Topics: Creditor/Debtor - 67 results


Posted 2 years ago in Creditor/Debtor Foreclosure Taxation by Michele Bowman  
Expiration of Debt Relief Act Could Revive Mortgage Crisis

A federal law that has helped consumers avoid paying taxes on money they never even had is set to expire at the end of the year. If it does, homeowners who are forgiven any of their debt when they are foreclosed on will have to pay income tax on the forgiven amount.   Forgiven “Income” To Be Taxed It seems crazy, but it’s true: Normally, if a homeowner owes $100,000 on her mortgage, but the property sells in foreclosure for …

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Read the Latest Issue of ‘Your Money & The Law’ Newsletter

Debt Settlement Companies Rip Off Consumers It’s a debtor’s nightmare: You pay a company to help you pay off what you owe, but the company rips you off for thousands of dollars, then makes empty promises to give you a refund. The victims file a class-action lawsuit and fight for four years to recoup what you’re owed, all you ultimately get is $185. That’s what happened to California consumers who hired debt-settlement companies to help them consolidate and pay off …

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Posted 2 years ago in Creditor/Debtor Divorce by Lawyers.com   
You May be Responsible for Your Ex’s Credit Card Debt

A divorce decree addresses, among other things, division of both the assets and debts accrued during the course of a marriage. This includes credit card debt. Credit card companies, however, are not bound by divorce decrees. Unless you are careful right from the moment you decide to separate, you can end up being liable for credit card debt incurred by your ex. Experts recommend that divorcing couples exit the marriage with no joint debt.   Joint Credit Card Accounts Although …

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Posted 2 years ago in Creditor/Debtor by Lawyers.com   
Prepaid Debit Cards Are Largely Unregulated

Prepaid debit cards continue to grow in popularity and usage. In 2009, consumers loaded $28.6 billion onto these cards. In 2011, the amount was $83.3 billion. By 2013, industry experts predict that the amount will be $201.9 billion. Consumers should be aware that the fast-growing pre-paid debit card industry is almost entirely unregulated.   Prepaid Debit Cards Prepaid debit cards are also known as reloadable debit cards. Consumers can buy them at stores and then load money onto them. The …

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Posted 2 years ago in Creditor/Debtor by Lawyers.com   
Ignoring Credit Card Debt Claims Can be a Costly Mistake

U.S.consumers are $18.7 billion dollars behind on their credit card debt. Increasingly, banks are taking delinquent borrowers to court, suing them for payment. Often, these borrowers never show up in court to contest the charges. This can be a big mistake, especially because the documents submitted to the court frequently include costly errors.   Failure to Act Has Consequences When a debtor fails to contest credit card charges or show up in court, the bank or collection agency wins the …

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