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Posts tagged 'bankruptcy information'
Written by: Timothy McFarlin | Publish date: October 31st, 2011
Chapter 7 Bankruptcy is often called “liquidation bankruptcy.” Widely viewed as the most straightforward bankruptcy, Chapter 7 is available to individuals as well as corporations. What is the Purpose of a Chapter 7 Bankruptcy Filing? A Chapter 7 bankruptcy filing will discharge applicable debts, so you can start over financially. Once your bankruptcy filing is complete and you receive a discharge for your debts, you will no longer have any liability for those debts. If you have assets, a bankruptcy trustee can turn over your non-exempt property and convert it to cash for distribution to your creditors. If you do [...]
Written by: Timothy McFarlin | Publish date: September 30th, 2011
If you have recently filed bankruptcy, and your debts have been officially discharged, it is a good idea to order a copy of your credit report to check for errors. Even if you have not filed for bankruptcy, you might want to look over your credit report if you have been denied credit to ensure that all of the information is accurate. Not only are mistakes on your credit report going to be a problem for your credit score, but nowadays landlords, utility companies, cell phone companies, and insurance companies have been known to check your credit report before doing [...]
Written by: Timothy McFarlin | Publish date: September 21st, 2011
There are many hazard associated with waiting too long to file for bankruptcy. One of the main issues is wage garnishment. Many people put off filing for bankruptcy, and find themselves in a situation where their wages are already being garnished by the time they contact a bankruptcy attorney. A creditor can obtain a court judgment that authorizes them garnish wages, seize your bank accounts, put liens against your real estate property, and more. The good news is with the exception of unusual situations, the creditor cannot obtain a court judgment without notifying the debtor first. The problem here is, [...]
Written by: Timothy McFarlin | Publish date: September 13th, 2011
Most people who are in the process of filing bankruptcy are understandably concerned with their credit scores. There are a few things to know about your credit score when you are filing bankruptcy. During the few months it takes for a Chapter 7 bankruptcy case, or the up to 5 years for a Chapter 13 case, creditors are not required to make any reports on your credit. Even while making payments under a Chapter 13 bankruptcy, most creditors will not report your payment activity. This is out of fear that they will be violating the automatic stay that was put [...]
Written by: Timothy McFarlin | Publish date: August 9th, 2011
Filing for bankruptcy has historically had a negative societal stigma unnecessarily. Even in 2011, when everyone knows someone who has filed for bankruptcy, the fear of what people will think of them, and what their financial future will be keeps many people tied up in disastrous financial situations. Back in the late 1990s, 1% of households in the U.S. were filing bankruptcy annually, in 2006 the number went up to 1.8. University of Michigan researcher Michelle J. White estimated that based on the debt to income ratio, at least 17% of U.S. households would be better off financially if they [...]
Written by: Timothy McFarlin | Publish date: July 29th, 2011
America has become a “do it yourself” culture. Some people feel that it is worth investing the time necessary to learn how to do tasks such as minor car repairs, or home remodeling projects if it saves them a few dollars in the end. There isn’t much harm in a minor interior design flaw, or a small car repair gone bad, but bankruptcy on the other hand is a serious legal matter, and if it isn’t handled properly, it could cost you time, money, and some of your possessions. Bankruptcy law is a complex law. There are six different types [...]
Written by: Timothy McFarlin | Publish date: July 25th, 2011
Eliminate Your Credit Card Debt As long as your credit card debts are unsecured (meaning that your creditors don’t have any liens on any of your property) bankruptcy is a great way to wipe out credit card debt. If you file for Chapter 13 bankruptcy as opposed to Chapter 7, you may be required to pay back a portion of your unsecured debts. However, any unsecured debts leftover once your repayment plan is complete will be discharged. Stop Creditor Harassment and Collection Filing for bankruptcy will put an end to creditor harassment. Many times creditors engage in nasty debt collection [...]
Written by: Timothy McFarlin | Publish date: July 22nd, 2011
Many Los Angeles businesses fear filing for bankruptcy due to the stigma that exists socially after a business declares bankruptcy. In truth, bankruptcy was established to provide relief to a struggling business by either discharging their debts, or configuring a repayment plan to help the business get back on their feet. No business is exempt from financial hardships and the baseball team the Los Angeles Dodgers are no different. In June of 2011, the LA Dodgers filed for Chapter 11 bankruptcy. Although it is uncommon to see the words bankruptcy and a major league baseball team’s name in the same [...]
Written by: Timothy McFarlin | Publish date: July 15th, 2011
Getting a car loan after filing for bankruptcy is not impossible. You might need to be more diligent than the person who has not filed bankruptcy, but if you are persistent, and follow some of the guidelines that I have outlined below, you can get a car loan after bankruptcy. Make Sure a Car Loan is a Priority Sure buying a new car is a great experience, and making your payments for that new car will improve your credit. However, chances are, if you have recently filed for bankruptcy you might still be reorganizing your finances, and trying to stabilize [...]
Written by: Timothy McFarlin | Publish date: July 7th, 2011
Many people believe that filing for bankruptcy is a cure-all for their financial woes, but in reality, there are certain types of debts that cannot be discharged through the bankruptcy process. In this blog post, we will discuss what bankruptcy can’t do. Child Support and Alimony Filing for bankruptcy will not eliminate child support and alimony obligations. These debts will remain exactly as they were before you filed for bankruptcy. In fact, if you file for Chapter 13 Bankruptcy your repayment plan will have to include these debts, and they will need to be repaid in full. Secured Debts While [...]
