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Zombie Bankruptcy   by John G. Merna, Esq.

Halloween is the best holiday in my book and apparently in many people’s book.  Our affinity for things that scare us, such as Zombies, is well demonstrated by the popularity of television shows such as “The Walking Dead” and “Z Nation”, and great movie classics such as “Night of The Living Dead”.  Zombies are really a metaphor for many types of fear in our lives including financial calamity.  Here are a few more recent applications to people experiencing financial difficulty. 

Credit Zombie: 

Are you one of the “Walking Dead” when it comes to credit?  Are you current but maxed out on your credit. However, you can’t get more credit because of your debt to income ratio?  Do you have old unpaid debt sucking the life out of your credit score leaving you in a pit unable to move financially forward?  If so, then you are a “Credit Zombie”. But there is another more applicable use of the term that applies to most who are in financial stress.  Almost on a daily basis I have clients considering bankruptcy tell me they have “good credit”. What they really mean is their credit score is still high even though then can not borrow or qualify for another penny on credit because their credit lines are maxed out.   Often this has been the case for years.  They have been “robbing Peter to pay Paul” as the saying going.  They don’t have good credit.  They just have the illusion of credit because the credit card companies have been allowing them to shuffle the debt.  This person is also a “Credit Zombie”  They seem to be among the credit living but in truth they are the walking credit dead.

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Zombie Debt: 

Do you have old unpaid debt reaching out from the past trying to suck the life out of you? Are old creditors demanding large payments to cover the interests and penalties?  Has an old, forgotten debt been resurrected by a collection agency or sold repeatedly to several different agencies just unwilling to die?  Just be aware that generally the statute of limitation on debt is generally 5 years.  This doesn’t apply if they have a court judgment.  With the judgment the collection period is extended to either 10 or 20 years depending on the court that issued the judgment. Such a debt is truly “buried alive” and going to “rise again”.

Zombie Foreclosure: 

Did you surrender a house back to the mortgage company either through a foreclosure or deed in lieu of foreclosure yet it is still listed in your name?  Is the city or county still demanding you keep up the property or pay the taxes? Is that house you thought gone and behind you stalking your dreams like the undead. Yes, folks.  Zombies will be everywhere this Halloween, including in your finances. 

Call Us Today For Answers About Your Zombie Credit!

Get some powerful Zombie killing experience on your side and call the bankruptcy attorneys at Merna Law.  We’ll put the Zombies out of their misery and resurrect your good credit quickly.  Have a happy, safe & Zombie-free Halloween….unless you are dressing up as one.

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