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Category Archives: Credit

Filing Bankruptcy can be a Straightforward Process

There is a lot of misinformation on the internet that makes filing for bankruptcy sound more stressful than it really is. If you are thinking about filing for personal bankruptcy, please call my office to schedule a no-hassle free consultation. I will advise you on the both the draw-backs and benefits of filing bankruptcy without pushing you […]

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 […]

Chapter 13 Bankruptcy – How do Creditors get Paid?

Consumer Law Pro 2851 S Parker Rd, Ste 1158 Aurora Co 80014 Phone: 303-297-7729 Consumer Law Pro is designated as a Federal Debt Relief Agency by an Act of Congress and the President of the United States. We proudly assist consumers seeking relief under the U.S. Bankruptcy Code. A Member of the National Association of Consumer […]

Rebuild Credit During Chapter 13 Bankruptcy

Rebuilding credit takes time, but it won’t take as long most creditors would have you believe. It is also possible to rebuild your credit while in a chapter 13 bankruptcy. Before you can start rebuilding credit, your chapter 13 plan must be confirmed by the bankruptcy court and you must obtain permission from the chapter […]

HOA Fees and Bankruptcy

A bankruptcy will eliminate the personal obligation to pay the HOA for those assessments which came due PRIOR to the Bankruptcy being filed. The lien for the pre-petition dues remains a valid security interest in the property, despite the filing of the bankruptcy. After the filing date, the debtor will be personally liable for any […]

Why your mortgage servicer will not approve your loan modification request

In the past, a traditional mortgage lender would decide whether to foreclose or restructure a defaulted loan based on a cost-benefit analysis of available options. If the lender stands to make more money by modifying a loan than the lender would make on the home through a foreclosure sale, the lender would generally choose to […]

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 […]

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 […]

Two-Year Limitations period for Collections on Cell Phone, Long Distance Bills

Consumers may not realize that federal law specifies a two-year statute of limitation for actions to recover on cell phone and interstate and foreign land line communications charges. This short period has a large impact because lawsuits for collections on these type of debts are often brought beyond the two year period. See 47 USC […]

Credit Card and Open End Protections

The Credit Card Act of 2009 generally goes into effect on February, 22 2010 but two provisions have already gone in effect. One of these provisions requires that each open end credit periodic statement is mailed to the consumer not later than 21 days before the due date. Otherwise, the payment cannot be considered as […]

Obtaining New Credit After Bankruptcy

Although a bankruptcy filing can remain on your credit report for 10 years, many individuals are able to rebuild their credit to the point that they will not be turned down for a major credit card or car loan after about two years from the date they received their bankruptcy discharge. Most creditors look for […]

Can I keep a credit card out of the bankruptcy for use later?

If you have a balance on a credit card at the time you file, you must list that debt on your petition. Keep in mind that the schedules are filed under penalty of perjury and lying on your petition can lead to your discharge being denied. If you do not have a balance on your […]