Weekly Dealing with Debt | Live Q&A with Attorney John Skiba

TL;DR

Attorney John Skiba answers viewer questions on debt settlement, bankruptcy, and legal strategies for dealing with debt problems.

Transcript

hey everybody Welcome to Thursday night hey everybody John skiba here from the consumer Warrior YouTube channel it's Thursday night it's 5 15. that means we're here doing our live q a that we do each and every week um so been busy day got all the papers behind me been kind of crazy but I'm looking forward to being with you tonight to go over any qu... Read More

Key Insights

• 📁 Filing an answer in court during debt settlement negotiations can provide legal protection and prevent default judgments.
• 🇰🇼 Refinancing after Chapter 7 bankruptcy usually requires a waiting period of two to three years, depending on the lender.
• 💳 Disputes made through credit reporting agencies must be updated and reflected as disputed by all types of creditors.
• 💳 Prior to filing for bankruptcy, it is recommended to stop using credit cards and avoid making luxury purchases or cash advances to minimize potential complications.

Questions & Answers

Q: If I'm looking to settle, do I still need to file an answer letter to the court and the plaintiff's attorney?

It is recommended to file an answer even when negotiating a settlement, as it helps avoid default judgments and provides legal protection in case the settlement falls through.

Q: How soon can I refinance my home after filing for Chapter 7 bankruptcy?

The waiting period for refinancing after Chapter 7 bankruptcy is typically around two to three years, depending on the lender and individual circumstances.

Q: Do dispute letters sent to debt buyers or collectors need to be reported to credit bureaus?

Yes, any dispute made through credit reporting agencies should be updated and marked as disputed by the creditors, regardless of the type of debt.

Q: Should I continue using credit cards before filing for bankruptcy? Is it wise to max them out on necessities?

It is advisable to stop using credit cards once you are certain about filing for bankruptcy. Using credit cards for luxury items or making cash advances within 70 days before bankruptcy can lead to complications or non-dischargeable debts.

Summary & Key Takeaways

• John Skiba is a bankruptcy attorney in Arizona who defends people sued by debt collectors and helps with debt settlement.

• He advises viewers to file an answer in court when negotiating a settlement with a debt collector, as a default judgment could be entered if the deal falls through.

• Skiba also discusses the timelines for refinancing after bankruptcy, disputing debts with original creditors, and using credit cards before filing for bankruptcy.