Chapter 7 Bankruptcy Basics

Due to the difficult economic times millions of individuals, married couples and businesses today are facing financial crisis, followed by debt, collection calls, and threats of garnishments and repossessions.  Many Americans never thought they would ever have to consider bankruptcy as a w...

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Chapter 13 Bankruptcy Basics

Thousands of Americans today have steady monthly income and are able to pay their daily living expenses, but can’t keep up with the scheduled payments on their debts. Many of us are facing foreclosures, but have significant equity in our homes that we would like to keep.  One of possible solutions for these problems may be filing ...

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I Owe More Than My House is Worth

I OWE MORE THAN MY HOUSE IS WORTH AND I AM WAITING ON THE BANK TO THREATEN FORECLOSURE --- WHAT CAN A HOMEOWNER DO? The United States is going through one of the worst recessions since the Great Depression. Bankruptcy filings have increased, unemployment is high and home values have decreased exponentially since 200...

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Should Retirement Money Be Used To Pay Off Debt Before Filing Bankruptcy?

Bankruptcy Should Come Before Using Retirement Money Or You Are Likely Costing Yourself Money Over the years, I have yet to meet someone who spent money, incurred debt or owed a medical debt with the goal of filing bankruptcy.  Time and time again, I find that people want to avoid bankruptcy and, in the process, make the m...

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What do I do in bankruptcy if my house or car is worth less than what I owe?

Redeem, Reaffirm or Cram Down the value to keep your secured property. Often clients will ask me what the can do to keep their car or house in bankruptcy when there is a secured loan.  Often, the loan on the home or car is a big part of the financial difficulties that my clients are experiencing.  Many people want to keep ...

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Will Bankruptcy Affect Credit Score?

Many people facing financial difficulties are concerned about their credit score and want to know will bankruptcy affect credit score.  Filing Bankruptcy often can have positive effects on your credit score. Admittedly, your credit score will often go down initially in the range of 150 to 250 points sometimes. However, a bankruptcy ...

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Judgment Ordered, What Happens Next?

Not that long ago, I had a client call me and a collection lawsuit had been filed against her.  She did not know what to do.  We discussed the debt and she admitted that she owed the debt.  She did not know what would happen next.  We discussed that it would be a waste of her limited money to pay me to defend a valid claim and so...

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What happens to a Land Contract Purchase of Real Estate when the Purchaser files for Bankruptcy?

When a property is purchased on contract, land contract or some other form of agreement where the purchaser is renting to own real estate and the purchaser files for it can leave the seller in a precarious position. One of three things is likely to happen depending on the circumstances: First, the seller may file a Motion for Relief...

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Should I file bankruptcy?

Should bankruptcy be filed is a question that many consider every day just as we have heard about the United States debt issues over the last several months. At the last minute the United States has avoided the and, sadly, in doing so most people will experience because of our Congress’ negotiated deal. The United States has the m...

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Why did my Paycheck go down?

     Even in our office, the question has been raised of “why did my paycheck go down this month”.  The reason is political and I certainly would not even try to explain the political wrangling that occurred, but the short answer is that the law that permitted employers to reduce FICA withholding from employee’s paychecks ...

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