Lewisville Bankruptcy Attorney: There is a common misconception amongst debtors that once a debt has been charged off by a creditor the creditor can no longer attempt to collect the debt. Charged off debts are still collectible, and may be so for years after the debt was charged off. The IRS allows creditors to charge […]
Archives for July 2016
Lewisville Texas Bankruptcy Attorney: LEGISLATION PROTECTS COLLEGE STUDENTS FROM PREDATORY LENDING
Lewisville Texas Bankruptcy Attorney: LEGISLATION PROTECTS COLLEGE STUDENTS FROM PREDATORY LENDING When I went to college, students didn’t just get degree. They also accumulated huge amounts of credit card debt. Anyone who has attended college during the last ten years can tell you that credit card applications were offered to them everywhere on campus. Credit […]
LIABILITY FOR DEBT AFTER BANKRUPTCY DISCHARGE: IN PERSONAM VS. IN REM
When determining how a debt will be affected by discharge in bankruptcy, it is important to determine whether or not a debt is in personam or in rem. “In personam” means “against a person.” With a few exceptions, in personam liability is discharged in bankruptcy. For example, credit cards and medical bills are debts against […]
LOAN MODIFICATIONS MAY BENEFIT HOMEOWNERS EVEN WHEN THEY ARE DENIED
The Making Home Affordable Modification Program has had a low success rate in helping homeowners modify their mortgages and save their homes. However, even homeowners unable to save their homes under this program have received some benefit for their participation in the program. First, while you are applying for a loan modification you will not […]
MORTGAGE DEBT: STRATEGIC DEFAULT VERSUS BANKRUPTCY
A strategic default is a property owner’s decision to stop making payments to a mortgage lender and to allow property to be foreclosed. Whether a strategic default is a good idea depends on the property owner’s specific situation and the state in which the property is located. Each state has its own set of rules […]