In bankruptcy, debtors often wish to discharge their unsecured debt but keep their secured collateral. This is generally allowed in bankruptcy, but a practice commonly employed by credit unions makes this process more complicated and often more expensive. The reason is because credit unions often include cross-collateralization clauses in their loan documents. Cross-collateralization means that […]
CAN I KEEP A CREDIT CARD WHILE IN CHAPTER 13 BANKRUPTCY?
I probably answer over a hundred questions for my clients each week. Unfortunately, my answers are often long, complicated or the oh-so-helpful “it depends.” Luckily, once in a while, I get a question like the one in the title of this article, and I get to give a simple, easy to understand answer. “No.” I […]
DON’T USE HOME EQUITY LOANS TO PAY OFF YOUR CREDIT CARDS!
DON’T USE HOME EQUITY LOANS TO PAY OFF YOUR CREDIT CARDS! I have to admit, that I am a little behind the times technologically. I still have basic cable at home and I don’t have a DVR. So while many Americans can simply fast forward through television commercials, I actually watch them. One common theme […]
What You Need To Know About Credit Cards
WHAT YOU NEED TO KNOW ABOUT CREDIT CARDS Credit cards can be a useful tool, if you know how to play by the credit card issuers’ rules. Those rules changed substantially in 2009, when President Obama signed the Credit Card Act of 2009 into law. The Credit Card Act of 2009 serves to benefit consumers […]