Fix Your Debt Problem Now! Live Q&A with Attorney John Skiba

TL;DR

Consumer Warrior YouTube channel hosts a Q&A session with a bankruptcy attorney in Arizona, covering topics on debt collection, bankruptcy, and legal advice.

Transcript

hey everybody welcome back to the consumer warrior youtube channel i'm john skiba i am a consumer protection and bankruptcy attorney in the state of arizona and each and every thursday night we meet here on youtube and talk about all things debt related whether it's debt collection lawsuits whether you're dealing bankruptcies wage garnishments all ... Read More

Key Insights

• 💳 Chapter 7 bankruptcy eliminates personal loans, credit card debts, and medical bills, but assets may be seized and sold to distribute funds to creditors based on exemption laws.
• 🪘 Secured debts, like financed equipment, can be retained in Chapter 7 bankruptcy as long as payments continue.
• 👻 Chapter 13 bankruptcy allows for the repayment of debts over five years and brings order to debt management, but you may end up paying more than in Chapter 7.
• 😨 Recovering from bankruptcy is often quicker than anticipated, and obtaining car loans and mortgages can be possible after a bankruptcy depending on your circumstances.
• 💳 Creditors are not obligated to report debts on credit reports, so the absence of a debt on the report does not necessarily mean it cannot be sued on.
• 🍵 Fair Debt Collection Practices Act (FDCPA) violations can be grounds for legal action, and consumers can hire attorneys on a contingency basis to handle FDCPA cases.

Questions & Answers

Q: Can I lose my business equipment if I file for Chapter 7 or Chapter 13 bankruptcy as a sole proprietor in Texas?

The answer depends on the state's exemption laws. In Arizona, as a sole proprietor, business assets would likely be seized and liquidated. However, if the equipment is financed, the court usually allows you to keep it as long as you continue making payments.

Q: How many times should I attempt to settle with a law firm to reduce the debt amount?

There is no limit to how many times you can attempt to settle. Continuous negotiations are common, and there is no downside to trying. Providing financial information may help convince the law firm to agree to a lower settlement amount.

Q: How is identity theft viewed during mediation?

It is recommended to resolve identity theft issues with the creditor and their attorney before attending mediation. If you can confirm it is a genuine identity theft situation, they may dismiss the case to avoid potential legal consequences.

Q: How can I remove or discharge an IRS tax lien in bankruptcy?

Discharging tax liens in bankruptcy is challenging because the underlying tax debt is typically non-dischargeable. The lien becomes a secured debt, making it difficult to eliminate through bankruptcy. Seeking advice from an attorney familiar with your jurisdiction's rules is recommended.

Summary & Key Takeaways

• The Q&A session covers various debt-related topics, including debt collection lawsuits, bankruptcies, wage garnishments, and debt settlement.

• The bankruptcy attorney provides insights on specific questions, such as the possibility of losing business equipment in Chapter 7 or Chapter 13 bankruptcy as a sole proprietor.

• Exemptions and secured debts are discussed, highlighting the importance of understanding state-specific laws to protect assets in bankruptcy.

• The attorney also addresses questions on settling debts with law firms, dealing with identity theft in mediation, removing or discharging IRS tax liens, and negotiating with junk debt buyers.