What’s new in consumer law?
Demystifying bankruptcy: Start your prep 3+ months ahead
Planning is key. Payment by an insolvent entity for old debt is known as a “preference,” and the creditor may have to disgorge in bankruptcy if it received a greater payout than it would in Chapter 7. As the key to bankruptcy is equitable distribution, the creditor will be paid only its pro rata share. To…
Read MoreDemystifying post-Bankruptcy Credit Opportunities
Credit scores can begin an uptick fairly quickly after the completion of a bankruptcy case. Borrowing can begin within a few months via secured credit cards or credit-builder loans, and VA or FHA mortgages can be obtained within two years. Moreover, increasing innovations in fintech should yield more non-traditional opportunities. In sum, while bankruptcy may remain on …
Read MoreDemystifying the Negative Mystique of “Bankruptcy”
Bankruptcy law is designed to give us all a fresh start. Most people don’t have to give up their basic possessions and can keep $25k plus of equity in their homes. They can choose between immediate discharge relief under Chapter 7, or instituting a repayment plan under Chapter 13, if their assets are beyond the…
Read More