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Author Archives: Kathleen Munden

What Is a Reverse Mortgage?

Published on August 28, 2009 by Kathleen Munden

A reverse mortgage allows people 62 and older to convert equity in their homes to tax-free income without having to sell the home, give up title, or take on a new monthly mortgage payment. When the borrower leaves the house, the property reverts to the lender to pay off the loan.
Although reverse mortgages have been [...]

Categories: Bankruptcy Basics, Consumer Law Basics, Mortgage Dispute Topics Comments (0) »

Fewer Delinquent Mortgage Borrowers Are Catching Up

Published on August 26, 2009 by Kathleen Munden

The Wall Street Journal has reported that homeowners who have fallen behind on their mortgages are much less likely to catch up again than in previous years. The report from Fitch Ratings focused on mortgages that were packaged into securities for sale to investors, and excluded loans that were guaranteed by government-backed agencies and those [...]

Categories: Bankruptcy News, Consumer Law News, Mortgage Dispute Topics Comments (0) »

Credit Counseling Requirement Before Filing Bankruptcy

Published on August 24, 2009 by Kathleen Munden

One of the changes made to the Bankruptcy Code in 2005 was the addition of a requirement to take a credit counseling course before filing a bankruptcy case. The theory behind this requirement was that if people just knew how to prepare a budget and live within their means, fewer people would have to file [...]

Categories: Bankruptcy Basics, Chapter 13 Bankruptcy, Chapter 7 Bankruptcy Comments (0) »

What Can I Do If My Landlord Does Not Return My Security Deposit?

Published on August 21, 2009 by Kathleen Munden

One of the unfortunate trends of these difficult financial times is the increase in landlords failing to return security deposits to renters. Although rental deposits are supposed to be held in trust for tenants, many landlords are finding themselves in financial difficulties and are dipping into those funds, and are then unable to refund [...]

Categories: Consumer Law Basics Comments (0) »

How Can I Rebuild My Credit After Bankruptcy?

Published on August 19, 2009 by Kathleen Munden

Having a bankruptcy filing on your credit report is obviously not a positive event. The bankruptcy notation stays on your credit report for 10 years, and does have the effect of lowering your credit score. However, there are steps you can take to minimize the negative effect of the bankruptcy notation, and rebuild your credit [...]

Categories: Bankruptcy Basics, Chapter 13 Bankruptcy, Chapter 7 Bankruptcy, Consumer Law Basics Comments (0) »

How Can a Chapter 13 Case Help Me With Delinquent Child Support?

Published on August 14, 2009 by Kathleen Munden

If you are delinquent in your child support payments, you may be facing wage garnishment, the seizure of your income tax refunds, and possibly even jail time. By filing a Chapter 13  bankruptcy case, you will be able to stop those actions, so long as you are able to pay back all of the delinquent [...]

Categories: Bankruptcy Basics, Chapter 13 Bankruptcy Comments (2) »

How Can a Chapter 13 Case Help Me Stop a Foreclosure?

Published on August 11, 2009 by Kathleen Munden

When a homeowner is faced with foreclosure, there are few feasible options available to stop the sale. Unless the homeowner can bring the delinquent payments current immediately or refinance the home, the best option for stopping the sale may be the filing of a Chapter 13 bankruptcy case.
As long as the case is filed [...]

Categories: Bankruptcy Basics, Chapter 13 Bankruptcy, Chapter 7 Bankruptcy, Most Popular Comments (0) »

What Is a Motion to Lift Stay?

Published on August 10, 2009 by Kathleen Munden

The “automatic stay” that goes into effect when a bankruptcy case is filed prohibits creditors from taking action to collect debts from the bankruptcy debtor. However, in some situations, creditors can file a motion to lift the stay, allowing them to proceed with collection efforts just as they would have if the bankruptcy case had [...]

Categories: Bankruptcy Basics, Chapter 13 Bankruptcy, Chapter 7 Bankruptcy Comments (0) »

Bankruptcy Filings Reach 2005 Levels

Published on August 5, 2009 by Kathleen Munden

According to the American Bankruptcy Institute, consumer bankruptcy filings reached 126,434 in July 2009, the highest monthly total since the rush of filings that occurred before the Bankruptcy Abuse Prevention and Consumer Protection Act was implemented in October 2005. The data came from the National Bankruptcy Research Center (NBKRC). The July 2009 consumer filing total [...]

Categories: Bankruptcy Basics, Bankruptcy Cases and Legislation, Bankruptcy News, Chapter 13 Bankruptcy, Chapter 7 Bankruptcy Comments (0) »

What Is the “Automatic Stay” In Bankruptcy?

Published on August 4, 2009 by Kathleen Munden

The fiing of a bankruptcy petition acts as an immediate stay of any act against the debtor to collect a debt. It is called an “automatic stay” because no action, other than the filing of the petition, is necessary in order for the stay to go into effect. Although there are many exceptions to the [...]

