Many homeowners who need to skip their mortgage payments under the CARES Act may be in for a rude surprise. A number of mortgage servicers are demanding that people who skip payments be required to bring the entire balance current through a balloon payment at the end of the “relief” period.
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Recovering from bankruptcy is a long process that includes several different phases. In our last blog we talked about what you can do immediately following bankruptcy to get back on track. In this blog we will talk about the next step: rebuilding your credit. Here are a few practices that will help you rebuild your credit.
Although it tends to have a negative connotation, did you know that there are actually benefits to filing for bankruptcy? Of course, this varies from case to case, but we believe it’s important that you understand bankruptcy isn’t always something to run away from. Below are some pros and cons to filing for bankruptcy, so you can better make a decision as to whether you should file or not.
When it comes to filing for bankruptcy, honesty is the best policy.
It’s fair if you don’t want a lot of people to know you’ve filed for bankruptcy. The thing is, though, filing for bankruptcy informs people to some extent. You’ll have to be prepared to share about your financial situation, and while it may not be shared with those whom you are acquainted with, you’ll at least be telling a court, its personnel, your lawyers, and creditors. From there you can choose to tell those you’re closest to, but that is completely up to you.
Because you’ll be informing these people about your finances, you may be tempted to tell a white lie or leave some details out in order to make your situation sound better. In the case of bankruptcy, though, your best bet is to always tell the truth. Complete transparency is a part of remedying the problem — not to mention, a lie could be interpreted as fraudulent. Besides, withholding or altering information to save face, there are other things that can be interpreted as fraud in a bankruptcy case, no matter the intentions of the action. Avoid the following and you won’t face the consequences of fraud, which is a federal offense.
Clearly, you shouldn’t be increasing your debt, but it doesn’t mean it hasn’t happened before in a case. If you file for bankruptcy and open a new credit card, take out a loan, or make some unusual and unnecessary purchases, it can be stated that you did this without the intention to pay it back — fraud. When you run up this debt, it won’t be covered by the bankruptcy case; you will still have to pay this portion back in full.
Pay bills, but other than that, don’t make unnecessary transactions. Those filing for bankruptcy may incorrectly assume it’s better to transfer money to family members in order to maintain their assets. They may also be tempted to transfer titles or remove themselves from businesses they own. All of the above is considered fraudulent.
The Law office of McVay Law LLC in Nashville, TN can help when you find yourself in a financial situation and in need of a bankruptcy lawyer. Reach out to us today.
Facing any amount of student loan debt is a stressful and tense situation. With the sheer volume of money tied up in student loan debt, it’s not surprising to see scammers coming out of the woodwork claiming to be able to help. Unfortunately, scammers can be very convincing and get away with stealing thousands of dollars far too often.
Uncertainty is something you always want to avoid when it comes to dealing with your student loans. Staying in the dark can end up being very costly, so you want to be up to date on the status of your student loans at all times. Getting essential information about your student loan situation might seem like a daunting task, but the truth is it is pretty simple if you know where to look.
With an estimated $1.2 trillion student loan debt owed by Americans, more and more people are starting to turn to student loan attorneys for help with their student loans.
Many of our clients call our office inquiring about a notice, letter, or something that they “got in the mail” from another Attorney’s office, Trustee, or Bankruptcy Court. As the client’s attorney, it is generally standard practice for our office to receive a copy of any documents mailed to the client, or bankruptcy debtor from the Bankruptcy Court as well. (more…)
DISCLAIMER
McVay Law LLC provides the information in this web site for informational purposes only.
The information does not constitute legal advice. The use of this site does not create an attorney-client relationship.
Further communication with us through the web site and e-mail may not be considered as confidential or privileged.
Please contact Mr. McVay if you wish to discuss in more detail the contents of this web site.
The attorneys associated with McVay Law LLC are not Certified as a Civil or Criminal Trial Specialist by The Tennessee Commission
on Continuing Legal Education & Specialization. The McVay Law LLC is a federally designated debt relief agency.
Our attorneys assist people filing for Bankruptcy relief under the United States Bankruptcy Code. This is an advertisement.
