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Creditors and Bankruptcy/Questions
| Subject | Date Asked | Expert |
| Filing for Bankruptcy | 11/11/2008 | Ontrack Financial Group llc |
| Q: I previously had about 40,000 as a result of illness, unemployment, and overspending. Foolishly, I ... A: You may not have to file bankruptcy. If you do decide to file Chapter 7, the meeting of the ... | ||
| Keep our RV home? | 11/10/2008 | Ontrack Financial Group llc |
| Q: We owe $80,000 on 5 credit cards and are making a minimum monthly payment of $2,200.00,payments on 1 ... A: James, The ones you don't pay will cancel. However because of the current economic times we're ... | ||
| Credit card debts | 11/10/2008 | Michael Brotherton |
| Q: I wrote to you a few weeks ago, and you were kind enough to send me a speedy reply, but I have a ... A: You are safe from any serious collection activity. Creditors cannot touch your SS or retirement. ... | ||
| House is paid-off, drowning in CC debt! | 11/10/2008 | Ontrack Financial Group llc |
| Q: We set up our original home loan on 15 years and have just paid it off; however, we have about ... A: Sharon, Thank you for your question. Your paying about 1750 a month on the credit cards, and the ... | ||
| chapter 13 | 11/10/2008 | Michael Brotherton |
| Q: i have a house in ny name with approx. 60% equity, first and second mortages are in my name also. ... A: I would question whether you would qualify for CH13 without losing your home. You have a lot of ... | ||
| Car Repossession removed from Credit Report | 11/10/2008 | David |
| Q: On Sept 18th of this year my wife's car was repossessed. We had only two payments left. I had a ... A: Jim, Many times departments fail to communicate with each other inside of large companies. Sounds ... | ||
| Keep our RV home? | 11/9/2008 | Ontrack Financial Group llc |
| Q: We owe $80,000 on 5 credit cards and are making a minimum monthly payment of $2,200.00,payments on 1 ... A: Feel free to ask as many questions as you need. If you decide to "Keep some and have the rest ... | ||
| Creditors and Bankruptcy Q`s | 11/9/2008 | Ontrack Financial Group llc |
| Q: .. ok a little about the situation..... i started off with no credit and to help me out my sister ... A: First make sure your listed as a authorized user vs. a comaker. If your an authorized user you will ... | ||
| voluntary repossession | 11/9/2008 | Michael Brotherton |
| Q: Due to pay cuts for both my husband and myself, and the high price of gas, we were unable to make ... A: As long as they followed proper procedure for selling the vehicle and notifying you according to ... | ||
| Getting served. what do i do next??? | 11/7/2008 | Michael Brotherton |
| Q: A sheriff came to my house today to serve me papers on a debt owed to Capital One. I did not answer ... A: from what you tell me you are virtually untouchable. Even if they get a judgment there isnt much ... | ||
| Reposession of truck | 11/6/2008 | Ontrack Financial Group llc |
| Q: My husband and I are retired living only on Social Security. We purchased a truck two and a half ... A: I'm sorry to read about your situation. The debt collector is attempting to collect on a ... | ||
| economic decline effecting the housing property markets | 11/6/2008 | Michael Brotherton |
| Q: explain how a decline in economic growth effects the housing property market???? A: Economic decline comes in many shapes and sizes. From low employment to inflation where prices ... | ||
| Charge off or Repossion | 11/6/2008 | Ontrack Financial Group llc |
| Q: Can my car REALLY be repossed with a very small balance remaining (-$2000) or will it be charged ... A: The account can be charged off when 6 months has passed with no payments. A lender may not grant a ... | ||
| Collection against daugther | 11/6/2008 | Michael Brotherton |
| Q: My daughter was 16 when we took her to the doctor on January 2006, her insurance denied the claim. ... A: Unless there is a law declaring her an adult at age 16 in your state she cannot be held responsible ... | ||
| old car deficiency after bankrupty discharge | 11/5/2008 | Michael Brotherton |
| Q: My exhusband and I filed for bankruptcy in 1999. Part of the bankruptcy was a car to Ford Motor ... A: It appears they are in violation of federal bankruptcy laws and need to be made aware of this. You ... | ||
| how to pay off this | 11/5/2008 | Ontrack Financial Group llc |
