If you fear that you are falling behind, canceling credit cards before your creditor does sometimes makes sense. In her book, Bounce Back From Bankruptcy, Paula Langguth Ryan warns of the consequences of letting your credit card company cancel your credit cards before you do. The reason you want to cancel first is simple. It [...]
In the bankruptcy case of Caplan, Trustee, v. B-Line LLC (In re Kirkland), No. 08-2017 (10th Cir. 07/14/09), the 10th U.S. Circuit Court of Appeals found that a creditor must provide supporting evidence to support their claim or provide an explanation for its failure to do so. The details of the bankruptcy case: A Chapter [...]
Right now just about everyone is under financial pressure, so it didn't surprise me when I saw an article in the Dallas Morning News about being creative when you fall on financially hard times and have no savings. But what did surprise me was that one of the debtors interviewed said she actually sold her [...]
As job losses mount and more Americans find themselves overextended on debt, credit card companies are becoming more aggressive with their collection practices. Unfortunately, some of creditors are not playing fair. As we have discussed previously on this blog, credit card companies are using the legal system more now than ever to collect debt. But [...]
The 1st Circuit Bankruptcy Appellate Panel ruled that in the bankruptcy case of Lumb, William B.; In re (Lumb v. Cimenian), (Bankr. 1st Cir. 2009) a creditor may have violated the bankruptcy discharge by pursuing a non-debtor spouse for repayment of a discharged debt. The details of the case: The debtor, the defendant and another [...]
No Deadline to Object to Proof of Claim In the case of Haraldson, Steve O. and Betty; In re, (Bankr. S.D. Tex. 2009) a bankruptcy court sustained a debtor's objection to a creditor's proof of claim despite the fact that the objection was made at the last minute. The bankruptcy case involved a Dell proof [...]
As we have noted often on this blog, many debtors wait to the absolute last moment to file for bankruptcy. Many debtors who should have filed bankruptcy years ago find themselves facing garnished wages, seized bank accounts, repossessed cars and even home foreclosures. But even if a debtor waits until the very last minute to [...]