Live Q&A - Bankruptcy, Debt Collection Lawsuits, Wage Garnishment | Summary and Q&A

September 3, 2021
Consumer Warrior
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Live Q&A - Bankruptcy, Debt Collection Lawsuits, Wage Garnishment


This video discusses various debt-related topics, such as bankruptcy, debt collection strategies, eviction moratoriums, and second mortgages. It provides information and strategies to help individuals facing debt-related issues.

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Questions & Answers

Q: How do I find an arbitrator for a debt collection lawsuit if the arbitration clause requires me to do so?

Most arbitration clauses in credit card agreements refer to organizations such as the American Arbitration Association (AAA) or JAMS. You can find information on contacting these organizations on their websites. Additionally, read the specific terms and conditions of the clause as some may require the party asserting a claim to initiate arbitration.

Q: Should I sign a reaffirmation agreement for a mortgage in Chapter 7 bankruptcy?

In the state of Arizona, where the speaker practices law, it is uncommon for courts to approve reaffirmation agreements for mortgages. Reaffirming a mortgage could expose you to liability for the loan balance, even after bankruptcy. Consult with an attorney in your specific state to determine the best course of action.

Q: Are retirement accounts protected in bankruptcy?

Retirement accounts, such as IRAs and 401(k)s, are usually protected in bankruptcy, depending on state and federal exemption laws. Social security, disability benefits, and VA disability payments are also protected. Verify your state's exemption laws to ensure the protection of your retirement assets.

Q: If the opposing party fails to show up for a mandatory settlement conference, can the case be dismissed?

In some cases, particularly if the judge is present, you may request a dismissal if the opposing party fails to appear at a mandatory settlement conference. If the judge is not present, filing a motion to dismiss for failure to participate in a court-ordered process is recommended.

Q: Can bankruptcy eliminate a second mortgage in Georgia?

In Chapter 7 bankruptcy, a second mortgage cannot be eliminated unless the property is worth less than the balance owed on the first mortgage, creating an upside-down situation. Chapter 13 bankruptcy allows for the possibility of removing second mortgages, but this option depends on specific circumstances that should be discussed with an attorney.

Summary & Key Takeaways

  • The U.S. Supreme Court recently ruled that the eviction moratorium cannot continue indefinitely, which may lead to a surge in evictions. Filing for Chapter 7 bankruptcy can help individuals facing eviction by discharging rental debt and potentially rejecting a lease still in effect.

  • Debt settlement strategies are another option for individuals looking to settle their debt, particularly with the extra cash from stimulus payments. It is crucial to develop a settlement budget and obtain written confirmation from creditors before making any payments.

  • Questions from viewers are answered, covering topics such as arbitration clauses, reaffirmation agreements for mortgages in bankruptcy, protection of retirement accounts, consequences of not attending a mandatory settlement conference, and eliminating second mortgages in bankruptcy.

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