Maryland
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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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You Do Not Have to Be Broke to File Bankruptcy
Megastar veteran rap artist 50 Cent declared Chapter 11 bankruptcy on August 3, 2015. In his bankruptcy schedules, 50 Cent (real name: Curtis James Jackson III) listed assets amounting to $24,823,899.18 and debts totaling $32,509,549.91. The monthly mortgage payment for his $8.25 million mansion is is $17,400, and the value of his vehicles (including…
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Get a Second Chance at Life with Bankruptcy
Dealing with unmanageable debts can completely take over your life. You don’t get that many opportunities in life to start over. But you can get a second chance at life with bankruptcy. Worrying about losing your car or home can keep you up at night. And debt collectors can make you afraid to answer your phone.…
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Can I Keep My Car If I File for Bankruptcy?
Most people need a car, either to get to work, to shop for groceries, to haul the kids around. If you live in Maryland or Virginia, you need a car, though less so if you live in DC. One of the questions I get asked all the time is, “Can I keep my car if…
