R.C. Lim, Attorney and Counselor at Law

Loan Modifications 101

LA Times - A Consumer’s Guide

LA Times - Types of Loan Mods

Send GM Down the Tubes!!

News Flash: Auditors review GM’s books to learn that GM is teetering on the edge of bankruptcy.  (Surprise.)

How disturbing this article was to read this morning.  Can they really be serious here?

And when will the Obama administration figure out that GM should be facing not Chapter 11 which involves reorganization but rather a Chapter 7 liquidation.  Former Labor Secretary Robert Reich has it right when he comments that we as Americans should no longer be concerned with one automaker over another just because it happens to be headquartered in Michigan. There are foreign branded cars that have a higher percentage of American labor in them than many GM branded cars.  Reich’s example of this was some kind of BMW sedan. But there are others. The idea that the US is focused on the three Automakers rather than the many autoworkers is just further example of how this country has failed to understand the significance of the rise of multinational companies and a glaring example of the fact that our country, even under a Democrat, routinely overvalues corporate shareholders and officers while undervaluing the many teeming, working employees who provide the real engine for our economic growth as a country.

The Debt Collectors’ Latest Hustle

As this article from yesterday’s New York Times demonstrates, the credit card companies facing declining payments from creditors are going after the recently dead’s next of kin.

Comment: You do not know owe the debts of your parents.  While your parents estate might owe money against these debts, if your parent dies penniless, do not let some smooth-talking, seemingly kind-hearted, or threatening debt collector talk his or her way into your pocket book.

Moreover, you should be sure to take notes on any conversation that you have and later consult a lawyer to see if you have a case against the debt collector.  The debt collectors are under very strict obligations not to mislead or threaten you.