Thursday Night Q&A - Debt Collection lawsuits, Bankruptcy, and more! | Summary and Q&A

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August 13, 2021
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Consumer Warrior
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Thursday Night Q&A - Debt Collection lawsuits, Bankruptcy, and more!

TL;DR

Consumer protection attorney discusses strategies for dealing with debt collection lawsuits and bankruptcy, addressing common questions and misconceptions.

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Questions & Answers

Q: If a lawsuit indicates "Capital One Bank," does it mean the bank is suing directly?

Yes, if the lawsuit states "Capital One Bank," it indicates that the bank is suing directly without involving a debt buyer.

Q: What is the look-back period for bank accounts in an Arizona bankruptcy?

Bankruptcy attorneys usually request six months of bank statements; however, trustees can look back up to 12 months for transactions that raise red flags.

Q: Do I have to hand over the child tax credit in Chapter 13 bankruptcy?

According to the U.S. Trustee, they are currently not seeking these tax credits; however, consulting with your attorney is recommended.

Q: Should I settle with American Express before filing for Chapter 7 bankruptcy?

It is unnecessary to settle shortly before bankruptcy, as the debt will be included in the bankruptcy filing and paying it may result in a preference claim.

Q: What if the mortgage holder is not on title but files a claim in bankruptcy?

The mortgage holder may file a claim to protect its interests, but it does not necessarily indicate involvement in the bankruptcy proceedings.

Summary & Key Takeaways

  • The video features a consumer protection attorney discussing debt collection lawsuits and bankruptcy, specifically focusing on self-employed individuals and businesses facing financial difficulties.

  • The attorney emphasizes that businesses typically do not file for Chapter 7 bankruptcy, as they do not receive a discharge of debts like individuals do.

  • The attorney also answers questions about the involvement of original creditors in lawsuits, the look-back period for bank accounts in bankruptcy, and the treatment of tax credits and mortgage claims in bankruptcy.

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