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Creditors and Bankruptcy/Questions
| Subject | Date Asked | Expert |
| chargeoff and bankruptcy | 12/21/2008 | Michael Brotherton |
| Q: I'm in the process of filing bankruptcy. A bank sent me a chargeoff notice which may happen before ... A: It would not make much of a difference. Whether you file before or after a charge off it will still ... | ||
| corporate credit card qualifications | 12/19/2008 | David |
| Q: I am an employee of a large corporation and they have just now required we have their corporate ... A: Can't tell you what your company will do. It is up to their discretion. Amex will not give you the ... | ||
| debt consolidation | 12/19/2008 | Michael Brotherton |
| Q: my husband was incarcerated in 2005. i had a job but had to find another place to live. my job was ... A: First and foremost take a deep breath and relax. I know financial problems can be stressful and I ... | ||
| GMAC Lease Negotiation | 12/18/2008 | Michael Brotherton |
| Q: I have a GMAC car lease. My wife has lost her job and I cannot afford to make a 750.00 car lease. I ... A: Many finance companies have hardship programs that can reduce payments. It is sometimes difficult to ... | ||
| Loans | 12/18/2008 | David |
| Q: I have this problem. I'm 27 years old and I have about $10000 credit card debt and also about $10000 ... A: You can't go to jai for not paying back your debt. You could eventually end up with wage ... | ||
| Loans | 12/18/2008 | Michael Brotherton |
| Q: I have this problem. I'm 27 years old and I have about $10000 credit card debt and also about $10000 ... A: You cannot go to jail for a debt such as credit cards. At this point there isn't much creditors may ... | ||
| Recieved Summons for Debt Collection Issue | 12/18/2008 | Michael Brotherton |
| Q: I received the summons on 12/10 to collect a CC debt for $2900. The date on the summons itself is ... A: I would doubt your third party can do anything special but take your money. The fee is not ... | ||
| credit | 12/17/2008 | David |
| Q: Im 21 years old and I have a debit card through my bank. For my job and no credit history mainly ... A: To have a big impact on your score you'll want to have at least 4 reportable lines. You can use ... | ||
| Forclosure after BK | 12/17/2008 | Michael Brotherton |
| Q: We filed Ch7 last year and included the first mortgage (actually they asked to be included) but not ... A: This depends on which state you are in but in most cases the debt will be considered unsecured and ... | ||
| Can I Sue My Ex For Ruining My Credit | 12/16/2008 | Michael Brotherton |
| Q: I put a car in my name for my boyfriend, at the time. He was making the monthly payments, but he ... A: You may have grounds to sue him for the damage to the car but not necessarily for wrecking your ... | ||
| Sued by Discover bank | 12/16/2008 | Michael Brotherton |
| Q: My question is what can my boyfriend due,he's being sue by discover bank for non payments.This ... A: He should contact the attorney suing him and offer a lump sum settlement as payment in full. He may ... | ||
| Surrendering a vehicle | 12/16/2008 | Michael Brotherton |
| Q: I bought a 2008 mazda 3 about 6 months ago on the red carpet plan that was supose to refinance my ... A: Don't do it! This is bad advice. Never voluntarily surrender a vehicle. You may try to sell it and ... | ||
| Ex-Boyfriend Is Ruining My Credit | 12/16/2008 | David |
| Q: I put a car in my name for my boyfriend, at the time. He was making the monthly payments, but he ... A: Absolutely take him to court. Take photos and keep any records you have. Get signed affidavits ... | ||
| out of work at 50 | 12/14/2008 | Michael Brotherton |
| Q: I turn 50 next April and just lost my job. My income in the past decade has been only a fraction of ... A: Sorry for the delay in responding. I have been inundated with questions and trying to keep up with ... | ||
| financing a car | 12/13/2008 | David |
| Q: our bankruptcy was discharged in oct. we are senior citizens, and now are in great need of a ... A: Nancy, In my experience a Ford Motor Credit loan is the easiest dealer to get credit with after bk ... | ||
| Summons | 12/11/2008 | Michael Brotherton |
| Q: Ok so I got a summons back in Nov. from Capital One and I paid it in full. My court date is Dec 22 ... A: Since you are going to be out of town. Ask for the continuance in writing for the reasons given ... | ||
| credit cards | 12/11/2008 | David |
| Q: what is the best way to raise my credit score with credit cards? should i make the minimum payment ... A: The best way is to use cards issued by mainstream banks...CITI, Chase, Discover, AMEX Pay off each ... | ||
| Foreign debt collection | 12/11/2008 | Michael Brotherton |
| Q: Background: I recently returned from a three-year college degree program in France. Due to some ... A: My respnse will be limited since I am not expert in international collections law. A debt may be ... | ||
| Getting rid of credit card | 12/11/2008 | David |
| Q: I have 2 credit cards. The first one i have a balance of almost $3,000, and the second one I don't ... A: You'll have to decide what to do with the card for yourself, but i will give you the relevent info ... | ||
| credit cards | 12/10/2008 | Michael Brotherton |
| Q: I have a few brief questions: 1)Does upgrading a Credit Card hurt your credit score? 2)How do I ... A: No, upgrading a card or increasing your credit line does not hurt your credit. The type of credit ... | ||
| credit cards | 12/10/2008 | David |
