All three credit reporting bureaus (Equifax, Experian and TransUnion) have voluntarily decided to change how they report medical debt collection information on the consumer credit reports they produce. The changes mean that information about medical debts already paid will no longer be included on credit reports. This removal of information about medical debts repaid after they go into collection will eliminate tradelines that will potentially negatively impact someone’s credit score. In addition, information about unpaid medical collection debt won’t appearRead more
Post-Bankruptcy Requirements
Although most attention is paid to what someone filing bankruptcy needs to do before filing, there are some things debtors must do after a bankruptcy is filed. Documents have to be produced, counseling has to be taken and a required “meeting of creditors” occurs about one month after filing. After a bankruptcy is filed, debtors (through their attorney) must provide the trustee administering their case certain documents. These include the most recent tax returns, statements showing the balances in anyRead more
Debt Burdens of the Elderly
According to the AARP, one of the main reasons people aren’t able to save money for retirement is the amount of money they’re already spending on repaying debt. The amount of consumer debt has doubled in the last twenty years, with consumers now owing nearly $16 trillion in debt. While almost three fourths of that debt is from home mortgages, about 25% is from student loans, vehicle loans and unsecured debt like credit cards and personal loans. Forty-five percent ofRead more
Credit Reporting After Bankruptcy Discharge
Bankruptcy clients frequently ask what their credit reports should say following the filing of bankruptcy. I generally recommend that clients check their credit reports a few months after their bankruptcy discharge. In 2008 a national injunction on how credit bureaus are to report debts included in bankruptcy was put into place because of litigation originating in California. That injunction (known as the “White Order”) requires credit bureaus, within sixty days of receiving notification of a bankruptcy discharge, to update creditRead more
Bankruptcy and Divorce
Unfortunately, two areas of law that frequently collide are bankruptcy and divorce. The financial stress that makes bankruptcy necessary also often makes divorce possible. When someone facing divorce needs to also file bankruptcy there are several things that need to be considered. Below is a list of some things to keep in mind, but be sure to retain an experienced family law attorney to help through the dissolution of marriage process. Filing bankruptcy will not discharge alimony or child supportRead more
Bankruptcy Discharges of Private Student Loans
The National Consumer Law Center (NCLC) has released an excellent new article at https://library.nclc.org describing the treatment of private student loans in bankruptcy. The article sets out conditions that have to be met for a private student loan to be excepted from discharge in bankruptcy. The bankruptcy code says a private student loan that is a “qualified education loan” cannot be discharged. Below is a brief description of the requirements that have to be met for a loan to beRead more
Upright Law Faces Ethics Complaints
Upright Law, a national bankruptcy service, is facing ethics and disciplinary inquiries from the Iowa Attorney Disciplinary Board. A law firm based in Chicago does business under the name of Upright Law and partners with lawyers in all fifty states, including Iowa. Upright promotes itself heavily on the internet. The complaints from Iowans to the disciplinary board said that when they contacted Upright Law they were connected with a non-lawyer at the Chicago firm. Those non-lawyers would collect fees, sendRead more
When Filing Bankruptcy is the Right Choice
As I write this article I’m attending a workshop for members of the National Association of Consumer Bankruptcy Attorneys (NACBA). It’s the first time we’ve met for a long time (we’re all vaccinated against COVID and wearing masks now). But being around other consumer bankruptcy attorneys reminds me why I love helping people file bankruptcy. We’re all committed to helping clients move beyond the burdens that debt places on people. When potential clients contact me they often ask whether filingRead more
Selling Property Before Filing Bankruptcy
People thinking about filing bankruptcy are understandably concerned they may lose some of their property. They claim to have heard stories or read something on the Internet about people losing property after filing bankruptcy. In fact, people filing bankruptcy almost never lose any property because it’s exempt under state or federal law. But the concern still causes people to ask whether they should sell or transfer property before filing. In some cases they do it without first asking a bankruptcyRead more
Paying Student Loans in Chapter 13 Bankruptcy
In the past, debtors filing Chapter 13 bankruptcy were hindered by unimaginative and unwieldy federal rules and policies towards the payment of federal student loans. When a Chapter 13 was filed, the Department of Education would kick debtors out of any income driven repayment plan they’d been on prior to filing bankruptcy. Debtors would lose 3-5 years of repayment of their federal loans, delaying the possible discharge of their loans after a certain number of years, depending on the termsRead more
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