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@larryjanson4011 2 күн бұрын
but if you are poor and retired. they can not touch your bank accounts, as long as there is less than two ss payouts amounts in said accounts no matter the source. say you get paid $1,00USD a month from ss. you can not have over$2,000 USD in all accounts. debt collectors can not go after your house or car if there is a loan on them. but can put a lean on your home. as its “value” goes up. a car does not. if you are rich, your lawyer can protect you. .
@Ash1Størm 3 күн бұрын
I went to Globe. How do I know if my loan was forgiven? Nothing is showing up on my credit report for it?
@supasuprodchinda1350 4 күн бұрын
These gvv
@maggiebartolomeo908 8 күн бұрын
Very informative, great video for a Sunday!
@joshuawinchester9335 13 күн бұрын
I'm glad in Canada debt settlement is a legal process and set up with trustees
@seltzerstransport1093 19 күн бұрын
Man after the 314 meeting they don’t check shit, all they want is the monthly payment they don’t give two shits about you at all. I lived a normal life after the 314 meeting. I’m living proof.
@bankruptcybailout 17 күн бұрын
For the most part that is true. After the 341 meeting, it is smooth sailing for most cases.
@bobtackleberry9861 22 күн бұрын
About three minutes into this video there is at least one issue with stating creditors will no longer continue reporting a auto loan. There is a form, called an affirmation agreement, which you & your attorney can specifically tell the lender to continually report the installment loan as a positive tradeline. That means no ND-no data or any derogatory remarks. And the lender, on a monthly basis, will report the account as normal. The financial institution will sign the agreement. The second issue is that all information on the credit report is to be accurate. With the affirmation agreement, the account is not included in bankruptcy. As a result, you have a positive account being reported, especially if you are making payments while you are filing for bankruptcy. For those that are rebuilding their credit, the same rules apply whether or not you have filed for bankruptcy. On revolving debt, the optimal utilization is one percent. In addition, have an open installment account with an open revolving account will help your score. There are secured cards & credit builder loans that do not pull a credit report but report to all there bureaus. I am going to share three links that are irrelevant to this post on KZbin. The first is a video from John Alzheimer that worked at both FICO & Equifax. Then links to credit builder programs. Also, use Experian Boost & there are also companies out their that you can report your bills & rent to as well. kzbin.info/www/bejne/g2aWqIGippumqNE Anatomy of a prefect 850 FICO score www.creditstrong.com Credit builder www.self.inc Credit builder app.openskycc.com/securedplus/apply? Secured credit card, no annual fee no credit pull when applying www.openskycc.com More information myzing.com/personal/loans/personal/credit-builder-loan/
@rigojr91 23 күн бұрын
So does this mean you can dispute to have it removed from your credit after 4 years?
@bankruptcybailout 20 күн бұрын
No. Credit reporting has its own law about how long accounts can be reported. Credit reporting is federal law under FCRA. Statute of limitations is state law. They are different things.
@bradm2687 26 күн бұрын
3 years without 1 comment. ?
@bankruptcybailout 25 күн бұрын
LOL. Well, it is more of an inside the beltway content.
@bradm2687 25 күн бұрын
@@bankruptcybailout Guess I'm A Charity Case and nothing else. Nobody is a victim of the relentless Mail 📬 that comes offering credit when they turn 18. If we're going to save the planet have the Treasury stop printing money. The middle class works there Ass off and Guess who Gets there Money at the End Drs and Lawyer's
@bradm2687 25 күн бұрын
@@bankruptcybailoutwell I guess I'm a Charity Case not a victim of the relentless offers that come in the mail trying to suck me in with interest Forget interest and think about the principal. If we are going to save the planet ask the Treasury to stop printing money the middle class works there Ass off and at the end the Doctor's and Lawyer's get Paid
@bradm2687 25 күн бұрын
Your A lawyer send Back your argument after that
@philliciathegoat 26 күн бұрын
well im about 14k in cc debt and considering ACCC really dont know what to do atm
@supreemcourt9181 Ай бұрын
The simplest video I’ve seen on this topic. Payments haven’t started yet but I’m gonna cancel it NOW!
@waltersecrest6130 Ай бұрын
Is the trustee able to file for a garnishment of your wages if you fall behind on payments? I am caught up now, but never thought they could do that
@bankruptcybailout Ай бұрын
Did they do that? In my district the debtor can arrange for a voluntary wage garnishment, but the trustee cannot move for an involuntary garnishment. I don't believe the trustee can do that since wage garnishment is a state level action and bankruptcy is federal. I am not sure the bankruptcy court has sufficient jurisdiction to order an employer to garnish the wages of a chapter 13 debtor. However, I could be wrong, but have never heard of an involuntary wage garnishment for chapter 13 plan payments. Chapter 13 plan payments are, by their nature, voluntary payments of the debtor.
