Last week, I gave an update on the status of foreclosure mediation ordinances in St. Louis City and St. Louis County that are currently being challenged in the courts by lenders in Missouri. On the other side of the river in Illinois, the Illinois Supreme Court has adopted new rules allowing its courts to [...]

A borrower who is establishing credit or has less than perfect credit may have a cosigner help them obtain a loan.  A cosigner agrees to pay outstanding debt when the borrower is unable to make payments.  It is common to have a cosigner present when applying for a loan on a vehicle, student loan, or [...]

Saw three couples this month who needed to file bankruptcy, because they were getting sued–garnished in one case–by the second mortgage after a short sale.
It was surprising that they were surprised.   At the peak of the crisis, for or five years ago, second mortgages would take what they could get at a short sale and let the rest of it go.  But they don’t often do that anymore.  (At least not without intense negotiation.  I’ve seen it once in the last year.)

Getting Sued After Short Sale? Getting sued after a short sale is highly probable.  Saw three couples this month who needed to file bankruptcy, because they were getting sued–garnished in one case–by the second mortgage after a short sale. It was surprising that they were surprised.   At the peak of the crisis, four or [...]The post Getting Sued After a Short Sale? appeared first on Robert Weed.

Bringing you the most up-to-date news, tips and blogs throughout the web. Here’s your Bankruptcy Update for April 30, 2013 Kelly Rutherford Faces Bankruptcy During Expensive Custody Battle Kodak Spinoffs Clear the Path for Emergence From Bankruptcy Supreme Court won’t hear Charter Communications bankruptcy case

Hiding assets and personal property when filing bankruptcy not only jeopardizes the outcome of your case, you may face criminal prosecution and your debt may not get discharged.  Not withholding details about personal property cannot be stressed enough as doing this may hurt your chances of discharging debt in subsequent bankruptcies.  Many debtors fear they [...]

Eighty percent of success is showing up, according to Woody Allen. So, too, in matter concerning debt collection lawsuits.
You owe a debt to a credit card company. You fall behind, and the credit card company sells the debt to some other company.
Happens all the time, don’t look so shocked.

Janice Dickinson, 58, also known as the world’s first supermodel, filed for bankruptcy protection after owing creditors close to $1 million.  Her creditors include the Internal Revenue Service (IRS) and unpaid bills from plastic surgery performed by multiple doctors.  Dickinson is known as one of the most successful models in the world when her modeling [...]

In the state of Washington, your Chapter 13 Plan Payment may be largely dictated by how you fare on the Means Test. In simplest form, the completion of the Means Test calculation determines how much you can afford to pay back to your unsecured creditors. This number is derived by taking a six month total of your gross income and then subtracting a series of both real and IRS approved deductions. One of the major IRS approved deductions is the “Car Ownership Allowance.”

In Lynchburg, VA, James Gordon Fields, 47, recently plead guilty to multiple charges of fraud including bank fraud, aggravated identity theft, false statements made pertaining to a loan, and false statements made under oath during bankruptcy proceedings.  Fields was a fugitive on the run for over a year after admitting he ran from authorities when [...]