Category: Debt

Will Student Loan Debt be the Next Bubble?

With student loan debt now topping U.S. credit card debt and few or no options available for distressed borrowers, America faces the very real possibility of another major economic threat. The threat that is on a par with the devastating home mortgage crisis. As bankruptcy attorneys, we have seen an increase in the last three-four

Do Black Americans Face Bias in Bankruptcy?

A study has found that blacks are twice as likely as whites to wind up in Chapter 13

Florida Supreme Court to Addresses Requirements for Voiding a Foreclosure Sale

A Florida state appeals court has asked the Florida Supreme Court to clarify what is required to void a foreclosure

The Debate Over Mortgage Principal Reduction

Mortgage principal reduction is an idea that could be helpful to or cause more default among borrowers. Some experts feel that widespread mortgage principal reduction may drive defaults much higher. Also, taking this step may tighten lending by forcing banks to offer “price protection” to borrowers. Moreover, the data shows there is essentially no difference

States Close to Settlement with Mortgage Servicers over Foreclosure Shenanigans

A draft settlement between the nation’s major banks and U.S. Attorneys General over deceptive foreclosure practices has been sent to state officials for

NFL Star Santana Moss' Lighthouse Point Home in Foreclosure

Washington Redskins receiver, Santana Moss, is in foreclosure for not paying the mortgage on his Lighthouse

2012 Expected to Bring a Modest Decrease in Housing Prices

The good news about the current housing market is that there is an abundance of inventory and affordability. However, the most recent numbers show prices steadily declined from October 2010 to October 2011. Overall, housing prices are lower than they were in October 2001. And, in some cities, prices are at their lowest level in

Beware the Impacts of the New "CoreScore" Credit Report

Beware the Impacts of the New "CoreScore" Credit

Beware of Cross-Collateralization when dealing with Credit Unions

A cross-collateralization clause makes the collateral that secures the car loan (the car) serve as collateral for all loans the credit union has made or will make to you. This transforms any unsecured debts that you have with that credit union (i.e., a credit card) into secured debt. It is often the case that the debtor has no idea that this cross-collateralization exists until after default or during

When is the right time to file for Bankruptcy?

When to file for Bankruptcy? This is one of the most frequently asked questions that my clients need answering. The truth is, like most answers to legal questions, it depends... Creditor Harassment / Collection Calls: If the primary force driving you to file for bankruptcy is harassing phone calls, letters, and e-mails from your creditors,