Stranded college savings plan can soon be rescued. New law lets 529 dollars roll into retirement
Co Signers Put Themselves in Creditor’s Spotlight
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.
Nine Things to Look for When Picking a Bankruptcy Lawyer
BFine Administrator
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.
President Biden Signs Bill Extending Temporary $7.5 Million Subchapter V Debt Limit Increase Into 2024
JDSupra - June 22, 2022
Today, President Biden signed into law the Bankruptcy Threshold Adjustment and Technical Corrections Act
What Happens to Debt in Divorce?
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.
VA Debt Collection, Attorneys Talk Strategy
Veteran law attorneys talk strategy for veterans hit by VA Debt Collection when pursing degrees using the GI Bill or Veteran Readiness and Employment. Here are top three tips veterans can use from Attorney Peter Cianchetta.
What to do if you are sued on an old credit card debt?
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.
Can Filing For Bankruptcy Make Your Tax Debt Go Away?
Forbes Advisor - May 31, 2022
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.
Bradley’s Bankruptcy Basics: The Automatic Stay and the “Why” Behind the Warnings: What Happens Once a Debtor Files for Bankruptcy?
National Law Review - Jan. 19, 2022
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.
Mortgage Servicing Rules - COVID-19 and CARES Act
The Board of Governors of the Federal Reserve System, Consumer Financial Protection Bureau - Nov. 10, 2021
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.
JDSupra - Nov. 3, 2021
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.
U.S. Congress looking into credit report errors, disputes
Philadelphia Tribune - June 3, 2022
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.
Bankruptcy Legislation Update: Biden Signs Bill Preserving $7.5 Million Eligibility Threshold for Subchapter V
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.
House passes bill aimed at curbing the $2.9 billion seniors lose each year to financial scams
CNBC - May 12, 2022
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.".
5 Tips for Talking to a Lawyer
Rocket Lawyer
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.
Attorneys' Fees: The Basics
Nolo
Learning the basics of attorneys' fees before hiring an attorney will help you avoid a common misunderstanding between lawyers and clients: money.
Supreme Court rules 9-0 that bankruptcy filers can't avoid debt incurred by another's fraud
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.
The Circuit City Landmine (Siegel v. Fitzgerald): Supremes Declare Bankruptcy Fee Hike Under United States Trustee Program Unconstitutional –What Happens Next?
JDSupra - June 10, 2022
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.
Supreme Court to determine constitutionality of bankruptcy fee increase
Reuters - Jan. 10, 2022
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.
CFPB Fall Supervisory Highlights Shed Light on Agency Priorities – Mortgage Servicing Loss Mitigation Violations
National Law Review - Jan. 19, 2022
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.
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