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Creditors and Bankruptcy/Questions
| Subject | Date Asked | Expert |
| bankruptcy | 1/28/2009 | Michael Brotherton |
| Q: If a company were to file bankruptcy and the debt was liquidated could the companies vendors go ... A: Potentially yes, the company's venders could go after your property. If the receivable were sold all ... | ||
| divorce and bankruptcy | 1/27/2009 | Michael Brotherton |
| Q: I want to file Chapt 7 due to 80k in credit card debt. My husband does not want to file because it ... A: You may attempt to file bk 7 without him but you may not qualify under the new rules. If you have ... | ||
| Incorrect Charge Off | 1/26/2009 | Michael Brotherton |
| Q: In August 2006 I bought a 2006 Nissan Maxima and financed it with Nissan Motor Acceptance Corp. On ... A: I recommend you send a certified letter to NMAC demanding they correct the account because of their ... | ||
| voluntary repo | 1/26/2009 | Ontrack Financial Group llc |
| Q: My husband is being laid off permantly and I am looking for work due to this, as I have been a stay ... A: We're sorry to hear about the situation you're facing. If you need assistance we're here for you. ... | ||
| Bankruptcy | 1/22/2009 | Ontrack Financial Group llc |
| Q: I worked for my sisters company and paid venders with my personal credit cards to keep them ahead. ... A: When it comes to a bankruptcy, vendors are typically listed as unsecured creditors. In this case ... | ||
| bankrupcy after shortsale | 1/22/2009 | David |
| Q: I have a house that was left to me in a Divorce in Florida that is being shortsaled after 2 years on ... A: Tracy- This question is definitely very detailed. I'd like to point out that I specialize in credit ... | ||
| Credit problem | 1/19/2009 | Michael Brotherton |
| Q: I have been going back and forth with collection agencies and Citizens Bank for about a year now ... A: File a complaint with the Federal Trade Commission for violation of Fair Debt Collection Practices ... | ||
| How to Deal with Creditors | 1/19/2009 | Michael Brotherton |
| Q: I have been trying to pay off my debts in the past 4 years and now am down to 2 creditors to deal ... A: Of course the best deal would be for an offer for a lump sum settlement if you have the resources ... | ||
| Chap 7 v Repo. | 1/19/2009 | Michael Brotherton |
| Q: I have a Motor home that I owe $62,000. It realistically is worth about $35,000 for trade or ... A: Probably not. A repo is a repo, vountary or not. They have a procedure they must follow by law. They ... | ||
| bad info on credit report | 1/19/2009 | Michael Brotherton |
| Q: a catalog company,s debt was discharged by bankruptcy in 1987,also dish network never came and fixed ... A: You may want to file a complant with the state Utlities Commission to get the bill corrected. Once ... | ||
| I need to leave in an emergency should I turn car in for repossession | 1/17/2009 | Michael Brotherton |
| Q: I am in the process of leaving my abusive relationship. I cannot sell the car because he will find ... A: Your options are somewhat limited. The best option is for you to try to sell the car by running an ... | ||
| Being Sued by Credit Card | 1/17/2009 | David |
| Q: I just received notice that I'm being sued by my credit card company for $2600. I wish I could pay ... A: Cherie, sounds like you have a lot going on here. If I were in your shoes the Credit cards would be ... | ||
| Pay for delete | 1/16/2009 | Ontrack Financial Group llc |
| Q: my original question was: I've read several PFD sample letters, however, I haven't come across any ... A: However, we don't understand your question. Perhaps it should be phrased a different way. Give ... | ||
| CREDIT CARD | 1/16/2009 | Michael Brotherton |
| Q: A CLOSE FRIEND OF MINE JUST PASSED AWAY. MY QUESTION IS HE HAD CREDIT CARDS IN HIS NAME ONLY AND 2 ... A: No and yes. Although she is not responsible for his debt directly they may file a claim against the ... | ||
| REPO/BANKRUPTCY HOLE!! | 1/15/2009 | David |
| Q: .. i am in a huge whole in desperate need of your advice. i am 22 yrs old and in june 2008 i leased ... A: Yani- It sounds like quite a situation. Unfortunately your mother's position as the primary loan ... | ||
| truck and atv | 1/15/2009 | David |
| Q: i have recently sold my pick up and 4 wheeler to my brother to help get money together to file and ... A: Stacey, Ideally if you sold them they would need to be properly titled in the new owners name. ... | ||
| SSI and credit card collection | 1/15/2009 | Michael Brotherton |
| Q: I am on SSI and disabled 62 yr.old. I have credit cards that I am no longer able to pay. With the ... A: Although it would be illegal for them to just take money from your account without authorization it ... | ||
| credit card auto pmnts | 1/14/2009 | Michael Brotherton |
| Q: Brotherton, We have a couple of automatic fees each month on our creditcard, and we would like to ... A: You should send a letter to the vender and the cc company advising them to cancel all future ... | ||
| Credit and loss of income | 1/13/2009 | Michael Brotherton |
| Q: Oh what troubles, I am self employed in the construction industry and as such my business has ... A: I understand your distress. I am seeing more and more of this with the economy in a slump. I also ... | ||
| Question about effect of bankruptcy and car repo on credit | 1/12/2009 | David |
| Q: I am writing you on behalf of my father. He is 60 years old, and recently became unemployed, and ... A: Good question, I don't here this one very often. Your father is correct to an extent. Car lenders ... | ||
