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December 2013 Archives

Holiday season brings rise in consumer debt

Americans now hold a total of nearly $800 billion in credit card debt, making it one of the largest sources of debt for families. Around the holidays many find that debt can start to balloon, as hosting parties, travel expenses, and gifts begin to add up. This spending typically doesn’t come to light until January when our credit card statements arrive, but when they do it can be a shocking moment.

Forgiven mortgage debt tax break set to expire

A tax break that aided distressed homeowners is set to expire in 2014. The tax break provided an exemption for mortgage debt to the traditional rule that forgiven debt is considered income. This mean that homeowners who lost their properties in a foreclosure or who sold their homes in a short sale were not subject to additional income taxes for the debt that the bank forgave as a part of that process.

Federal watchdogs to monitor more student loan servicers

The Consumer Financial Protection Bureau has issued a new rule that allows the watchdog agency to oversee nonbank student loan servicers. The rule was made after repeated complaints from people with student loans over the difficulty of working with these companies. Borrowers have the ability to choose which financial institution they borrow from, but do not have a say in which company eventually services their loan. This means that market forces cannot work to encourage better customer service, so confusing paperwork, inconsistent record-keeping, and other issues remain prevalent among nonbank student loan servicers. The new rules will place them under the auspices of the CFPB and will ask that they adhere to the same rules as other loan providers.

Bankruptcy may help when home equity loans are overdue

Some homeowners in financial trouble in Michigan and nationwide say that their home is "paid off," but then add that they have "home equity loans." They might then say that those loans are overdue. Putting aside the terminology, those home equity loans are mortgages secured by their residences, and their homes are not "paid off," even if the original mortgage has been paid. The company holding the home equity loan can indeed foreclose on the home if not paid, just as the original mortgage holders could. One possible way to attempt to save the home is a personal bankruptcy.

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    Posted by MaryDecember 11, 2015

    "I am overwhelmed by your response to my call, even 10 years after my bankruptcy was discharged. You have more knowledge and expertise than I could have imagined. Because of you, my fears have been put to rest. For that, I'm so very grateful. Thank you many times over. "

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    Posted by ClientOctober 26, 2010

    "... I was extremely impressed with Charles' understanding of the bankruptcy laws to the extent that I felt certain that my best interests were always at the forefront. "

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    Posted by MarleneJanuary 8, 2014

    He helped me thru my 1st bankruptcy and now the second. I had no idea what to expect , but they kept me informed and answered all my questions. Mr. Schneider is the most experienced and knowledgeable lawyer I have ever met. If you have to file call this attorney first!

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