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Tag Archives: Law

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 […]

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 […]

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 […]

Foreclosure sale validated after bankruptcy

Stay annulled to validate post-petition foreclosure sale In this case the debtor was ineligible to be a debt under section 109(h)(1) of the bankruptcy code. This did not render her bankruptcy a nullity, however, her failure to act in good faith warranted the annulment of the automatic stat and the validation of the post petition […]

Consumer Bankruptcy Filings on the Rise

Consumer bankruptcy filings approached pre-BAPCPA levels in 2009. According to the Administrative Office of the U.S. Courts, there were 1,412,838 consumer bankruptcy petitions filed last year. That figure marked a 31.5 per cent increase from 2008 when 1,074,108 consumer bankruptcy petitions were filed, and it was the most consumer bankruptcy cases filed during a calendar […]

Strip-off Your Second Mortgage

Falling Home Prices and resulting increase in Chapter 13 Lien Stripping U.S. homes values have continued to decline in the last two years. As a result, the equity in homes throughout the U.S. (especially Colorado and surrounding states) has continued to decline. Many experts estimate that by 2011 nearly 50% of all homes will be […]

Top Ten Reasons Why People File for Bankruptcy

1. End the Legal Obligation to Pay-off most, if not all, of Your Debt. 2. Stop Foreclosure on a Home and Allow You to Catch up on Missed Mortgage Payments by filing a chapter 13. 3. Prevent repossession of a vehicle or other secured property. 4. Eliminate your Debts Arising from Medical Bills. 5. Loss […]

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 […]

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 […]

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 […]

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 […]

Creditor Penalized $15,240 for violating Stay

Case Name: Panek, Todd; In re, 19 CBN 486 (Bankr. D. Mass. 2009) When the debtor filed for chapter 13 bankruptcy relief in 2003, he scheduled an unsecured debt of $6,192 owed to Delta Management. Prior to filing bankruptcy, the debtor authorized Delta Management to make monthly electronic withdrawals of $67 from his bank account. […]