwood City, CA)
The responsibility of a co-signer is one of the single most common misunderstandings about law.
Put bluntly, a co-signer is just as responsible for the debt as the primary borrower.
Co sign someone else’s loan and you put yourself in the creditor’s spotlight.
That should make the hair on the back of your neck stand up.
Deciding to file bankruptcy is difficult, stressful, and can seem expensive. It can involve other family members and will have a lasting effect on your financial future. The process is complicated. It is important to have a good attorney by your side. How do you pick a good bankruptcy attorney? The choice is very important and it is usually made when you are stressed out. Here are things to consider when picking a lawyer.
JDSupra - June 22, 2022
Today, President Biden signed into law the Bankruptcy Threshold Adjustment and Technical Corrections Act
If you are in the process of getting divorced, you know that you’ll need to come to an agreement with your spouse on how to deal with debt and separate yourselves financially. Debt may have been part of the marriage, but hopefully, it won’t be part of the divorce. It’s easier said than done, but the best scenario by far is to pay off your debt before or during the divorce.
Are you being sued in Smalls Claims Court for an old credit card debt by a company you do not recognize? You are not alone. In Massachusetts, 17% of people have a debt in collection, and that number nearly doubles to 31% in communities of color.
What should you do if you are sued? Show up to court. If you do not show up, the court will enter default judgment against you, and you may have to pay 12% interest on it. Judgments are good for 20 years and may negatively affect your credit, making it difficult for you to get housing, a loan or even a job.
You may have heard that if you’re up to your eyeballs in tax debt to the IRS, bankruptcy won’t help you. That’s true—most of the time.
Many creditors have been warned of the need to halt collection efforts once they are put on notice that a debtor has filed for bankruptcy.
Joint Statement on Supervisory and Enforcement Practices Regarding the Mortgage Servicing Rules in Response to the Continuing COVID-19 Pandemic and CARES Act.
A person in possession of a debtor’s property upon a bankruptcy filing now has more guidance from the Supreme Court as to the effect of the automatic stay.
The U.S. Congress is looking into mistakes on credit reports and how disputes are being handled by all three major credit reporting agencies, Equifax, Experian and TransUnion, as a result of payment deferment programs and rising cases of identity theft during the pandemic.
JD Supra - June 23, 2022
The President signed legislation raising the eligible debt ceiling for Subchapter V of Chapter 11 to $7,500,000. Small businesses with up to $7,500,000 in noncontingent, liquidated debts are eligible for relief under Subchapter V for another two years.
Unsuspecting older Americans get duped by financial scams every year. Now, a bill in Congress aims to to increase regulators' abilities to help end that. "No one from the IRS is going to call you and ask you to send money," one expert says. "Only scammers do that.".
We get it. No one wants to talk to lawyers. But there comes a time in everyone’s life—whether it be good news (marriage) or bad news (divorce)—when you’ll need to consult with a lawyer.
Learning the basics of attorneys' fees before hiring an attorney will help you avoid a common misunderstanding between lawyers and clients: money.
The Supreme Court unanimously ruled that a woman could not use protection under the U.S. bankruptcy code to avoid paying a debt that resulted from fraud by her partner. The court said that the California woman, Kate Bartenwerfer, owed the debt even if she did not know or could not have known about her partner's fraud.
While it is becoming increasingly rare for the Supreme Court to speak with a singular voice on virtually anything these days, bankruptcy provides a rare exception.
The U.S. Supreme Court said on Monday it will review a dispute over a recent increase in fees that Chapter 11 debtors are required to pay the federal government.
The COVID-19 pandemic has been a focal point for the Consumer Financial Protection Bureau (CFPB) – especially with regard to mortgage servicers and loss mitigation programs.