Mortgage Delinquencies are on the rise. Have you stopped making Mortgage Payments?
May 2015 saw the largest month-over-month increase in delinquent residential mortgages for any May since 2009 and the largest month-over-month increase for any month since November 2014, according to Black Knight Financial Services’ May 2015 Mortgage Monitor released on Monday.
DEBT COLLECTION POST BANKRUPTCY DISCHARGE AND YOUR CREDIT REPORT
This week, I read a great New York Times article entitled “Debts Canceled by Bankruptcy Still Mar Consumer Credit Scores.” http://dealbook.nytimes.com/2014/11/12/debts-canceled-by-bankruptcy-still-mar-consumer-credit-scores/ Continue reading
by: Jonathan Goldsmith Cohen
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When You Are At Risk of a Bank Levy
In order to be at risk for a bank levy on a consumer debt, a Judgment must be entered against you. A Judgment is entered against you after the conclusion of a lawsuit on the debt brought in Superior Court in New Jersey. Due Process does still exist, so you must be sued on the debt, receive proper notice of the suit, have time to respond, and of course, have your day in court. Remember, the bottom line is, is this your debt? Did you already pay it off? Can you afford to pay it off? If you cannot pay the debt off and it is in fact yours, a judge is not going to be sympathetic and side with you. A Judgment will be entered against you. Once a judgment is entered against you, you are exposed to the risk of bank levies that will drain your account and leave you with no available funds. Levies can occur until the debt is paid in full, you become “unbanked”, or you file from bankruptcy. Here, I will discuss how to shield yourself from bank levies. Continue reading