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i have a loan with citi financial, and the interest is allot, i was wondering if i would be able to Negotiate a pay out to them, or should i let it go into collection or wnat to do, and does citi financial Negotiate loan payment
Posted from: Ontario
Advice IVA is a genuine route to avoid bankruptcy wherein fraction of the loan amount is paid to the lender in order to be debt free. There are several enterprises specializing in arranging the suitable IVA. This article covered all the information about how to get the IVA advice and be debt free within a short span of time.
Do pay day loan companies accept consumer proposals. Also, regarding wage garnishments, I was recently denied a pay day advance because my company`s head office was in Quebec and they could not garnishee my wages if I defaulted on payments. Is this legislation or possibly just a company policy?
Posted from: Ontario
Is it true that once you have claimed bankruptcy you are not allowed to relocate, In Canada or the United States or anywhere else… I was told that you could be denied entry.
Posted from: Manitoba
The Jefferson County Commission in Alabama has told its attorneys to prepare a bankruptcy filing in case it cannot reach an agreement on how to escape from the county’s over $3 billion of bond debt.
The county, which includes Alabama’s largest city, Birmingham, is prepared to file Chapter 9 Bankruptcy if it cannot reach an agreement with its creditors in order to seek relief from the debt it incurred to build a sewer system.
County officials issued the bonds with interest rates that reset frequently during a time when borrowing money was cheap. The strategy intended to keep costs down as interest rates were declining, but with the credit crunch, interest rates on Jefferson County’s debt has risen to as high as 10% in some cases.
The county has attempted, unsuccessfully, to refinance the debt, according to reports. It recently replaced bankers and advisors with a new law firm to handle the negotiations with its creditors led by JP Morgan Chase.
Bettye Fine Collins, Jefferson County Commission president, recently told reporters that Alabama Governor Bob Riley has also agreed to help the county negotiate with Wall Street on a deal to avert a bankruptcy filing.
No timetable was set for the filing, but an agreement with creditors that provided the county time to work toward a solution expires this week.
If the county reneges on the debt, it would be the largest municipal bond default ever in the United States. It would surpass the Washington Public Power Supply System’s $2.25 billion default in 1983 of revenue bonds sold for nuclear plants.
Am I able to use a credit card that has been issued to me as a supplementary card by a friend on his account during my bankruptcy?
Posted from: Ontario
The Jefferson County Commission in Alabama has told its attorneys to prepare a bankruptcy filing in case it cannot reach an agreement on how to escape from the county’s over $3 billion of bond debt.
The county, which includes Alabama’s largest city, Birmingham, is prepared to file Chapter 9 Bankruptcy if it cannot reach an agreement with its creditors in order to seek relief from the debt it incurred to build a sewer system.
County officials issued the bonds with interest rates that reset frequently during a time when borrowing money was cheap. The strategy intended to keep costs down as interest rates were declining, but with the credit crunch, interest rates on Jefferson County’s debt has risen to as high as 10% in some cases.
The county has attempted, unsuccessfully, to refinance the debt, according to reports. It recently replaced bankers and advisors with a new law firm to handle the negotiations with its creditors led by JP Morgan Chase.
Bettye Fine Collins, Jefferson County Commission president, recently told reporters that Alabama Governor Bob Riley has also agreed to help the county negotiate with Wall Street on a deal to avert a bankruptcy filing.
No timetable was set for the filing, but an agreement with creditors that provided the county time to work toward a solution expires this week.
If the county reneges on the debt, it would be the largest municipal bond default ever in the United States. It would surpass the Washington Public Power Supply System’s $2.25 billion default in 1983 of revenue bonds sold for nuclear plants.
Here are the picks of the month for November 2007, a month when we Americans reflected on all there is to be thankful for. The book to the right, The Moment of Truth in Iraq: How a New "Greatest Generation" of American Soldiers is Turning Defeat and Disaster into Victory and Hope, contains a remarkable set of essays by a very brave freelance journalist, Michael Yon, and reminds us of all we have to be thankful for. Michael has been embedded with the US troops in Iraq and Afghanistan for several years now and his searing daily narratives of events in Iraq and Afghanistan provide a unique and important perspective to the advances, setbacks, and challenges faced in these conflicts. This book is required reading whether you’re for, against, indifferent, or ambivalent about America’s present wars.
Here’s a link to the 108 customer reviews on Amazon.com, 94 of whom gave it 5 stars. General David Petraeus said this about Michael’s book:
He’s fearless … provides a candid, soldier’s-eye view … from the very unique perspective of being there with them for weeks and months at a time … delv[ing] deep into the human component.
Michael’s blog (now an "online magazine") has long been listed at the end of my blogroll. Please take the time to read Michael’s blog posts and to lend support to his ventures, for which you are guaranteed he’ll be most thankful.
