Author Archives: Jay Butchko
Creditors vs. Debt Buyers: Understanding the Difference and Why It Matters
If you’ve ever struggled with unpaid debts, you may have received collection calls or letters from unfamiliar companies, even though you never borrowed money directly from them. This confusing and often stressful situation arises because many debts are sold to third-party companies known as debt buyers. Understanding the difference between original creditors and debt… Read More »
Your Rights Under the Fair Debt Collection Practices Act (FDCPA) in Dealing with Creditor Harassment
Dealing with debt can be a stressful and challenging experience, but facing aggressive and relentless creditor harassment can make an already difficult situation feel unbearable. Fortunately, federal law provides significant protections for consumers who are struggling with debt, ensuring they are not subjected to abusive, deceptive, or unfair practices by debt collectors. One of… Read More »
Navigating Your Mortgage During Divorce: Understanding Your Options and Responsibilities
Divorce represents a significant life transition, not only emotionally but financially as well. One of the most complex financial considerations during a divorce is managing a shared mortgage. Understanding what happens to your mortgage during divorce, the available options, and how responsibilities are divided is crucial to protect your financial health and future stability…. Read More »
What If the First Mortgage Is Current but the Second Isn’t? How California Law Treats Split Mortgage Defaults
Homeownership often brings stability and pride, but financial hardships can unexpectedly disrupt even the best plans. One scenario homeowners frequently encounter is staying current on their primary mortgage while falling behind on a second mortgage. Known as a “split mortgage default,” this situation raises important questions about foreclosure risks, legal protections, and possible solutions…. Read More »
Is It Possible to Buy a Home During Chapter 13 Bankruptcy?
If you’re navigating the complexities of Chapter 13 bankruptcy, you might wonder if it’s possible to achieve major financial milestones, like buying a new home, during this period. It’s a common misconception that bankruptcy completely halts your financial progress, but this isn’t entirely accurate. Under certain conditions, purchasing a home while in Chapter 13… Read More »
Using Chapter 13 Bankruptcy to Catch Up on Second Mortgage Payments Over Time
Financial difficulties can happen to anyone, and when your home is at stake, the stress can feel overwhelming. Falling behind on mortgage payments, especially a second mortgage, can quickly escalate into fears of foreclosure and the potential loss of your home. Thankfully, Chapter 13 bankruptcy provides a viable pathway to address these concerns effectively…. Read More »
Beyond the Homestead: What Other Property Can You Protect Under California Exemption Laws?
Financial difficulties and the possibility of bankruptcy can be incredibly stressful and overwhelming. Understanding your rights and the laws designed to help protect your assets can offer peace of mind during such challenging times. In California, the well-known homestead exemption is frequently discussed, but beyond protecting your home, several other vital exemptions exist to… Read More »
Choosing Between California’s 703 and 704 Exemption Systems: A Critical Decision in Bankruptcy
When you’re facing financial challenges severe enough to consider bankruptcy, you’re likely experiencing intense stress, uncertainty, and a desperate need for guidance. One of the pivotal decisions you’ll encounter when filing for bankruptcy in California is choosing between two distinct exemption systems—the California Code of Civil Procedure Sections 703 and 704. The selection you… Read More »
Will a Second Mortgage Prevent You From Selling Your Home?
If you’re thinking about selling your home but have a second mortgage or home equity line of credit (HELOC) still attached to the property, you may be wondering: Will this stop the sale? The short answer is no—but it will affect the process. A second mortgage, sometimes referred to as a subordinate lien, doesn’t… Read More »
Hidden Tax Deductions in Chapter 13 Bankruptcy: Don’t Leave Money on the Table
Tax season can be stressful under the best of circumstances—but if you’re in a Chapter 13 bankruptcy, it can feel even more confusing. Amid all the forms and financial records, there’s a little-known silver lining: some of your Chapter 13 plan payments may be tax-deductible. Unfortunately, many people—and even some tax professionals—overlook these potential… Read More »