Often clients tell me that it took a long time for them to finally make an appointment to see me about their bankruptcy. No one wants to file for bankruptcy, but sometimes it becomes necessary. The problem I often see is that people will wait too long to file their bankruptcy case, putting themselves in a more difficult spot than they otherwise would have been. Along those lines, here are four reasons to file your bankruptcy sooner than later: #1 You May Not Qualify for a Chapter 7 Bankruptcy if [...]
When you have made the decision that it is necessary to file for bankruptcy the next step is to plan out when you are going to file your bankruptcy and all the steps that lead up to that day. Almost daily I meet with people who really need to file bankruptcy but have put themselves in a difficult position because of recent pre-bankruptcy transfers or failure to pay the “right” bills. Along those lines, I thought I would put together a list of Do’s and Don’ts for those preparing to [...]
For most people who are looking to file bankruptcy the choice really comes down to filing a Chapter 7 bankruptcy or a Chapter 13 bankruptcy. In this article I would like to go over seven reasons why Chapter 7 can be preferable over a Chapter 13. Not all bankruptcy attorneys agree with me on this, and in fact there is a reputable attorney back East that has put a list of 50 reasons why a Chapter 13 is preferable, but I think in most situations people are much happier with [...]
In 2010 Americans gave $291 billion dollars to charity. It is no surprise that in meeting with people about bankruptcy that the topic of how their charitable contributions or tithing will impact their bankruptcy case often comes up. Many are surprised to learn that not only can you continue paying tithing to your church or donating to your favorite charity, it may help you qualify for a Chapter 7 bankruptcy or reduce your monthly payment in a Chapter 13 bankruptcy case. Charitable Giving as a Deduction in the Chapter 7 [...]
It is an interesting comparison to watch what is going on Washington with their attempts to raise the debt ceiling and comparing that to your own debt issues. The government has bills to pay, no money, and so it wants its credit line increased to be able to make ends meet. Things don’t work that with you and me. When we have bills to pay and no money, credit cards work for a while, but eventually the credit card must be paid. And as you may have experienced, asking the [...]
I mention quite frequently in my blogs on and on my website that no one wants to file for bankruptcy. Because of this many people delay their bankruptcy filing even when it will be the best decision in the long run. After having just celebrated the July 4th holiday, we are beyond the half-way point for 2011 and if you are wanting to file bankruptcy, particularly if you are wanting to file chapter 7 bankruptcy during 2011 the time is now to move forward with your case. Timing Your Bankruptcy Filing [...]
Prior to meeting with me for a bankruptcy consultation many people will have pulled a copy of their credit report to get an idea of the total amount of outstanding debt. Often they will see that certain debts have been “charged off” or “written off” by a certain creditor yet they are still receiving collection calls on that debt on a near daily basis. This leads to the question as to why a creditor can continue to try an collect on a charged off debt? First, it is important to [...]
A question I get quite often from clients thinking of filing for bankruptcy is how long the actual bankruptcy case will last. The answer to that question depends on what type or chapter of bankruptcy you will be filing. Chapter 7 bankruptcy cases are relatively short matters that are wrapped up in a few months whereas chapter 13 bankruptcy cases can last anywhere from 3 to 5 years. In the following paragraphs I will go over a typical timeline for a chapter 13 and a chapter 7 bankruptcy case. Chapter [...]
I came across an article MSNBC’s website about the foreclosure mess that we are all currently living through that estimated there have been 5 million homes foreclosed on since this Great Recession started. Considering that the United States has a population of 311 million people, 5 million foreclosures is staggering. Further, they estimate that there will be an additional 3 million foreclosures over the next few years. It is the rare consultation I have where someone is not having difficulty with their house payment. Many people are severely delinquent on their house [...]
We all know that our car begins to depreciate the moment we drive it off the lot. If you have poor credit, the value of your car is not only going down, but you are likely saddled with a terrible loan. The worst car loan I have ever seen was on a Hummer, the loan was for $60,000 payable over seven years with an 18% interest rate! If you are in a bad car loan or are having difficulty making your payment, you can avoid repossession and reduce what you [...]
