Are Mortgage Lenders Encouraging Homeowners to File Bankruptcy?

June 12, 2011

I know this sounds completely bizarre, but it may start happening more frequently in the near future. In the past 30 days, I have encountered three new clients who have been “informally” advised by their mortgage lenders to file bankruptcy to deal with their unsecured debt PRIOR to completing a mortgage modification. Lenders, in addition [...]

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Parent Guarantees of Student Loans – Love Your Children, But Don’t Sign For Them!

June 5, 2011

In the recent past, I have seen a trend develop that, even as a parent, I find extremely disturbing – parents seeking bankruptcy protection in mid-life or in preparation for retirement that will remain saddled with their children’s student loan obligations long after they have discharged of their other debts. Here’s an example: A couple [...]

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Closing Credit Card Account Dos & Don’ts

February 20, 2011

You are constantly getting offered new credit card accounts but, it’s important to not have too many. If you open a new account because of a lower interest rate or a promotional offer, you should always close a current account you are no longer using or are replacing. Closing unwanted old credit accounts has many [...]

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Which is Right For Me: A Credit Card, Charge Card or Debit Card?

February 18, 2011

The answer to this question all depends on how you intend on using it. Many assume the term “charge card” is interchangeable with “credit card,” when they are very different. In the simplest terms, credit cards allow you to carry debt every month but charge cards don’t – they require full payment every month. Therefore, [...]

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How the New York Exemptions Increases Will Effect Your Tax Refund in a Bankruptcy

February 11, 2011

Effective January 22, 2011, New Yorkers filing for bankruptcy will have the added benefit of higher bankruptcy exemptions. The major change is thanks to Governor David Patterson, who signed the bill into law (his last while in office) just before Christmas last year. Exemptions are the legislative tools that a debtor uses to protect their [...]

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Eliminating Taxes: What Taxes are Dischargeable in Bankruptcy?

February 8, 2011

It is commonly misunderstood that bankruptcy cannot eliminate any tax liability. Although treatment of tax liability is one of the most complex aspects of consumer bankruptcy law, the Bankruptcy Code does offer many debtors substantial income tax relief. Whether or not your bankruptcy filing relieves your tax debt depends on several factors including the nature [...]

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8 Tips for Coping with Stress and Anxiety About Debt

February 3, 2011

Does your debt feel like it is taking over your life? Has it caused you to lose sleep? Is it causing tension or arguments with your loved ones? I recently wrote a post addressing some of the things you can do to overcome debt anxiety. Here are eight tips that should help you cope with your [...]

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