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Rod S. Berman and Thomas M. Geher, WHEN PERPETUAL DOESN’T MEAN FOREVER — TRADEMARK LICENSES IN BANKRUPTCY, 29 Cal. Bankr. J. 1
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C.R. "Chip" Bowles Jr. and Richard C. Porter, WHO, WHAT, WHERE? THREE RECENT CASES ON ENVIRONMENTAL LIABILITIES IN BANKRUPTCY, 26-NOV Am. Bankr. Inst. J. 36
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Michael Busenkell, DOES SECTION 502(b)(6) CAP REPAIR AND MAINTENANCE DAMAGES?, 26-NOV Am. Bankr. Inst. J. 34
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Shirley S. Cho, THE INTERSECTION OF CRITICAL VENDOR ORDERS AND BANKRUPTCY CODE § 503(b)(9), 29 Cal. Bankr. J. 7
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Mark D. Collins, THE LONG AND TUMULTUOUS ROAD TO REFORM, 24-WTR Del. Law. 24
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Peter A. Davidson, THE IRS IS YOUR FRIEND: HOW TRUSTEES CAN USE TAX LIENS TO WEAVE STRAW INTO GOLD, 29 Cal. Bankr. J. 191
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Helen Ryan Frazer, Laurel R. Zaeske, and Lynda T. Bui, FRAUDULENT TRANSFER: LITIGATION UNDER THE BANKRUPTCY CODE AND STATE LAW, 29 Cal. Bankr. J. 255
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Cynthia Futter and Anne E. Wells, WHAT TO EXPECT FROM HEDGE FUNDS TODAY AND IN THE FUTURE: AN OVERVIEW AND INSOLVENCY PERSPECTIVE, 29 Cal. Bankr. J. 213
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Lisa S. Gretchko, THERE’S A PREFERENCE DEFENSE HIDING IN PLAIN VIEW, 26-NOV Am. Bankr. Inst. J. 16
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Gina Gutzeit, DON’T OVERLOOK SOURCE DOCUMENTS IN THIS AGE OF INSTANTANEOUS INFORMATION, 26-NOV Am. Bankr. Inst. J. 44
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Steven L. Harris, CHOOSING THE LAW GOVERNING SECURITY INTERESTS IN INTERNATIONAL BANKRUPTCIES, 32 Brook. J. Int’l L. 905
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Patrick A. Jackson, THIRD CIRCUIT CONFIRMS COURT’S POWER TO MODIFY EXECUTORY CONTRACTS, CLARIFIES JOSHUA SLOCUM , 26-NOV Am. Bankr. Inst. J. 32
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Lance Jurich, Gregory Schwed, and Christina M. Moore, DEEPENING INSOLVENCY: A DOCTRINE IN DECLINE?, 29 Cal. Bankr. J. 199
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Stuart Larsen, FEDERAL CIRCUIT "ALMOST" DOESN’T COUNT WHEN IT COMES TO PATENT INFRINGEMENT CLAIMS, 26-NOV Am. Bankr. Inst. J. 26
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Adam J. Levitin, FINDING NEMO: REDISCOVERING THE VIRTUES OF NEGOTIABILITY IN THE WAKE OF ENRON, 2007 Colum. Bus. L. Rev. 83
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Walt Manning and Michelle Campbell, DIGITAL FORENSICS 101: WHERE TO FIND CRITICAL EVIDENCE, 26-NOV Am. Bankr. Inst. J. 42
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Francis E. McGovern, FILINGS BY COMPANIES WITH ASBESTOS LIABILITIES, 24-WTR Del. Law. 18
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William McGrane, THE ERRONEOUS APPLICATION OF THE DEFENSE OF IN PARI DELICTO TO BANKRUPTCY TRUSTEES, 29 Cal. Bankr. J. 275
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Derek F. Meek and Marc P. Solomon, A "DISCRIMINATING" LOOK AT TWO SECTION 525(b) ISSUES, 26-NOV Am. Bankr. Inst. J. 1
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James L. Patton Jr., Robert S. Brady, and Ian S. Fredericks, A MODERN HISTORY OF BANKRUPTCY IN DELAWARE, 24-WTR Del. Law. 12
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Uzzi O. Raanan, UNDERSTANDING CHAPTER 11 TRUSTEE ELECTIONS, 29 Cal. Bankr. J. 15
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Robert K. Rasmussen, EMPIRICALLY BANKRUPT, 2007 Colum. Bus. L. Rev. 179
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Robert K. Rasmussen, WHERE ARE ALL THE TRANSNATIONAL BANKRUPTCIES? THE PUZZLING CASE FOR UNIVERSALISM, 32 Brook. J. Int’l L. 983
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Patricia A. Redmond and Jessica D. Gabel, TIP OF THE ICEBERG: WHAT LIES BENEATH FOR HOMEBUILDERS IN THE WAKE OF UNITED AIRLINES, 26-NOV Am. Bankr. Inst. J. 20
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Seymour Roberts Jr. and Joseph J. Wielebinski, THE WILD WEST IS NOT IN TEXAS: ORDER CURBS ABUSIVE CHAPTER 5 LITIGATION, 26-NOV Am. Bankr. Inst. J. 40
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Paul A. Rogers, LIMITATIONS ON A TRUSTEES AVOIDANCE POWERS UNDER SECTION 546(A), 26-NOV Am. Bankr. Inst. J. 18
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Nick Segal, THE EFFECT OF REORGANIZATION PROCEEDINGS ON SECURITY INTERESTS: THE POSITION UNDER ENGLISH AND U.S. LAW, 32 Brook. J. Int’l L. 927