@WvvwvvwwVvwwvwv Ай бұрын
If you get sued for an old debt, show up to court and collect your $1,000.00 for wasting your time.
@bankruptcybailout Ай бұрын
That usually doesn't happen.
@user-gx3bl5ij3z Ай бұрын
not advisable to iccur new debt while in a chapter 13 by any means possible
@bankruptcybailout Ай бұрын
True. One really should avoid debt while in chapter 13.
@georgia2277hike Ай бұрын
Its been soong, i don't know who the servicer is. How do i find that out?
@bankruptcybailout Ай бұрын
You can try logging into studentaid . gov (that is the Dept. of Education student loan portal). Once you go through their verification process, they can provide an inventory of your federal student loans and usually be able to tell you who is the present servicer.
@RamDeva-u7e Ай бұрын
Hi, My friend left USA in 2020 with credit debt its been 4 years and now he want to comeback to USA and he got work visa, Is it possible to return? OR he may held at immigration office? Please provide an answer. Thanks in advance.
@bankruptcybailout Ай бұрын
I am not an immigration lawyer, so I don't know the answer.
@Albert-777 2 ай бұрын
How is this gonna get reported to the three major credit bureaus?if you reaffirm the lease & continue making on time payments.
@bankruptcybailout 2 ай бұрын
It is up to the leasing company. Credit reporting is not mandatory. The rules is that if a creditor chooses to report, then the information must be true and accurate. However, no law requires a company to report to the credit repoting agencies.
@Albert-777 2 ай бұрын
What are the chances of getting a 1099C form after a chapter 7 bankruptcy? is it unlikely to happen or is it going to happen?Also is a 1099c form from every creditor?
@bankruptcybailout 2 ай бұрын
It is very unlikely. We see it occasionally with mortgages when the person surrenders a house, but I haven't seen one from an unsecured creditors in years.
@Albert-777 2 ай бұрын
@@bankruptcybailout Appreciate your reply 👍🏼🙏🏼
@kingbizzle1357 2 ай бұрын
I am already 10 months in on a supposed 53 month program. I have over 18K in debt and my credit score dropped from a 802 to a 528. Is it too late for me to leave the program? And what the next steps I should take?
@bankruptcybailout 2 ай бұрын
53 months, jeez. You can cancel. However, you should make sure you have an alternative. Unfortunately, you probably won't be able to reset the debts and get back on a payment plan. Your likely only alternative is bankruptcy.
@cybernutjr2 2 ай бұрын
But even if the statue has expired. In my case. Its beem 20yrs. Looks like the debt was sold to another third party company. They are not trying to collect it but it shows up on my credit report as of recent.
@bankruptcybailout 2 ай бұрын
You have to take up the credit reporting issue with the credit reporting agencies regarding a dispute. Since we don't know the type of debt or whether there is already a judgment, there is no way to say your options.
@cybernutjr2 2 ай бұрын
@@bankruptcybailout I already investigated. It is an old phone bill from Sprint 20 years ago when I was a irresponsible 20 yr old kid. I even call Sprint now T-Mobile. They have nothing on record for my social security number. I checked with the courts already. There is no judgement against me. And I even file a dispute with Experian. They are currently investigating.
@nikkiblue9228 2 ай бұрын
When you consolidate a large sum then they can come after you with a lien on your house or wage garnishment. Best to leave the debt in smaller amounts then it’s not worth it for them to go after you.
@bankruptcybailout 2 ай бұрын
There is some truth to that. However, when it comes to being sued on a debt, the sweet spot is $800 to $4,000 for the creditors. Those loans have thet highest return rate on lawsuits. People are usually able to pay something toward smaller balances. Larger balance debts, once defaulted, tend to find their way to bankruptcy once the creditor initiates a lawsuit.
@Joshualibbyy 2 ай бұрын
11 out of 12 YIKES
@LuvinOurLife 2 ай бұрын
How about a SBA Loan, I just received a letter after 15 years of not paying. It says it will go to possible US treasury collections.I have not heard from them until now.
@bankruptcybailout 2 ай бұрын
For SBA loans, the statute of limitations applies only to the time frame to sue you. However, the government has other collection options that don't require a lawsuit and are NOT subject to any statute of limitations. SBA loans can stil pursue administrative enforcement such as offset and administrative wage garnishment. Offset is where the government intercepts payments from the government to you (e.g. tax refunds). The government can do administrative wage garnshments. It doesn't need a court order.
@LuvinOurLife 2 ай бұрын
@@bankruptcybailout thank you for your response. Does it matter the amount owed? It says amount due 24450.28
@bankruptcybailout 2 ай бұрын
@@LuvinOurLife As far as I know, the amount owed is irrelevant.
