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Taking a trip is exciting. You have a staring place [“Point A”] and a destination [“Point B”]. Along the way, is the “journey.” Getting from Point A to Point B is simple when it’s a road trip because we look at a map, or nowadays, we’ll just plug in our destination into our GPS system, and the road to our destination appears before us.
In today’s Los Angeles Times, Tom Petruno’s (@tpetruno) article entitled, Debt Threat Looms, again, he warns us of inevitable business cycles and where the economy is headed. You see, in order for the economy to move full steam ahead, we need to continue to spend money. The problem with that concept is that we’re so buried in debt, we can’t spend any more.
I was just talking with a friend of mine the other day, Damon Day; and he was mentioning that he is seeing more and more folks all across the country, who have attended these unaccredited schools and carrying an enormous amount of student debt. I mentioned to him that I’ve already been in the bankruptcy court rodeo over private student loans that do not even qualify as an educa ...
Getting rid of those pesky, overwhelming student loans in bankruptcy just got a bit easier, thanks to a case in which an attorney won a bid to shed $250,000 in student debt. The case is In re Barrett, No. 14-43516; Barrett v. U.S. Department of Education Direct Loan Servicing Center et al., Adv. No. 14-4161, 2016 WL 549377 (bankr. N.D. Cal. Feb. 10, 2016). Mr.
Today we’re going to play a game that I love. Negotiations with debt collectors! Also known as debt settlement. In the recent Los Angeles Times article, Making a Deal with Debt Collectors, by Liz Weston, she provides such a shallow and generic approach that I am immediately propelled into blog writing mode.
Even though private student loans make up a fraction of the overall student loan debt in the United States, they pose a threat to our future economy for several reasons. First, nearly all of these loans are co-signed, which means we have multiple borrowers that have taken responsibility for repayment. I’ve seen parents, in-laws, ex-spouses and even grandmas signing for these debts.
New Bankruptcy Forms are overwhelming. Here in the Central District of California, nearly 25% of all bankruptcy filings are made without a lawyer. Things recently got a little bit easier for this crowd in our courts; allegedly. This is an important issue with our courts as demonstrated by this open letter to our attorneys to volunteer to help these folks; Open Letter from Chi ...
Treat your New Year’s resolutions like goals and then take regular action steps each day to help you reach your goals this year. It’s important to write your goals down and then take some action toward those goals. For instance, if you’re desire is to get out of debt, then you must write down how much debt you have and to whom that debt is owed.
If you are married and considering Chapter 7 or Chapter 13 bankruptcy, you have additional issues to think about. To start, you’ll have to decide which option works best for you: filing a joint bankruptcy or an individual bankruptcy petition. For most couples, joint bankruptcy will protect more of your property and discharge more debts. But not always.
Here’s a question posted recently over at AVVO.com.: “We had a Chapter 7 bankruptcy discharged two(2) years ago. We have a second mortgage that we haven’t paid on in 2.5 years that has a $95,000 balance. We have not had any communication with the lender. Would like to know what our options are and the repercussions that are in the future.
Observing an “emerging consensus in this Circuit” that lien stripping can be accomplished through Chapter 13 Plan Completion, the court in Litton Loan Servicing, et al v. Robert Blendheim, et. al, In re Blendheim, Nos. 13-35354, 13-35412, U.S. Court of Appeals For the Ninth Circuit, 2015. You can watch oral arguments here.
My husband is at it again; writing blog articles for me that is. Here are his thoughts on retirement planning and bankrutpcy: It surprises me that many people are not as concerned as retirement as I am. I guess my “normal” is just not quite aligned with other people’s “normal”. I recently heard of a friend of a friend, who took out a fairly large sum of money out of their 40 ...
If you’ve just gotten served court papers, indicating that a debt collector has sued you, you must act quickly to develop the best strategy in defending this law suit. You only have 3o days to respond to this lawsuit, so time is of the essence. Making the right decision as to your options must be explored immediately. FIRST You’ll need to decide whether to fight the law suit or not.
In a recent Los Angeles Times article, entitled Degree of Debt, soaring student loan debt burden poses risk to economic growth. The article states that student loans can’t be discharged in bankruptcy, which is simply untrue. My firm alone, has discharged two student loans to date and many colleagues across the country are now taking up these issues. Check out these success stories here and here.
I’m so tired of hearing that “bankruptcy is failure.” It’s simply not true, and yes, I am biased. However, I have seen bankruptcy success stories, like Dave Ramsey, Walt Disney, J.C. Penny, darn near every football player ever, and more are listed in this article. If bankruptcy works for successful business folks, then why are you still sitting there believing that you should d ...
The next time you’re looking for a new or newer car, remember to consider the landed costs, which include the taxes, annual registration, maintenance costs, insurance, gas consumption costs, and the like. For more information on landed costs, check out this recent article. But wait, there’s more. I’m now even more fired up about car buying from a recent article entitled, “No, ...
It’s amusing when a friend tells me how much money they’re saving in gas with their brand new hybrid vehicle that they just proudly purchased. I’m sure it’s a much more fuel efficient car, but the question I have, is this: Was total cost important to them? If I bought a used $3k vehicle which got 30 MPG, instead of a $28k hybrid that got 50 MPG, at what point would the hybrid b ...
. . . in the other. I’m a bankruptcy lawyer. There, I said it. My product is a service that helps my clients save assets and eliminate debt. The problem with my business model is that it sparks a never ending conversation about morals and character because the stigma is that folks who file for bankruptcy lived a lavish lifestyle and simply spent more than they made.
It seems pretty harmless at first. The first several years, even decades go by as you begin to build a retirement savings. You feel proud that you are on your way to retirement. What an accomplishment that would be; to have enough money to retire one day. Then, life happens and the kids need to go off to college; parents are aging and need support; an accident happened to your husband.
In a recent decision by Hon. Richard M. Neiter, United States Bankruptcy Judge in the Los Angeles Division of the Central District of California presiding, it was determined that loans taken for the treatment of a minor child for a drug addiction were dischargeable in bankruptcy. The decision came down on July 7, 2015 in adversary case no. 2:14-ap-01722-RN. In this case, Plaintiff, Tamara L.