Categories: Bankruptcy Basics, Chapter 13 Bankruptcy, Chapter 7 Bankruptcy, Uncategorized Comments (0) »

What Will the New Credit Card Legislation Do For You?

Published on July 28, 2009 by Kathleen Munden

On May 22, 2009, President Obama signed into law the Credit Card Accountability, Responsibility, and Disclosure Act. As noted in our blog article on July 28, 2009, certain provisions of that act go into effect in 2010 concerning the disclosures that must be made on credit card statements. Other provisions that regulate how credit [...]

Categories: Consumer Law Basics, Consumer Law Cases and Legislation, Consumer Law News Comments (0) »

Credit Card Reform Provisions Go Into Effect In 2010

Published on July 27, 2009 by Kathleen Munden

Although sweeping new regulations affecting credit card issuers were signed into law in May 2009, those provisions do not go into effect until 2010. One change that takes effect in February 2010 is the requirement that credit card statements spell out how long it will take to pay off the bill if only minimum [...]

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Credit Card Companies Racing To Increase Profits Before Reform Legislation Becomes Law

Published on July 19, 2009 by Kathleen Munden

Even though Congress passed sweeping credit card reform legislation this month, it does not go into effect for almost a year. That gives credit card companies plenty of time to devise new methods for squeezing profits out of consumers while they still have free rein.
For instance, JP Morgan Chase recently raised minimum payments on many [...]

Categories: Consumer Law Basics, Consumer Law News Comments (0) »

Texas Attorney General Website Offers Valuable Consumer Information

Published on July 14, 2009 by Kathleen Munden

The Attorney General is the official in the State of Texas who is responsible for protecting consumers and businesses by enforcing the Deceptive Trade Practices Act and other consumer and business protection legislation. The website of the Office of the Attorney General contains a wealth of information for consumers, along with complaint forms, hotline numbers, [...]

Categories: Consumer Law Basics, Consumer Law Cases and Legislation, Consumer Law News, Fair Credit Reporting, Fair Debt Collection, Mortgage Dispute Topics Comments (0) »

FHA Loans More Accessible Than Most People Realize

Published on July 12, 2009 by Kathleen Munden

Although lending standards have become more strict during the economic crisis, the FHA loan program has remained relatively unchanged, and continues to be the most popular mortgage program in America.
Many people falsely believe that FHA loans are available only for first-time buyers or those with perfect credit. Both of those misconceptions are untrue. FHA loans [...]

Categories: Chapter 13 Bankruptcy, Chapter 7 Bankruptcy, Consumer Law Basics, Mortgage Dispute Topics Comments (0) »

Home Values In North Texas Back To 1990 Levels

Published on July 9, 2009 by Kathleen Munden

According to a study released recently by the Joint Center for Housing Studies at Harvard University, falling home prices have wiped out billions of dollars in residential property values in North Texas. Overall, home prices in the Dallas-Fort Worth area have slipped to 1990s levels, when adjusted for inflation.
The Harvard researchers [...]

Categories: Bankruptcy Basics, Consumer Law Basics, Mortgage Dispute Topics Comments (0) »

Help For Paying Off Student Loans More Affordably

Published on July 7, 2009 by Kathleen Munden

A new option in the form of an income-based repayment plan may offer help to consumers who are struggling to maintain student loan payments. The plan is not available to everyone, but is intended to cap the payments of those eligible at an amount intended to be affordable based on income, family size, and state [...]

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Should You File For Bankruptcy?

Published on July 6, 2009 by Kathleen Munden

Making the decision to file a bankruptcy case is very difficult and confusing for most people. To make matters worse, there is so much misinformation about bankruptcy, both in the press and among the public, that most people have no idea where to find real answers to their bankruptcy questions.
Recently, I was watching the “Today” [...]

Categories: Bankruptcy Basics, Chapter 13 Bankruptcy, Chapter 7 Bankruptcy, Most Popular, Uncategorized Comments (0) »

Banks Vow to Fight Consumer Protection Agency

Published on July 6, 2009 by Kathleen Munden

Banking lobbyists are already working to curb or eliminate the Consumer Financial Protection Agency proposed by President Obama. The Agency could be empowered to curtail or ban a host of lucrative bank practices, such as ballooning mortgages, excessive credit card interest, and surprise overdraft fees.
The Associated Press reports that the Obama administration believes such safeguards [...]

Categories: Consumer Law Basics, Consumer Law Cases and Legislation, Consumer Law News Comments (0) »

Five Things To Know Before Applying For a Secured Credit Card

Published on July 1, 2009 by Kathleen Munden

Consumers whose credit scores have been devastated by bankruptcy, divorce, or job loss often turn to secured credit cards in an effort to rebuild their credit. While this can be an effective method for increasing your credit score, not all secured cards are created equal, and you must make sure you are getting the best [...]

Categories: Consumer Law Basics, Fair Credit Reporting Comments (0) »