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Archive by category 'Bankruptcy' (Page 5)
Written by: Timothy McFarlin | Publish date: June 21st, 2011
The nation’s largest federal bankruptcy court has declared that the 1996 Defense of Marriage Act is unconstitutional. The Defense of Marriage Act allows only male-female couples to claim federal marriage benefits and authorizes states to deny recognition to same-sex couples legally wed elsewhere. The money saving benefits given to male-female married couples include; joint income tax returns, Social Security survivors’ payments and the right to sponsor a spouse for immigration. Joint bankruptcy filing are also allowed to help people in financial turmoil to avoid paying multiple filing fees, and instead allow couples to combine their incomes to pay off each [...]
Written by: Timothy McFarlin | Publish date: June 10th, 2011
The economic recession has affected the financial plans of many retirees and has caused many seniors to delay retirement all together. Senior citizens like many other Americans, have relied on their credit cards to pick up the financial slack of a sluggish economy. For seniors however, the amount of credit card debt has been compounded by healthcare and medical expenses. According to a recent CESI Debt Solutions Survey, 56 percent of retired people had debt when they left their jobs, and of those who had debts, 96 percent chose to retire regardless of their debt. Tips to Get Rid [...]
Written by: Timothy McFarlin | Publish date: June 8th, 2011
U.S. Sens. Al Franken (D-Minn.), Sheldon Whitehouse (D-R.I.), and Dick Durbin (D-Ill.), joined U.S. Reps. and Danny Davis (D-Ill.) and Steve Cohen (D-Tenn.) have brought forth legislation in both the Senate and the House that will reinstate fairness in student lending by treating privately issued student loans in bankruptcy the same as other types of private debt. A provision to the 2005 Bankruptcy Abuse Prevention and Consumer Protection Act signed into law by then President George W. Bush, allows the discharge of private student loans in bankruptcy only after a showing of “undue hardship,” the same requirement that is made [...]
Written by: Timothy McFarlin | Publish date: June 6th, 2011
It is common knowledge that filing for bankruptcy will damage your credit score. What many people do not know is how to rebuild your credit after bankruptcy. A bankruptcy can stay on your credit record for seven to ten years. However, if you follow the steps I have outlined below, within about two years you can build your credit back up to a point that will get you approved for just about any loan. Step #1 Start Using a Budget Taking a look at your income and your expenses is really the first step to rebuilding your credit. Once you [...]
Written by: Timothy McFarlin | Publish date: May 17th, 2011
The current economy, along with the weak housing market has left millions of Americans subsidizing their incomes with their credit cards. This is causing mounds of debt to be accrued for many people, with no way to get ahead financially. It’s no surprise that the number of people filing for bankruptcy is up, and rising. 1.41 million people declared bankruptcy in 2009, up 32 percent from 2008 according to The Wall Street Journal. Bankruptcy is not something to be afraid of, however, it is a process that should not be made lightly. Having a good bankruptcy attorney will make a [...]
Written by: Timothy McFarlin | Publish date: May 4th, 2011
Bankruptcy is a subject that many people discuss, but not many people really understand. Few people, aside from those who have filed before, know the true ins and outs of the bankruptcy process. Many times, urban myths about bankruptcy keep people from filing for bankruptcy due to the fear of what’s going to happen to them as a result. These negative myths about bankruptcy have spread through gossip and hearsay, but nowadays with so many people filing for bankruptcy we thought we would debunk some of the most common bankruptcy myths that we hear about for you. Bankruptcy Myth #1 [...]
Written by: Timothy McFarlin | Publish date: April 25th, 2011
American Apparel is a popular apparel company based in Los Angeles, California. The retail-clothing distributor currently employs approximately 10,000 people globally, 5,000 of which are in Los Angeles. American Apparel operates more than 285 retail stores in 20 countries. They announced last week that in an effort to avoid declaring Chapter 11 bankruptcy, they are scrambling to secure $10 million to pay off their creditors. However, coming up with the funds would not alleviate all of the company’s financial problems. Sales have fallen 5 percent in the last year, costing the company more than $86 million, and several investors. American [...]
Written by: Timothy McFarlin | Publish date: March 17th, 2011
In these times of economic uncertainty, many Americans are rethinking their financial situations. Many have found themselves deeply in debt without the security of the job they had when they made their financial obligations. Any savings they had amassed in more prosperous times is now going to pay for the necessities while things like car notes, bank loans and credit card balances are falling by the wayside. Bankruptcy Credit Counseling Requirement Filing for bankruptcy is a way for consumers to get their finances under control without the added setbacks of creditors making impossible demands on their limited incomes. California law [...]
Written by: Timothy McFarlin | Publish date: November 5th, 2010
As a loan modification attorney and bankruptcy lawyer, many clients ask me: Can you get a loan modification with a chapter 7 bk? A bk chapter 7 (Chapter 7 Bankruptcy), will typically slow down the loan modification process, and often improves a borrowers chances of getting approved for a loan modification. Chapter 7 Bk and Loan Modification Frequently, clients who are considering a loan modification also need a chapter 7 bankruptcy. Borrowers struggling with mortgage payments are often struggling with the burden of other debt as well. The same problems which cause clients to fall behind on mortgage payments, often [...]
Written by: Timothy McFarlin | Publish date: October 27th, 2010
With consumers suffering across the county from overwhelming debt, foreclosure and rising taxes, many people are checking into filing chapter seven bankruptcy. As a chapter seven bankruptcy attorney, I can tell you I see every day the tremendous relief and peace that chapter seven bankruptcy brings to families. The overwhelming burden of debt can be a terrible stress in a person’s life affecting every aspect of personal and professional relationships, a stress that is often-times totally unnecessary and curable with some sound financial and legal advice. What is Chapter Seven Bankruptcy? Chapter seven bankruptcy is a tool available to consumers [...]
