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About two weeks ago, two separate clients tried to convince me that they needed to keep a particular charge card from their respective bankruptcies. Mind you, it is illegal to intentionally leave a creditor out of your bankruptcy. And even though both of these clients were aware of that, they still felt compelled to plead their case in hopes of keeping this particular debt out ...
It’s been a rough couple of weeks for the rap / hip hop community. First we found out that rapper Kanye West is nearly 53 million dollars in debt and even reached out to Facebook billionaire Mark Zuckerberg for help with his finances. Now comes news that rapper 50 cent, whose real name is Curtis James Jackson, III, is being summoned back to bankruptcy court to explain his recent actions.
It is rare for a discharge to be taken away or revoked by a Bankruptcy Judge after it has been granted, but it does occur. Reasons for Revocation of Discharge 11 U.S.C. § 727(d) is the statute that provides that: On request of the trustee, a creditor, or the United States trustee, and after notice and a hearing, the court may revoke a discharge … if such discharge was obtai ...
The Bankruptcy Code requires that the Chapter 7 Trustee be notified if, within 6 months after you file bankruptcy, you inherit any money or property from someone who has died or if you are to receive life insurance benefits from someone who has died. Further, in a Chapter 13, the inheritance or life insurance could be considered disposable income necessary to pay your creditors in the chapter 13.
Stricter Penalties for Bankruptcy Filers on Bankruptcy Forms as of December 1, 2015 Posted on Dec 03, 2015 By Cynthia Lawson December 3, 2015 by Cynthia Lawson New Bankruptcy Forms and Rules become effective December 1, 2015. There are several major changes to the forms, but the one I find the most interesting is the new Declaration under Penalty of Perjury in the new forms.
What is a Bank Levy? Posted on Nov 09, 2015 By Cynthia Lawson November 9, 2015 by Cynthia Lawson A bank levy is when a creditor has obtained a judgment against you for a debt and then serves that judgment on your bank. The bank is then required to freeze all money not exempted and send those funds to the creditor.
If you have obtained a loan at a finance company it is important to understand that in a bankruptcy some of the items pledged (items listed that you did not use the money borrowed to purchase but that you told the creditor about so they could list them as collateral) can be avoided or protected under Bankruptcy Law.
Tougher Legislation For Banks And Debt Buyers Posted on Jul 27, 2015 By Cynthia Lawson July 27, 2015 by Cynthia Lawson On July 15, 2015 Senator Sherrod Brown (D-OH) introduced a Bill that would require Banks and Debt Buyers to notify the credit reporting agencies when a consumer’s debt has been extinguished in Bankruptcy.
Harsh New Regulations For Payday and Car Title Lenders? Posted on Jul 08, 2015 By Cynthia Lawson July 8, 2015 by Cynthia Lawson In March of this year, the Consumer Financial Protection Bureau (CFPB) recommended a set of sweeping new rules and regulations for the Payday and Car Title industry. The Consumer Financial Protection Bureau (CFPB) is an independent agency of the Un ...
In March of this year, the Consumer Financial Protection Bureau (CFPB) recommended a set of sweeping new rules and regulations for the Payday and Car Title industry. The Consumer Financial Protection Bureau (CFPB) is an independent agency of the United States government responsible for consumer protection in the financial sector.
Homeowner Association (HOA) fees or dues are monetary assessments collected by the Homeowner Association for maintenance, upkeep and general safety and security of a particular subdivision or development. They are typical in larger, upscale developments and with condominiums. Debtor’s that are filing for bankruptcy protection need to be aware of the treatment of HOA fees as the ...
I am asked this question quite a lot around this time of year. It is natural for clients to use tax refund money to pay a loan to a family member. Many times that is why the family member made the loan; they were promised that they would be paid back with tax refund money. Unfortunately, this can cause problems for both the person filing bankruptcy and the family member who is receives the funds.
If you are in default on your student loan, the student loan creditor, or the collection agency for the student loan creditor can seek to garnish your wages or take your tax refund to offset the loan amount. A tax offset is where the Department of Education notifies the Department of Treasury to take the IRS tax refund to apply toward the loan amount that is due.