@daizzzyp1993 2 ай бұрын
My mom has been having debt since early 2000s. Can she still fix her credit ?? It’s bad
@liljo911xxx 2 ай бұрын
I just up and I want to cancelled them..Is that possible
@bankruptcybailout 2 ай бұрын
Yes.
@pksports6350 3 ай бұрын
so how are the rich hiding all their assets when they file for bankruptcy?
@bankruptcybailout 2 ай бұрын
They really aren't. When most people say "the rich" filing bankrutpcy, that is code for companies. Business bankruptcies work very differently from individual bankruptcies.
@joerivello4948 3 ай бұрын
Misleading info. Bad talking legitimate debt settlement companies who are EXTREMELY transparent about lawsuits, credit hits, accounts closing, collections, fees etc. Not to mention they dont earn anything until they settle an account and you approve it. How is that a scam to pay someone for a service?? Then you turn around and RECCOMMEND DEBT SETTLEMENT to people 😂 youre smoked out. Make up your mind
@bankruptcybailout 2 ай бұрын
Please. I never said debt settlement is never a good option. The problem is that these companies have no obligation to determine whether it is the right option for a person. A quarter of my clients are refugees from these agencies. None of them should have ever started. These are used car salesman trying to sell a lemon.
@adamweiss733 3 ай бұрын
I did sign with one of these companies and got royally screwed! I wish I had known before!!!!!
@bankruptcybailout 3 ай бұрын
Sorry to hear that. Hopefully, you have sorted out your situation.
@tanyaclayton5240 3 ай бұрын
Help! I received a call the other day from a collector for Capital One saying I owed $1400 on a card that I have no recollection of. I have good credit and very little debt - I pay attention to my credit. But get this - it’s from 17 years ago!!! But 17 years?? When the rep told me the address connected to the card, it hit me that the most likely scenario is my ex husband falsified information to obtain it. He was good at that type of thing. So the rep is saying that the contract ‘I’ signed stated something like they could come after it after all these years due to the fact that it was never placed on my credit. Yes, they are saying that payments were made and then stopped, but they never put it on my credit?? I’m so confused - I agreed to settle for $500 but it just doesn’t feel right. Oh and not just are they trying to come t, they are talking suing!
@bankruptcybailout 3 ай бұрын
That is a lot to unpack here. The real question is how much time do you really want to invest in dealing with this thing. Maybe a $500 settlement is worth it to avoid the hassle. Or, you can play a game of a chicken, tell them to pound sand (that it isn't your debt), and see if they actually sue.
@amarsarpanch7308 4 ай бұрын
Very informative video thanks sir i really suffering with debt problem due to recession can i know if i go for this consumer credit counseling is it safe to do it and how many years its gonna affect negative on ur credit please answer for this thanks
@bankruptcybailout 3 ай бұрын
Ultimately, being in debt and not being able to consistently pay it on time is what kills credit. So, the length of time for any "viable" solution to get out of debt is meaningless. You have to find the solution that is "right" for your situation. For most people, that solution is bankruptcy, but they wait far too long and try other "wrong for them" solutions before figuring out they should have filed bankruptcy all along.
@earlbridges162 4 ай бұрын
Correct me if I’m wrong, but I believe a creditor can get a judgment even if the SOL has expired if the defendant/debtor doesn’t raise it as an affirmative defense. That’s why it’s important to answer the lawsuit and not allow the plaintiff/creditor to get a default judgment!
@bankruptcybailout 4 ай бұрын
Theoertically yes. SOL is treated as an affirmative defense in many states. However, most attorenys (even collection attorneys) are wary to bring a claim that is outside the SOL as that will subject them to both court and state bar discpline for knowlingly bringing such a claim.
@coyote520 4 ай бұрын
I am seeking contact information for a company called "Consumer Legal Group". I believe they violated the Federal TCPA by repeatedly telemarketing me.
@bankruptcybailout 4 ай бұрын
This channel is not Google :)
@bonnessacoy8990 4 ай бұрын
How can you rebuild your credit during the plan payment period? I have a car payment and a mortgage loan that are no longer showing up due to filing a chapter 13?
@bankruptcybailout 4 ай бұрын
Generally, you can obtain a credit card during chapter 13. What you do is then charge a small amount each month, pay it off each month, and do that each month. That positive recuring payment hisory is what you need.
@bonnessacoy8990 3 ай бұрын
Thank you! I am doing a chime credit builder. I'm at 620 so far. I will also have money to put aside later this summer from a bonus that I can keep for emergencies per my attorney.