| Q: I have four credit cards that each of them have about $5000.00 balance for few years. I only can pay ... A: It's a difficult situation your in with the credit card companies. From what we have seen the ... | ||
| reposession of new car | 11/5/2008 | Michael Brotherton |
| Q: Being a stubborn short-minded 19 year old i bought a new car which i thought i could afford and now ... A: Sorry for the delay in responding. I get a lot of questions and it sometimes take time to respond. ... | ||
| forclosure and bankruptcy 2nd mortgage lein | 11/4/2008 | Michael Brotherton |
| Q: i have a second mortgage line of credit that the bank wrote off but still have a lein on the ... A: This is what we do at FInancial Emergency. We are now a full service law firm and can negotiate with ... | ||
| Default and debt | 11/3/2008 | Ontrack Financial Group llc |
| Q: I have a student loan that recently went into default. They told me that if I don't pay it off by ... A: Are you currently employed, or have an income? Are you currently behind on your credit card? What ... | ||
| Default and debt | 11/3/2008 | Michael Brotherton |
| Q: I have a student loan that recently went into default. They told me that if I don't pay it off by ... A: CCCS may be a good place to start. They will complete an assessment of your budget and see if you ... | ||
| bankruptcy or other alternatives? | 11/3/2008 | Michael Brotherton |
| Q: My question is about declaring bankruptcy or taking another route, so I can save my fully paid-for ... A: I'm afraid bankruptcy may not be the answer. If you file bk the courts may order the sale of your ... | ||
| Need Advice - At Wits End | 11/3/2008 | Ontrack Financial Group llc |
| Q: First, I want to say that I am an intelligent person who unfortunately has run into some really ... A: We hope your Fiance gets stronger and stronger. The only issue that really matters here is his ... | ||
| Keep our RV home? | 11/3/2008 | Ontrack Financial Group llc |
| Q: We owe $80,000 on 5 credit cards and are making a minimum monthly payment of $2,200.00,payments on 1 ... A: If you're looking at bankruptcy, you can keep the motorhome in most cases. Debt settlement is ... | ||
| Discharged debts - secured - credit reporting | 11/3/2008 | Ontrack Financial Group llc |
| Q: We have been paying our mortgage on-time since not re-affirming it under our BK7, and the ... A: Starlett, That information is wrong. The bank will continue to report to the credit bureau. My ... | ||
| Before car is has been repo'd | 11/2/2008 | Michael Brotherton |
| Q: Is there any way that I can get help to make the payments that I am behind with out my car being ... A: Most finance companies have hardship programs that could temporarily or permanently reduce payments ... | ||
| judgements/credit report | 11/1/2008 | Michael Brotherton |
| Q: I voluntarily turned in a vechicle in 2006 because I was told by the car dealership it needed a new ... A: I am afraid there is not much you can do to avoid the judgment since they have a right to collect ... | ||
| In debt, low income, weighing options | 10/31/2008 | David |
| Q: I am falling very far behind on my bills and it looks like something has to give, I no longer have ... A: Josh, If I were you I would consult a bankruptcy attorney. You should recognize that ... | ||
| Tax lien after bankruptcy | 10/31/2008 | Michael Brotherton |
| Q: My husband and I filed bankruptcy back in the 90's. We received a release in 99. We are trying to ... A: It is true that they must be paid to obtain the release of lien. A bankruptcy does not discharge ... | ||
| SURRENDER OF LIFE INSURANCE POLICY AFTER FILING CHAPTER 13 | 10/31/2008 | Michael Brotherton |
| Q: After our Chapter 13 plan had been confirmed, we chose to stop the monthly payments and surrender ... A: Normally you would have to report any cash recieved over minimal amounts to the trustee. If the ... | ||
| Debt issues | 10/31/2008 | Michael Brotherton |
| Q: You might have to talk to me like I'm a 5 year old because I'm not really familiar with this ... A: Sorry for the delay. I have been inundated with questions lately and trying to play catch up. I ... | ||
| Creditors and Bankruptcy | 10/30/2008 | Michael Brotherton |
| Q: I am currently experiencing a financial collapse. I have been in default for two years for a huge ... A: They can obtain judgment at some point without serving you. Public notice in the paper can be ... | ||
| forclosure and bankruptcy 2nd mortgage lein | 10/30/2008 | Michael Brotherton |
