This item is part of a series of blog posts about bankruptcy traps that can turn a Tacoma bankruptcy filing into an expensive or less than smooth process. If you can read Part 1 and Part 2 here.
7. Leaving Money in Account Where You also Have a Credit Account

Many individuals who owns taxi medallions that are “underwater” (the amount of the bank loan exceeds the value of the medallion) are interested in cramming down the taxi medallion loan so that the secured portion of the taxi medallion loan equals the value of the taxi medallion and the remainder of the taxi medallion loan would be treated as unsecured debt.

The July 2018 New York City Taxi & Limousine Commission (TLC) sales results have been released to the public. And as is our practice, provided below are James Shenwick’s comments about those sales results.
1. The volume of transfers fell from June. In July, there were 36 taxi medallion sales.

I have seen a lot of clients recently who have had to file bankruptcy because they turned their cars in to the dealership.  They expected that this it would be a solution to the problem of a car payment they could not afford.  Nope.  Big, big mistake.
Turning in a car to the dealership is, for legal purposes, exactly the same as a repossession.  The dealer goes through the same steps.  The dealer takes the car to auction and sells it — usually to themselves — for way less than the amount of the outstanding loan.

Wells Fargo admitted last week that a calculation error involving a mortgage underwriting tool caused over 620 customers to being incorrectly refused modifications to make their loans more affordable. In the majority of these cases, the customers were forced into foreclosure and/or bankruptcy.
The flaw in the underwriting tool was found in an internal review, Wells said. The bank also noted that it has set aside over seven million for customers who were harmed by the error.

In my last post, I noted that I would be discussing twelve potential bankruptcy traps for anyone thinking about bankruptcy in the Tacoma area. Note: Most of these traps are easily avoided. Frankly, many of these traps apply to consumers nationwide, but I wrote these posts with Tacoma filers in mind. I discussed the first three bankruptcy traps in my last post The second three traps are as follows:
4. Selling Property for Less than Face Value

In this post and two others that will follow, I will be discussing twelve potential bankruptcy traps for anyone thinking about bankruptcy in the Tacoma area. Note: Most of these traps are easily avoided. Frankly, many of these traps apply to consumers nationwide, but I wrote these posts with Tacoma filers in mind. The first three traps are as follows:
1. The Cash Advance on the Credit Card

By Emma G. Fitzsimmons and Aaron Robertson
As New York City weighs new regulations for Uber and other ride-hail companies, a group that is often overlooked has entered the spotlight: the thousands of drivers who ferry New Yorkers across the city every day.

By Tara Siegel Bernard
For a rapidly growing share of older Americans, traditional ideas about life in retirement are being upended by a dismal reality: bankruptcy.

Facing a new regulatory crackdown that they say will severely impact their business, Uber and Lyft made an unusual proposal to New York City’s government: stand down, and in exchange we’ll bail out struggling yellow taxi drivers. The response was a polite no thanks.