July 2011

Federal Bar Association Invites Sam Marks to Speak at the 30th Annual Bankruptcy Conference

Sam Marks of Marks Law Firm is honored to have been invited by the Federal Bar Association to speak at the 30th Annual Bankruptcy Conference on the morning of October 27 at the Renaissance Savery Hotel in Des Moines, Iowa.  Sam will speak on the issue of the Fair Debt Collection Practices Act – an issue he has spoken about  on previous occasions to rave reviews.

Click here to read more about Sam Presenting at the 30th Annual Bankruptcy Conference

Is It Important to List All of My Creditors When I File Bankruptcy

Many clients want to know whether or not they need to list all of their creditors when they file for chapter 7 bankruptcy.  More plainly stated, many clients want to know what happens if you don’t list all of your creditors.  Knowingly filing a bankruptcy petition that is not accurate can cause you to lose any discharge you may receive as to any other creditors.   This is a risk you cannot afford to take. There is good news however.  Bankruptcy doesn’t prevent you from doing business with any of your creditors in the future.  In other words, if you wish to keep paying on a debt that was discharged in bankruptcy, you can do it!

Click here to read more about why you must list all of your creditors when you file for bankruptcy

Debt Purchasing and Debt Collection

The debt collection industry has grown tremendously over the last decade. In the late nineties, the debt purchasing industry was in the range of $10 billion.  Today the debt purchasing industry has grown to more than $115 billion. Debts are typically sold or assigned to third party debt collectors when the original creditor feels the debt is no longer collectible. The original creditor is the party with whom the debtor receives an extension of credit or to whom the original debt is owed. These parties include companies such as Chase, Capital One, Wells Fargo, etc. The original creditor sells debt in portfolios or in bulk to third party collection agencies for around four cents on the dollar. The debt collection agency will then attempt to collect on the debt for the full amount allegedly owed to the original creditor.

Click here to get more information about debt collection and debt buyers

Why Should Anyone Use a Bankruptcy Attorney to File Bankruptcy?

Do I need a lawyer to file bankruptcy in Iowa? The short answer is no but it can be a very costly mistake. The penalties for making a mistake can be severe.

The main reason people choose to not hire an attorney for bankruptcy is to save money.  That’s a lot like saving the cost of a map when you are somewhere you’ve never been before.  You would be very lucky not to get lost along the way!  In this article I am going to explain to you why you must have adequate legal representation in bankruptcy.  Some of the issues that everyone faces in bankruptcy include but are not limited to:

WHAT HAPPENS IF I MAKE MISTAKES ON MY BANKRUPTCY PETITION?

HOW WILL I KNOW IF BANKRUPTCY IS THE ONLY OPTION FOR ME?

HOW LONG DOES IT TAKE TO PREPARE A BANKRUPTCY PETITION?

WHEN IS THE RIGHT TIME TO FILE BANKRUPTCY?

WHO IS GOING TO LOOK AT WHAT I PREPARE?

Click here to read more about why filing bankruptcy by yourself is a really bad idea

 

 

 

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