Dealing with Debt in the Summertime | Live Q&A with Arizona Attorney John Skiba | Summary and Q&A

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July 21, 2023
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Consumer Warrior
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Dealing with Debt in the Summertime | Live Q&A with Arizona Attorney John Skiba

TL;DR

John Skiba, a licensed attorney in Arizona, answers viewer questions on bankruptcy, debt collection lawsuits, and debt problems in a live stream video.

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Key Insights

  • 👯 Many people in the Phoenix area are unaware of the scenic areas in Arizona, such as the Show Low Pinetop Lakeside area.
  • 💯 Filing for bankruptcy does not require being in default, and it can have varying impacts on credit scores.
  • 🫥 Understanding the specific type of contract, such as promissory notes and line of credit agreements, is crucial for legal proceedings.
  • 💳 Disputing inaccurate items on your credit report is possible through the Fair Credit Reporting Act.

Transcript

hey everybody it's Thursday night hey everybody John skiba here from the consumer Warrior YouTube channel and in this video we're doing something a little bit different I am obviously not in my office like I normally am each and every week and that's because it is miserable in Phoenix where I am at where I live and so um some of you have already se... Read More

Questions & Answers

Q: Can I file a motion for private arbitration if I have a court hearing in the near future?

While shifting a debt collection lawsuit to private arbitration can be beneficial, it is likely too late to do so once a judgment has been entered. However, it is important to consult with an attorney in your area, particularly if a warrant has been issued.

Q: Do I have to be in default before filing for bankruptcy?

No, it is not necessary to be in default to file for bankruptcy. Filing for bankruptcy before defaulting can have certain advantages, and the impact on your credit score may vary depending on your starting credit score.

Q: Can you explain the difference between promissory notes and line of credit agreements?

Promissory notes and line of credit agreements are distinct contracts. While a line of credit functions like a revolving account, a promissory note usually applies to installment loans. Understanding the statute of limitations specific to revolving accounts is important in addressing debt collection related to a line of credit.

Q: How can I remove collection accounts from my credit report that I have no knowledge of?

Under the Fair Credit Reporting Act, you can dispute items on your credit report directly with the credit reporting agencies. They are obligated to investigate the dispute within 30 days. If the creditor fails to provide sufficient documentation, the item must be removed from your credit report.

Q: What happens if my income increases significantly after my debts are discharged in bankruptcy?

In Chapter 7 bankruptcy, your income after filing does not affect the discharge. However, in Chapter 13 bankruptcy, your income throughout the repayment period is considered. Increases in income after discharge in Chapter 7 bankruptcy are generally not relevant.

Summary & Key Takeaways

  • John Skiba is away from his office due to the scorching heat in Phoenix, Arizona, and is participating in a live stream from his wife's family reunion in the White Mountains.

  • Skiba highlights the importance of knowing about places like the Show Low Pinetop Lakeside area in Arizona, which many people living in Phoenix are unaware of.

  • Viewers can submit questions related to bankruptcy, debt collection lawsuits, and debt problems, and Skiba offers guidance, tips, and resources on how to deal with these issues.

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