If you are getting debt collection calls you are not alone. About one in seven people in Mississippi is being hounded by a debt collector. Buying debt and debt collection is a billion dollar business and becoming a larger, more complex industry. The original creditor sells their debt to…
First realize that you do not have to talk with the debt collectors when they call. They are not calling because they care about your situation or want to discuss your financial problems in order to help you find a solution. They want a payment, or a promise to…
Bankruptcy exemptions are offered at the State and Federal level. The bankruptcy exemptions determine whether or not your property is protected (exempt) and if not exempt, how much you might have to pay to creditors in order to keep it. For example, if your household goods are valued at a…
Today I had the privilege of somewhat playing that game in the 3rd grade class of Mrs. Elizabeth Rogers at Northside Elementary in Pearl, MS! I was invited to come and speak to them about being a lawyer (how to become one, what do they do, etc) and also field…
Beware of swapping your domestic obligations with your former spouse. Substituting debts or replacing property that was originally the former spouse’s obligation or asset can bring about unforeseen consequences. Example: The former wife was awarded the marital home, and the former husband was required to pay the mortgage until satisfied. …
It is common in a divorce proceeding that involves a marital home and/or vehicles that a property settlement agreement or final judgment obligating one spouse to pay the mortgage or vehicle note will be a part of the divorce decree. This will constitute a non-dischargeable (can’t be wiped out in…
No. Spendthrift trusts, IRA accounts, 401K plans, and ERISA qualified retirement plans are not property of a bankruptcy estate. If an asset is not property of the estate, the debtor does not have to claim it as exempt to protect it from the claims of creditors; it is by definition…
Bankruptcy court authority in the domestic relations arena is limited and very narrow. Bankruptcy courts cannot grant divorces, decide custody or award support. Bankruptcy courts have the authority by statute to decide two things: whether an obligation is in the nature of alimony, support or maintenance, regardless of how it…
The bankruptcy code defines “property” very broadly. If you are considering filing a bankruptcy, it is important for you to know what all is considered property of the “bankruptcy estate” and whether or not it is covered fully by the allowable bankruptcy “exemptions”. Even the property that is “exempt” is…
Not unless you would like to! It is understandable to be concerned about your home when thinking about filing bankruptcy to deal with other debt concerns. As long as you are current on your payments, the mortgage company cannot and will not foreclose. They will send out a Reaffirmation Agreement…