Filing Bankruptcy in the United States is a legal proceeding that allows a debtor to sever the liability to certain financial liabilities. In short, allows people to get rid of debt without paying it. But, just because a person can file bankruptcy, is it okay to file bankruptcy?
Are you hibernating even though it is summer? Many clients we have seen in recent months have been hit with stagnating wages, coupled with ever-increasing costs of other necessities, have really taken a toll on the middle-class average Americans.
There are many options when it comes to addressing and dealing with debt problems. One popular method is working with a Debt Consolidation company. The idea behind a debt counseling company is that the company will work with your creditors to reach agreements to lower monthly payments or payoff credit accounts for less than the […]
There was a recent article in USA Today (https://www.usatoday.com/story/money/personalfinance/2017/08/24/cant-keep-up-more-americans-living-paycheck-to-paycheck/597162001/) which cited a survey performed by CareerBuilder.com that indicated that almost 80% of Americans are living paycheck to paycheck.
Summer is here, and along with it often comes the opportunity to work overtime for seasonal industries such as construction and landscaping. Working overtime can be great for your family’s budget, but like any seemingly good thing, there can be a downside. If you are facing bankruptcy, then you must pass the “Means Test” in […]
I meet with many people who are enduring financial problems. If their problem has persisted for an extended period of time they often have debts that are being reported as “charged off.” Most people think this means the creditor is no longer trying to collect the debt, but unfortunately it is not that simple.
Many of my clients really love their credit unions because many credit unions really do provide excellent customer service – they are personable and compassionate, much more so than traditional banking giants. Many of my clients are sad to learn that credit unions may cease to conduct business with them or decline to extend […]
One of the most important and basic elements of the Bankruptcy Code is the automatic stay which comes into effect the moment a debtor files for bankruptcy. Automatic, immediate – an injunction against all your creditors to stop collection efforts. Creditors who are reputable, large, have been conducting business for decades, and want to conduct […]
Lately it seems like I’ve had a lot of questions about rebuilding credit after bankruptcy. Let’s start with an excerpt from the website www.myfico.com, which is widely regarded as an expert in all things credit score, regarding how long any negative information remains on your credit report:
What is non-exempt equity why do I can about it in bankruptcy? In order to answer this question, a few terms need to be defined. First, equity is the value property has beyond any amount owed. Second, non-exempt means there is no statue or law the protects the asset from creditors. With that clarified, non-exempt […]