| Q: i have a second mortgage line of credit that the bank wrote off but still have a lein on the ... A: The first mortgage company will not refinance or even modify a loan where a second mortgage exists ... | ||
| creditor levied checking account 3 years after debt disharged | 10/30/2008 | Michael Brotherton |
| Q: In 2005 we filed chapter 7 and included our Wells Fargo credit card. When we filed there was a ... A: How did they levy the checking account? Was it through a garnishment or a direct debit? You need to ... | ||
| Paid Auto Loan chargeoff | 10/29/2008 | David |
| Q: I bought a car 2 yrs ago that turned out to be a lemon and the dealer could never find anything ... A: Lynda, A charge off,judgement or collection all effect your credit score the same way whether it ... | ||
| Desperately need advice | 10/28/2008 | Michael Brotherton |
| Q: I am 50 years old with 35,000 in cc debt. My only income is SSDI of about 1200 a month and I am ... A: When in a situation like this your options are limited. From a realistic perspective you need to ... | ||
| Specific laws regarding Prevailing State for SOL ? | 10/28/2008 | Michael Brotherton |
| Q: I have a charged off credit card debt from State of WA - last payment Nov., 2004. The SOL I believe ... A: This is the statute in your state for written accounts. If the information is insufficient go to ... | ||
| Credit Repair and Financial Distress | 10/28/2008 | David |
| Q: I recently divorced and would like to know whether or not the items that are on my credit report ... A: The only help you can get with debt relief that I am aware of would be bankruptcy. Keep in mind ... | ||
| bankruptcy creditor | 10/28/2008 | Michael Brotherton |
| Q: I hold a real estate contract that the debtor has filed chapter 13 bankruptcy. I owned the home that ... A: I would say you should be able to overcome the fraudulant misrepresentation but will need to retain ... | ||
| Foreclosure | 10/27/2008 | Michael Brotherton |
| Q: I live in Oklahoma. I have my home loan thru USDA Rural Development. They have recently raised my ... A: Most government guaranteed loan programs for purchase do not collect deficiencies on a foreclosure. ... | ||
| What can I keep in Bankruptcy | 10/27/2008 | Michael Brotherton |
| Q: I was wondering if we can keep our timeshare? We recently got the timeshare and everything was ... A: If you do not have a lot of equity you may be able to keep the time share if you file a Chapter 13. ... | ||
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Creditors and Bankruptcy
Answers by Expert:
Michael Brotherton
Top Expert on this page
Expertise
Consumer/Debtor Rights Advocate. Mike Brotherton is a negotiator with over 30 years experience in consumer lending and collections. Mike has 30 years in the credit and collections industry as a former loan officer, debt collector and manager of two finance companies over several years. We are well versed in Loss Mitigation practices and the legal collection process. We have helped literally thousands of people over many years overcome serious financial problems such as foreclosure, creditor lawsuits and abuse by debt collectors. For more information about resolving your "financial emergency" visit www.financialemergency.com. We actively promote Fair Debt Collection Practices and other consumer protection laws. We teach DEBTOR RIGHTS and enforcement of those rights. The more informed you are of your rights and the credit collections practices of creditors the more peace you can have dealing with your FINANCIAL EMERGENCY. Most financial problems are fairly common and as such have some very common solutions. The key is understanding your rights in the collection process and how to enforce them if need be. Primary business- Debtor Rights Advocacy and Debt Mitigation relating to foreclosure, creditor lawsuits, and other serious financial problems. www.financialemergency.com (copy and paste in browser).
Experience
28 years in financial services industry as a loan officer and debt collctor. Developed bankruptcy and loss prevention manual for large finance company for manager training. 15 years as a debt counselor and consumer advocate.
Education/Credentials
Veterans sponsored OJT Manager Candidate Scool for AVCO Financial Services, Keystones to Management for ITT Financial Services, Certified Finance Management for Associates Financial Services.
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