| payroll taxes | 1/12/2009 | Michael Brotherton |
| Q: The Irs is stating I owe the Taxes from my Optical Business in 1988. That's over 20years ago. Can ... A: First, I am not a tax expert, however I do know that under normal circumstances there is a 10 year ... | ||
| judgement lien on my home | 1/10/2009 | Michael Brotherton |
| Q: Today I received a notice of judgment lien on my home. I was sued over a credit card I had in ... A: It is not likely they will take your home or force the sale. All a judgment lien is is a public ... | ||
| Chap 7 v Repo. | 1/10/2009 | Michael Brotherton |
| Q: I have a Motor home that I owe $62,000. It realistically is worth about $35,000 for trade or ... A: You may have some other options. I would attempt to run an ad in tthe local paper or shopper and see ... | ||
| taxes | 1/10/2009 | Michael Brotherton |
| Q: We have two rentals that are going to short sale. We bought them as an investment (stupidly). One ... A: Although there may be room to negotiate a reduction in the tax I am afraid the forgiven debt on a ... | ||
| Help! Drowning in Debt & Bad Credit | 1/9/2009 | Michael Brotherton |
| Q: I have been unemployed and under employed several times in the last 10 years and unemployed now. I ... A: I see no need to file bk any time soon unless you just want to get it over with. Your debt is ... | ||
| car in bankrupcty | 1/8/2009 | Ontrack Financial Group llc |
| Q: My mom is the main holder of my car loan and my husband is the co-signer we are going through a ... A: You're correct by returning the car it will have a major impact on your mothers credit. If you ... | ||
| Texas Payday Loans | 1/8/2009 | Michael Brotherton |
| Q: My husband had surgery in November, 2008 and I had to take out some payday and finance company ... A: First of all, TX is a consumer friendly state with a no garnishment law. This kind of takes the ... | ||
| Being sued inTexas for credit card debt, collections law, SOL | 1/7/2009 | Ontrack Financial Group llc |
| Q: We live in the state of Texas. My wife was just serviced on 1-6-09 by Midland Funding LLC what ... A: In Texas a person (or company) must bring suit on the following actions not later than 4 years after ... | ||
| being sued by discover | 1/7/2009 | Michael Brotherton |
| Q: I had already ask what could my boyfriend do since he was being sued.MY question now he had talked ... A: Your friend has no clue. If you can complete the paperwork for BK and get it filed the suit will be ... | ||
| Being Sued need help | 1/7/2009 | Michael Brotherton |
| Q: I had a house foreclosed on me 6 months ago. Now the second mortgage is is in collections and I ... A: If the house has been sold through the foreclosure action and the creditor is attempting to sue you ... | ||
| bankruptcy | 1/6/2009 | Ontrack Financial Group llc |
| Q: we have co-signed on a mortgage for my daughter and she is thinking of chapter 7 br. How will that ... A: The mortgage company can attach a lien on your current residence (retirement is protected). ... | ||
| "'collectors" | 1/5/2009 | Michael Brotherton |
| Q: How can I prevent "sleazy" collection agency, (they wouldn't even give me their address on the ... A: First, are you sure this is a legitimate collection agency for the state? They must disclose certain ... | ||
| Charge off | 1/2/2009 | David |
| Q: What does the term "charge off" mean? What is its significance? A: 0ver 120 days past due. It can lower your score significantly. Hurts the most the first year, but ... | ||
| Credit Cards? | 1/1/2009 | Ontrack Financial Group llc |
| Q: There have been a lot of radio ads for companies selling ID theft programs. My question is why ... A: ID Theft Programs are no more then multiple credit alerts placed on credit bureaus in conjunction ... | ||
| bankruptcy | 12/30/2008 | Ontrack Financial Group llc |
| Q: we have co-signed on a mortgage for my daughter and she is thinking of chapter 7 br. How will that ... A: The cosigner will assume responsibility for the mortgage. We can provide a solution. Please ... | ||
| bk | 12/30/2008 | David |
| Q: I am paying on 2 homes. One is in california and has 2 loans. One is a line of credit. $65,000 on ... A: You are definitely in a hard spot. The first step is to talk to an attorney and see which type of ... | ||
| credit card debt etc | 12/28/2008 | Ontrack Financial Group llc |
| Q: I lost my job a month ago, and I am falling behind and have been using my savings to stay afloat. I ... A: While you may feel defeated your not alone. Any debt management consumer credit, or debt debt ... | ||
| Refi Mortgage after bk | 12/25/2008 | Michael Brotherton |
| Q: My wife and I recently filed and had a Chapter 7 discharged. In doing the BK we took down everyone, ... A: You would probably have to negotiate a settlement on the second or ask them to modify the mortgage ... | ||
| collections | 12/22/2008 | Michael Brotherton |
| Q: and they dropped our case after a year. we owe about 40,000 in credit cards and before the attn. of ... A: Once they file suit the courts will have to make a reasonable attempt to notify you. This can be ... | ||
| Restoring credit after bankruptcy | 12/22/2008 | David |
| Q: I recently had a bankruptcy discharged. It was not due to mismanagement of credit on my part -- the ... A: Sheryl, It is easier to raise your credit score if you are willing to use credit cards along with ... | ||
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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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