Student loan borrowers won a significant battle when the federal first circuit found ECMC, a student loan monitor, abused the bankruptcy system in its collection of student loan debt. Hann v. ECMC, 711 F.3d 235 (1st Cir. 2013). Finding that Hann owed nothing, both a bankruptcy judge panel and the First Circuit Court of Appeals...
Chapter 13 can provide a glimmer of hope to homeowners struggling to make 2nd mortgage payments. Getting rid of a second mortgage mortgage in a chapter 13 bankruptcy has become routine in many jurisdictions like New Hampshire and Massachusetts. As a bankruptcy lawyer who has filed a couple of dozen of chapter 13s to strip...
This article was originally posted on Huffington Post on Monday, June 11, 2012 and reprinted here with permission. Given the bailout the banks enjoyed at taxpayer expense, it's ironic how difficult it has become for the 'little guy' to take advantage of the only bailout he's ever going to see -- the fresh start promised by filing...
[caption id="attachment_298" align="alignleft" width="150"] The CARD Act's hidden dirty little secrets[/caption] While most consumers celebrated the new changes brought about by the CARD Act beware of two loopholes that can catch unknowing credit card users in a costly mistake. Banks vehmently opposed to the CARD Act put their collective heads together and devised ways to...
[caption id="attachment_279" align="alignleft" width="150" caption="Student loan debt exceeds credit card debt leaving many Americans strapped for cash."][/caption] A new report by USA Today finds that Americans' student loan debt is $850 billion dollars, which actually exceeds the total amount of Americans' credit card debt. What does that mean for our newest generation heading off to...
[caption id="attachment_288" align="alignleft" width="150" caption="It's never too early to start teaching kids about money management."][/caption] Every day in our practice, we see the devastation that financial insolvency creates not only for the client, but also the ripple effect that it has on the rest of the family. One way to prevent financial disasters for the...
[caption id="attachment_225" align="alignleft" width="200" caption="With the implementation of the CARD Act banks are becoming more creative with their hidden fees and charges. "][/caption] Just when you thought the waters of big banking were safe to venture into once more, big banks are desperately chomping after consumer dollars with new fees and charges on consumer accounts. After...
[caption id="attachment_178" align="alignleft" width="199" caption="Watch your mail for a letter from your bank regarding changing overdraft fees"][/caption] The third and final phase of the Credit Card Accountability Responsibility and Disclosure (CARD) Act will be going into effect on August 22, 2010 but many banks are trying to beat the legislation to the punch. Included in...
Credit cards offering rewards miles and other incentives may seem like a good deal, but let's look at the fine print to learn more. [caption id="attachment_140" align="alignleft" width="239" caption="Now is a great time to review the 'rewards' cards in your wallet"][/caption] With the recent CARD Act going into effect on February 21, 2010, consumers are...
[caption id="attachment_134" align="alignleft" width="300" caption="The building blocks of a good personal budget are as easy as 1-2-3."][/caption] Everywhere you turn, conversations revolve on tightening and maintaining strict budgets. If you, like millions of Americans, weren't taught how to properly create and keep a budget in high school or college, then all of those financial conversations are...