October 2015 Archives

Bankruptcy and automatic stays

During Chapter 13 bankruptcy proceedings, creditors in Minnesota and elsewhere are prohibited under federal law from pursuing further collection activities pending the court's ruling. A provision of the Bankruptcy Code provides that debtors who are harmed by a violation can obtain damages, including legal fees. A recent ruling by the U.S. Court of Appeals for the 9th Circuit overturned one of its prior decisions that had held that only legal fees incurred while attempting to end the stay were covered.

Home repossession rates increase in certain states

Minnesota residents might not hear much about the housing crisis anymore, but it is still on many minds as the largest rise in bank repossessions recently took place in the third quarter of 2015. According to analytics company RealtyTrac, more than 123,000 homes were repossessed by banks in a three-month period. This 66 percent increase means some states still face large problems even though new foreclosures are close to a normal rate.

Acceptable vs. unacceptable debt collecting practices

Minnesota residents may dread getting contacted by debt collectors and fear the repercussions of delinquent accounts, but they might not be aware of what collection agencies are actually allowed to do and say. Some debt collectors go too far when trying to get payments, and consumers have rights when dealing with harassment and threats from collection agencies.

Home ownership after foreclosure

As Minnesota residents may know, the recession saw many homeowners lose their properties to foreclosure. As time passes, the foreclosure is removed from an individual's credit report, allowing them to seek out a new home. Getting a mortgage following foreclosure may not be easy, but some loan programs focus on helping borrowers do that.

Prescott Pearson & Tande, PA
443 Old Highway 8 Northwest, Suite 208
New Brighton, MN 55112

Toll Free: 888-366-0827
Phone: 651-968-8096
Fax: 651-633-7562
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