To ensure that the voices of consumer debtors and their attorneys are heard in the halls of Congress, the Judiciary and other arenas affecting consumer debtors; and to help consumer bankruptcy attorneys represent their clients more effectively.

Bottom line, attending NACBA conventions provide a wealth of education and keep attorneys up to date on the latest in bankruptcy law – which is a must if you are going to provide the best protection for your clients. Multiple vendors also attend the conference, educating us on the latest available debt counseling programs and a host of other items designed to help consumers before, during, and after bankruptcy.  I’ll be blogging about some of the gems pulled from this conference a little later, so stay tuned! In the meantime, here are some pictures from the convention this past weekend…and yes – I’m the one in the toe shoes speaking with a good friend of mine, Mississippi NACBA State Chair, attorney Pat Sheehan.

Attorney Frank Coxwell joins the show to tell the truth behind bankruptcy. Does it ruin your credit and life or save it? Which chapter should you file? Who should you consult?

I had the priviledge of being invited as a guest to the Mississippi Public Broadcasting (MPB) show - Money Talks – on April 3, 2012.  We spent an hour discussing bankruptcy and taking calls/emails from listeners. I highly recommend this show for anyone interested in the topic of finances.  Save this link to their home page as a favorite – you’ll gain a lot of very useful information and you’ll enjoy the hosts!   Thank you Kevin, Chris, and Nancy!  Hope to join you again soon.  

Money Talks focuses on personal finance as it applies to Mississippians. In any given week, we’ll talk about anything from preparing your taxes to saving for college or investing in the stock market. Chris Burford, financial education specialist for Consumer Credit Counseling and Nancy Lottridge-Anderson, Assistant Professor of Finance at Mississippi College, President of New Perspectives, Inc. and author of Tough Talk for Tough Times, join Kevin Farrell in the studio to answer your personal finance questions about family budgeting, retirement savings, Social Security, investments, debt management and more. Email the show at anytime at money@mpbonline.org. Money Talks airs Tuesday mornings at 9 on MPB Think Radio. 

Frank w/host Kevin Farrell

Frank live on Money Talks

“Who Owns your Home? Mortgage Securitization in Mississippi” will be a 2 class session

April 5 & April 12 from 6:00pm – 8:00pm. Millsaps Tuition Cost: $40.00 per person.

I will present an overview of today’s home mortgage loans. You will learn about the note, deed of trust, mortgage securitization, and modification programs.  You will also discover who really owns your loan and why your mortgage company would rather foreclose than continue to accept your monthly payments.

“The Truth About Bankruptcy” will be 1 class session

April 14 from 10:00am – Noon.  Millsaps Tuition Cost: $25.00 per person.

Bankruptcy is one of the most powerful sets of consumer protection laws in this country.  You have heard all the myths about bankruptcy and now you can hear the truth.  This course will cover the various types of bankruptcy with emphasis on Chapter 7 and Chapter 13. We will review the advantages of each type.

Why am I doing this? I have practiced law in Jackson, helping Mississippians for over 33 years. I have limited my practice to consumer protection matters, consumer bankruptcy & foreclosure defense.  I am a frequent speaker at seminars for attorneys on bankruptcy & mortgage issues and feel that offering education to the public on the protection available to them in these areas was very much needed. I am a firm believer that knowledge is power.

Here is what you need to do. There is a special tax relief available called the “Mortgage Forgiveness Relief Act of 2007″.   This will forgive the debt and you will not owe any tax on the amount listed on the 1099 form.  Make sure your tax preparer knows you suffered a foreclosure or filed bankruptcy.   If you have already filed your 2011 tax return then you will need to file an amended return.

Here is what you need to do. Make sure your tax preparer knows you filed bankruptcy and have them attach IRS Form 982 to your tax return.   They should check the box in Part 1 that says  “Discharge of indebtedness in a title 11 case”.  Title 11 is bankruptcy.   Attach a copy of your bankruptcy discharge to the form 982.

If you have already filed your 2011 tax return then you will need to file an amended return.

Leaving off a credit card because you want to continue to use the credit card is not a good idea and it won’t work anyway.  Credit card companies and other creditors are constantly checking your credit reports in national databases and they will find out about the bankruptcy.   They will  cancel the card anyway, whether you owe a balance or not, no matter how good your payment record may have been.

Intentionally leaving a creditor off your bankruptcy papers may result in perjury or it may make the debt non-dischargeable and you will have to pay it.   Let’s play it safe and list everyone.  That way you are protected from them and you can always pay them later if you desire.

Bankruptcy laws are there to help you get a fresh start and relieve you of the burden of overwhelming debt.

When Does Filing Bankruptcy Makes Sense.
There are a numerous circumstances in which filing for bankruptcy can benefit you:

1. You Have Already Tried to Negotiate.  If you have attempted to negotiate or work a repayment plan with your mortgage company or other creditors and they won’t listen to you.  They want all the money now and aren’t willing to be paid out over time. This can leave you with no option other than to file for bankruptcy.

2. Your Debts Exceed Your Income. A major reason why people file is they just can’t pay their bills.  This may be due to job loss, reduced hours at work, illness, divorce, and many other causes beyond their control.

3.  Your Mortgage Company is Trying to Take Your Home.  We are in the middle of a major mortgage fraud scandal involving robo-signers, fake documents, false affidavits and bogus assignments. Mortgage servicers make more money now when they foreclose than they do taking your regular monthly payments.  One sure way to get control over your mortgage servicer is to file bankruptcy and sue the servicer and owner of your note in the bankruptcy proceeding.

4.  Your Credit Score is Already Bad.  Filing bankruptcy can improve your credit score.  Most of our bankruptcy clients are back to a credit score in the 700′s within one to two years of a Chapter 7 discharge.

5. You Want to Keep Your Home and Vehicles.  Many people are concerned that they will lose everything if they file for bankruptcy. However, getting rid of your unsecured debts like credit cards, loans and medical bills will leave you with the money you need to be able to keep the important things like the house and car.

Before you make any decision on bankruptcy, consult an attorney skilled in consumer bankruptcy and mortgage problems.  Every individual’s situation is different and what might be right for someone else may not be right for you.  Speaking with an attorney ahead of time can help you do some pre-bankruptcy financial planning so you don’t run the risk of losing certain rights and/or property.  Hiring an attorney that only represents individuals, because of his or her knowledge and experience in consumer bankruptcy, is well worth the money.