Co Signers Put Themselves in Creditor’s Spotlight

Cathy Moran, Esq., (Redwood City, CA)

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The responsibility of a co-signer is one of the single most common misunderstandings about law.

Put bluntly, a co-signer is just as responsible for the debt as the primary borrower.

Co sign someone else’s loan and you put yourself in the creditor’s spotlight.

That should make the hair on the back of your neck stand up.

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Nine Things to Look for When Picking a Bankruptcy Lawyer

BFine Administrator

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Deciding to file bankruptcy is difficult, stressful, and can seem expensive. It can involve other family members and will have a lasting effect on your financial future.

The process is complicated. It is important to have a good attorney by your side.

How do you pick a good bankruptcy attorney? The choice is very important and it is usually made when you are stressed out.  Here are things to consider when picking a lawyer.

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President Biden Signs Bill Extending Temporary $7.5 Million Subchapter V Debt Limit Increase Into 2024

JDSupra - June 22, 2022

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Today, President Biden signed into law the Bankruptcy Threshold Adjustment and Technical Corrections Act

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Law & Finance

Can Filing For Bankruptcy Make Your Tax Debt Go Away?

Forbes Advisor - May 31, 2022

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You may have heard that if you’re up to your eyeballs in tax debt to the IRS, bankruptcy won’t help you. That’s true—most of the time.

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Bradley’s Bankruptcy Basics: The Automatic Stay and the “Why” Behind the Warnings: What Happens Once a Debtor Files for Bankruptcy?

National Law Review - Jan. 19, 2022

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Many creditors have been warned of the need to halt collection efforts once they are put on notice that a debtor has filed for bankruptcy. 

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Mortgage Servicing Rules - COVID-19 and CARES Act

The Board of Governors of the Federal Reserve System, Consumer Financial Protection Bureau - Nov. 10, 2021

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Joint Statement on Supervisory and Enforcement Practices Regarding the Mortgage Servicing Rules in Response to the Continuing COVID-19 Pandemic and CARES Act.

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A person in possession of a debtor’s property upon a bankruptcy filing now has more guidance from the Supreme Court as to the effect of the automatic stay.

JDSupra - Nov. 3, 2021

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A person in possession of a debtor’s property upon a bankruptcy filing now has more guidance from the Supreme Court as to the effect of the automatic stay.

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Legislation

U.S. Congress looking into credit report errors, disputes

Philadelphia Tribune - June 3, 2022

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The U.S. Congress is looking into mistakes on credit reports and how disputes are being handled by all three major credit reporting agencies, Equifax, Experian and TransUnion, as a result of payment deferment programs and rising cases of identity theft during the pandemic.

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Bankruptcy Legislation Update: Biden Signs Bill Preserving $7.5 Million Eligibility Threshold for Subchapter V

JD Supra - June 23, 2022

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The President signed legislation raising the eligible debt ceiling for Subchapter V of Chapter 11 to $7,500,000. Small businesses with up to $7,500,000 in noncontingent, liquidated debts are eligible for relief under Subchapter V for another two years.

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House passes bill aimed at curbing the $2.9 billion seniors lose each year to financial scams

CNBC - May 12, 2022

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Unsuspecting older Americans get duped by financial scams every year. Now, a bill in Congress aims to to increase regulators' abilities to help end that. "No one from the IRS is going to call you and ask you to send money," one expert says. "Only scammers do that.".

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Me & My Attorney

5 Tips for Talking to a Lawyer

Rocket Lawyer

lawyers

We get it. No one wants to talk to lawyers. But there comes a time in everyone’s life—whether it be good news (marriage) or bad news (divorce)—when you’ll need to consult with a lawyer.

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Attorneys' Fees: The Basics

Nolo

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Learning the basics of attorneys' fees before hiring an attorney will help you avoid a common misunderstanding between lawyers and clients: money.

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Bankruptcy Attorney: Specifics of hiring a professional in 2021

FingerLakes1 - Dec. 1, 2021

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The question you are asking yourself now is whether you need to hire a professional to solve your bankruptcy problems. And the answer is yes.

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Recent News

The Circuit City Landmine (Siegel v. Fitzgerald): Supremes Declare Bankruptcy Fee Hike Under United States Trustee Program Unconstitutional –What Happens Next?

JDSupra - June 10, 2022

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While it is becoming increasingly rare for the Supreme Court to speak with a singular voice on virtually anything these days, bankruptcy provides a rare exception.

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Supreme Court to determine constitutionality of bankruptcy fee increase

Reuters - Jan. 10, 2022

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The U.S. Supreme Court said on Monday it will review a dispute over a recent increase in fees that Chapter 11 debtors are required to pay the federal government.

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CFPB Fall Supervisory Highlights Shed Light on Agency Priorities – Mortgage Servicing Loss Mitigation Violations

National Law Review - Jan. 19, 2022

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The COVID-19 pandemic has been a focal point for the Consumer Financial Protection Bureau (CFPB) – especially with regard to mortgage servicers and loss mitigation programs.

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Old Myths Die Hard: District Court Reverses Bankruptcy Court’s Discharge of Student Loan Debt Under Brunner

National Law Review - Nov. 29, 2021

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A district court judge recently reversed and remanded a well-known bankruptcy decision discharging a significant student loan debt.

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The materials on this website are for general information purposes only and should not be construed as legal advice, legal opinion, or any other advice on any specific facts or circumstances. You should not act or refrain from acting upon this information without seeking professional advice.