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Who Will Find Out If I File for Bankruptcy?
Are you ready to file for bankruptcy but stressed out because you’re not sure who will find out? It can be hard to pinpoint who will figure out or actually find out about your bankruptcy. But there are some basic rules of thumb. Before you file, it’s not uncommon to want to know the answer…
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Get A Credit Card After Bankruptcy
Not only can you get a credit card after bankruptcy, it is absolutely essential to repairing your credit. Regardless of whether you file a Chapter 13 or Chapter 7 bankruptcy, once you receive your discharge, you are eligible to get a credit card. Your specific circumstances will determine what kind of interest rates and credit…
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How to Write a Financial Hardship Letter
This article addresses how to write a financial hardship letter for loss mitigation, whether you’re seeking a modification, deed-in-lieu of foreclosure, or short sale. If you fall behind on your mortgage, you will have to submit a lost mitigation package to avoid foreclosure. Part of the loss mitigation package is the financial hardship letter (or “letter…
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It is Time to Change DC’s Contributory Negligence Law
District of Columbia tort law is governed by the legal doctrine of contributory negligence. Under comparative negligence, a plaintiff can be completely barred from recovering damages if the plaintiff was 1% at fault for causing his or her own injuries. Contributory negligence leads to unfair results, and it is time to change DC’s contributory negligence…
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Student Loans Jeopardize Retirement for Older Americans
Retirement is supposed to be a time to leave behind the hassles and stress of the workforce. In many ways, retirement is the reward for a lifetime’s contribution to the economy and country. We usually consider student loans to be a problem for the young. But today’s retirees increasingly face crushing student loan burdens. Believe…
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Why is My Mortgage Company Suing Me in Washington, DC?
With just 97 completed foreclosures, the District of Columbia had the nation’s lowest annual number of completed foreclosures in January 2016. But Washington, D.C. also had the fourth highest foreclosure inventory rate in January 2016 at 2.3 percent. So why is my mortgage company suing me in Washington, D.C.? The answer is: because now they have…
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Debts Discharged in Bankruptcy are Not Taxable
Settled debts must be included in your income taxes If you settle a debt for less than you owe, the balance canceled or forgiven is taxable income. You must report any cancelled or forgiven debts as part of your gross income on your income tax return. The creditor will send you an IRS Form 1099-C…
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New Debt Limits for Chapter 13 Bankruptcy Take Effect
New debt limits for Chapter 13 bankruptcy took effect today. For cases filed on or after April 1, 2016, the new limits are: $394,725 for unsecured debt and $1,184,200 for secured debt. The former limits were $383,175 for unsecured debt and $1,149,525 for secured debt. The increase in debt limits essentially means that more people…
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How Long Will Bankruptcy Stay on My Credit Report?
Bankruptcy can be a life-changing decision. You should definitely educate yourself as much as possible about the ramifications before you file. Your specific circumstances will determine whether bankruptcy is the right choice for you. But you must keep your long-term objectives in mind. On a weekly basis I answer the question: How long will bankruptcy…
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Fannie Mae: DC is Now a Judicial Foreclosure Jurisdiction
On March 16, 2016, Fannie Mae updated its Foreclosure Time Frames and Compensatory Fee schedules to recognize that DC is now a judicial foreclosure jurisdiction. The table specifies Fannie Mae’s maximum number of allowable days between the due date of the last paid installment (or “LPI”) and the foreclosure sale date. Fannie Mae had originally…
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