| Q: I have a few brief questions: 1)Does upgrading a Credit Card hurt your credit score? 2)How do I ... A: q.)Does upgrading a Credit Card hurt your credit score? a.)A small percentage of your credit score ... | ||
| Ex co-signed my name on credit card, then filed bankruptcy | 12/10/2008 | Michael Brotherton |
| Q: My ex-boyfriend and I lived together for approximately one year a few years ago. Without my ... A: The question is whther you can prove he forged your name. Do you have any documentation or ... | ||
| Car Repo - Balance Owed by Co-signer | 12/9/2008 | Michael Brotherton |
| Q: I have a question concerning a vehicle repo from 2006. My daughter had a car repossessed back in ... A: If you have the funds I would offer them a lump sum settlement for 50% or less to make it go away. ... | ||
| Car Repossession | 12/8/2008 | Michael Brotherton |
| Q: I am on the verge of having to let my car go...With the current economic situation, I am no longer ... A: I am afraid they can place a lien on your home once they obtain a judgment. They have to go through ... | ||
| bankrupcy question | 12/8/2008 | Michael Brotherton |
| Q: My wife and I got into debt. We are currently having Consumer Credit Counseling Service making ... A: Although there are no particular rules on when to file bankruptcy I have a rule of thumb to help ... | ||
| vehicle dilema for the last 4-5 yrs | 12/7/2008 | Michael Brotherton |
| Q: my boyfriend bought me a vehicle after I had trouble with the current car I had around 2001. we ... A: I agree that it is ridiculous to have to pay so much for a car that was sosld for next to nothing ... | ||
| repo | 12/7/2008 | David |
| Q: I cant afford my car payments anymore. I heard about legal loopholes and stuff .Where you can get ... A: Caleb, If the dealer auctions your car for less than you owe...probably will...you will still owe ... | ||
| creditor of bankruptcy | 12/6/2008 | Michael Brotherton |
| Q: The court awarded us attorney's fees in the amount of $24,000. We just received notice from their ... A: I am curious why you were not notified until now. You should have been given notice and had time to ... | ||
| Being Sued? | 12/5/2008 | Michael Brotherton |
| Q: I went bankrupt a couple of years ago. Now the lawyers for the bank that held my mortgage want to ... A: I would question whether you actually owe the money because of the bankruptcy. You should fight any ... | ||
| Collection account with Social Security Agency | 12/5/2008 | Michael Brotherton |
| Q: I am writing to you as I do not know where to turn to resolve this matter which has now ... A: First thing is to send all comunictions in writing by certified mail. They wont lose this paperwork. ... | ||
| loan approval or disapproval! | 12/5/2008 | Michael Brotherton |
| Q: This mortgage broker company approved my VA home loan even i didn't have money to close the loan. ... A: There isnt much you can do ahead of this to avoid a lien. Let your attorney do his thing and things ... | ||
| major financial problems | 12/4/2008 | Michael Brotherton |
| Q: We have considered filing chapter 7 many times. These are my questions. We owe about 220,000 on ... A: You only have certain exemptions of equity to be considered for bk 7. I believe theexemption for ... | ||
| creditor of bankruptcy | 12/3/2008 | Michael Brotherton |
| Q: The court awarded us attorney's fees in the amount of $24,000. We just received notice from their ... A: You may record the lien in the county where their property is located. You may go to the recorder or ... | ||
| credit card debt | 12/2/2008 | Ontrack Financial Group llc |
| Q: i owe over 20,000 in credit card debt that is steadily growing due to late fees,high interest ... A: The collection industry is changing. Creditors are looking towards their bad debt portfolio as a ... | ||
| RV (home) Repossession | 12/2/2008 | Michael Brotherton |
| Q: I hope you had a good Thanksgiving. I have a question, my wife and I moved here to Fort Valley, ... A: You are absolutely correct. They would need a replevin to take the motor home. A breech of the peace ... | ||
| Trying to understand charge offs | 12/2/2008 | David |
| Q: how can a company accept payment after charge off has been posted to credit report A: Charge off just means the debt is past 120 days and the company is positioning itself so it can take ... | ||
| creditor of bankruptcy | 12/1/2008 | Michael Brotherton |
| Q: The court awarded us attorney's fees in the amount of $24,000. We just received notice from their ... A: It depends on the type of case you filed but in most cases the bankruptcy will discharge this too. ... | ||
| Foreclosure vs Bankruptcy, SBA Lein on Home | 11/30/2008 | David |
| Q: We have no difficulties with all of our personal debt and have very secure jobs. We own our home and ... A: sounds like you have some big decisions to look at. I advise you consider all options before making ... | ||
| SBA for LLC w/Lein on Personal Home | 11/30/2008 | Michael Brotherton |
| Q: We have no difficulties with all of our personal debt and have very secure jobs. We own our home and ... A: There are a lot of different scenarios here. First, if your business fails it doesn't necessarily ... | ||
| repo and finance company | 11/30/2008 | Michael Brotherton |
| Q: Since the economy I may only have a few months until I can no longer pay for my 2006 car. If I sell ... A: It is not uncommon for finance companies to accept lump sum settlements on debt. In your case you ... | ||
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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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