@hohhot56inner3 4 ай бұрын
But i got the loan as an independent contractor Uber driver besides buying a car what other use i could do with the money when i filled out the application i was asked how many employees zero myself so i used the money for myself i just dont get it then🤔
@bankruptcybailout 4 ай бұрын
You may be okay. However, I think the issue will turn on how much you borrowered.
@saidiovix 3 ай бұрын
I have the Same situation and I don't know how the process is because I want bankruptcy can u help me plz
@attorneydavidromito1567 5 ай бұрын
Bankruptcy is a setback, not a defeat. Hopefully, others will seek professional help from watching your videos.
@aopabailey 5 ай бұрын
Unfortunately, there is something to worry about period if you own a home. Most of us in this country's home values have skyrocketed meaning way over the Homestead exemption and you'd have to sell your home bankruptcy, is not. An answer
@bankruptcybailout 4 ай бұрын
That is why there is chapter 13 bankruptcy. However, most states have increased their homestead exemptions in the past few years. I wonder what you think the alternative is. If you cannot pay the debt, then the creditor can sue, get a jugment, and then file a lien against the house.
@fahszybear92 5 ай бұрын
So does the bank account have to be in your state in order for a creditor to garnish it
@bankruptcybailout 4 ай бұрын
If a bank is offering any sort of product in X state, then the bank must have a registered agent in that state.
@nko5666 5 ай бұрын
My bankruptcy experience have been horrible! My attorney told me oh it will be easy the Chapter 13 trustees are so nice. I wanted a Chapter 7, he like no they will make you sell your home. Anyway my 341 meeting was 6 mths ago and ive made every payment this far on time. Its been hell they sent 2 realtors to my home stating its appraised higher, ive gotten notices monthly from trustee, abt agreeing to provide a copy of my tax returns. Today i get a notice from my bankruptcy attorney asking abt a hearing and hiring a appraiser to testify abt the equity in my home. Or they can raise my payment amount like 4x s what im paying. I have an investor willing to pay me too dollar for my house. Should i do a voluntary dismissal of the case. Walk away with cash! Move out of state and refile under a Chapter 7. My question is would that be hard to do, because i really feel like my attorney took advantage as this was my 1st time in 50 yrs ... So uncertain whats best.
@bankruptcybailout 4 ай бұрын
I can't really wade into that. All I can say is that if you filed the case a chapter 13, then you have the right to voluntarirly dismiss it. If you sell the house, there is still the issue of any cash you realize from the sale and trying to protect that in a subsequent chapter 7. That is something you need to discuss directly with a bankruptyc attorney in whatever state you decide to move (if that is what you end up doing).
@midwestworkshop2863 5 ай бұрын
I had a boa account removed remarks of discharged in bankruptcy and started showing a balance plus not more than 2 payments late. The ch7 bk was discharged in 11/18 and they updated this information 3/24. I filed a dispute and waiting to hear back but my score dropped 40 points after they did there update to remarks. Is there more i ahould do?
@bankruptcybailout 4 ай бұрын
It depends on the type of account. Is it a credit card, car loan, other? I would let the credit dispute process play out. If that doesn't fix it, conceivably, you could file a bankruptcy discharge injunction violation against them in bankruptcy court.
@pollywilliams6623 5 ай бұрын
My mother is 90 and a collection bought the debt from 35 years Ago!!! Never sent a letter or called but put collection on her credit.
@bankruptcybailout 4 ай бұрын
You can dispute it with the credit reporting agency. However, in the grand scheme of things, does a 90 year old really care about credit (if we are honest).
@green5sing 5 ай бұрын
That was perfection ❤❤❤❤❤
@troyturner3955 5 ай бұрын
What can you tell me about Lendvia?
@chrysspeaks 5 ай бұрын
Do you know about anything for this topic in AZ?
@bankruptcybailout 4 ай бұрын
No specifically, but the process is probably similar. Typically, the only difference between jurisdictions is whether you have to get court approval or if you only need trustee approval.
@keithhines5319 5 ай бұрын
Is a down payment required in this process?
@EeyesTV 5 ай бұрын
I'd think so!
@bankruptcybailout 4 ай бұрын
That is up to the car dealer and lender.
@TruckerDave215 6 ай бұрын
Great feedback
@samtgrrr897 6 ай бұрын
What is the options for sale prop 150.000 eidl loan can i file bankruptcy to discharged loan
@ericfogle4965 6 ай бұрын
I’ve got a defaulted school loan of @11,000$ that 8-10 years old I’m trying to figure out who my servicer is to pay it off any advice?
@16maze 6 ай бұрын
I signed up for one and I was fortunate enough that they were idiots that they didn’t get my date of birth wrong 😭😭😭 I still changed my accounts and phone number lol
@PatriciaForest-lk7ib 6 ай бұрын
Great ideas!!