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Category Archives: Collections

Top 5 Credit Score Myths

1. Paying Bills on Time Will Improve My Score That’s definitely a good start, but it’s not the only factor. Only 35% of the points on your score are directly tied to whether you’re making your payments on time. That leaves 65% of your score that has nothing to do with missed payments. 2. Carrying […]

Importance of hiring a law firm for debt settlement

Why choose a Law firm vs. a debt settlement company? We have all seen the late night commercials or radio adds promising to cut debt by 75%. These companies and their sales representatives have only one thing in mind and that is to earn a commission. Not necessarily having your best interest in mind they […]

Debt Settlement

There are many commercials from debt settlement companies that promise to settle debts for pennies on the dollar or for low monthly payments. You should be skeptical about these claims. These ads and the national debt settlement companies are harmful to consumers. In some cases, it makes sense to settle your debt and Consumer Law […]

Should You Sign A Reaffirmation Agreement?

A reaffirmation agreement removes a secured loan from your bankruptcy discharge. You will remain personally liable for the loan after your discharge is ordered if you sign such an agreement. You have the right to rescind a reaffirmation agreement at anytime before your case is closed. Advantages of signing a reaffirmation agreement. Unless you sign […]

Complaints Against Discharge

Complaints against discharge filed by creditors. There is no set dollar limit that will trigger a complaint against discharge, however, the potential for a complaint increases for those individuals with significant unsecured credit card debt. In the two cases in which complaints were filed against our clients (out of hundreds of clients) , the clients […]

May remove 2nd mortgage in Ch. 13 but not Ch. 7

Grano, Jospeh S. and Ann; In Re (Grano v. Wells Fargo Bank) 20 CBN 438 (Bankr. W.D.N.Y. 2010) The holding of Dewsnup v. Timm, 502 U.S. (1992) continues to bind chapter 7 debtors. The Chapter 7 debtors filed an adversary proceeding against Wells Fargo Bank N.A. The debtors alleged that their home was worth $445,000 […]

Debtors Have Right to Convert Non-Exempt Assets into Exempt Assets Before Filing

MAXIMIZING THE BENEFIT OF A DEBTOR’S EXEMPTIONS Generally speaking it is neither illegal nor improper to arrange or rearrange a debtor’s financial affairs to maximize the benefit of a debtor’s exemptions. As explained by one court: It is well established that under the Code the conversion of non-exempt to exempt property for the purpose of […]

Some Collectors Use Psychology in Their Collection Efforts

A recent New York Times article* looked at how debt collection agencies are using new statistical relationships to gauge payment risks. The findings from the study include the following: 1) That people who bought cheap, generic oil for their car were much more likely to miss a credit card payment than someone who bought expensive […]

Private Student Loans may once again be dischargeable in bankruptcy

On September 16, 2010, the House Judiciary Subcommittee on Commercial and Administrative Law took the first steps in reversing language in the 2005 bankruptcy law related to private student loan debt by approving on a 6-3 party line vote H.R. 5043, the Private Student Loan Bankruptcy Fairness Act. NACBA has been actively involved in helping […]

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