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George H. Singer, THE YEAR IN REVIEW: CASE LAW DEVELOPMENTS UNDER THE BANKRUPTCY ABUSE PREVENTION AND CONSUMER PROTECTION ACT OF 2005, 29 Cal. Bankr. J. 37
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David B. Stratton and Evelyn J. Meltzer, DISGORGEMENT OF CRITICAL VENDOR PAYMENTS, 26-NOV Am. Bankr. Inst. J. 24
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Deborah L. Thorne and John T. Gregg, A PARTIAL SOLUTION TO "PREFERENCE LITIGATION RUN AMOK", 26-NOV Am. Bankr. Inst. J. 22
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Frank Volk, WHAT DO SCANDAL AND DEFAMATION HAVE TO DO WITH THE CODE? SEALING ORDERS UNDER 11 U.S.C. SECTION 107, 26-NOV Am. Bankr. Inst. J. 12
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Jay Lawrence Westbrook, LOCATING THE EYE OF THE FINANCIAL STORM, 32 Brook. J. Int’l L. 1019
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Kathy L. Yeatter, JUDICIAL VAGARIES AND THEIR POTENTIAL IMPACT ON THE VALUATION OF DISTRESSED DEBT, 26-NOV Am. Bankr. Inst. J. 50
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My husband is considering filing bankruptcy however we are still unclear about the garnishing of wages. Strangely, our trustee did not advise us that this was a factor in claiming bankruptcy and I learned about it through this website. My husband has a fluctuating income since he does seasonal work normally and the income depends on the contract therefore he can have a “surplus of income“ from month to month. Our goal would be to save that money to help him reastablish his credit however I wonder if it would have to be surrendered if considered a surplus? Our trustee lead us to believe (and this is a licensed trustee) that we would have to pay a fee to him (less than $2000) over the span of 9 months prior to discharge. Can you please clarify?
Posted from: Quebec
Pursuant to the U.S. Bankruptcy code, subsequent to a debtor filing a chapter 7 or 13 bankruptcy, they are unable to obtain another discharge of unsecured debt for 8 years. As such, many debtors believe they have no way out of new debt incurred. This could not be further from the truth. There is substantial statutory and case law that suggests a right to negotiate in good faith with creditors. Moreover, creditors must partake in the interactive process.It has long been held that if a creditor has no agreement for acceleration of an entire obligation upon default, the creditor may not accelerate a debt unless the debtor’s default rises to the status of an anticipatory repudiation. See, e.g., Sheet Metal Workers Local No. 76 Credit Union v. Hufnagle, 295 N.W.2d 259, 29 U.C.C. Rep. Serv. 1087 (Minn. 1980).
The Uniform Commercial Code (“UCC”) § 1-309 provides that a term allowing an acceleration of payment or performance or additional collateral at will, or when the creditor or the creditor’s successor in interest deems himself insecure, and language of similar import, will be construed to mean that the creditor has the power to do so only if he in good faith believes that the prospect of payment or performance is impaired. Section 1 - 309 has been increasingly applied to real estate transactions. See generally Greenwald v. Columbus Bank & Trust Co., 228 Ga. App. 527, 492 S.E.2d 248, 34 U.C.C. Rep. Serv. 2d 547 (1997) (good faith itself does not give rise to an action).
Section 201 of the Bankruptcy Reform Act can be construed as a model to require creditor’s to negotiate in good faith with debtor’s prior to filing any legal action to collect the debt. It would have amended Section 201 proposes to allow a bankruptcy judge to reduce a creditor’s claim by up to 20% if the creditor had “unreasonably refused to negotiate a reasonable alternative repayment schedule.
Perhaps the most relevant and significant factor pointing to a strong suggestion if not requirement for creditor’s negotiating with debtors stems from litigation itself. At a clerk or magistrate’s session in small claims court prior to appearing before a judge, the magistrate will almost always offer free mediation services provided by the court, and in many cases go so far as to require the Plaintiff and Defendant to attend a non-binding mediation session prior to appearing before the District Court Judge.
The gist of the forgoing would seem to indicate that a debtor is not without recourse even if they have filed for bankruptcy and obtained a discharge on unsecured debt within the past eight (8) years. In many case, it may be a good idea to still speak with a bankruptcy attorney or credit counselor to garner assistance in proposing a workout plan with one’s creditors.
