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Blog Posts in August, 2011

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  • Consistently High Unemployment Adds To Nations Woes

    Posted By admin || 31-Aug-2011

    The Labor Department reports that there are officially 13 million Americans out of work; but if you were to count those who have given up on finding a job unemployment numbers would rise even higher. One of the ironic effects of high unemployment has been that fewer Americans are using credit cards. The decline in credit card usage as been celebrated as a sign that not only is the economy ...
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  • Why Michael Vick's Bankruptcy Plan Is Still A Good Deal

    Posted By admin || 31-Aug-2011

    There's been lots of handwringing and gaping mouths since it was "discovered" that a large portion of Michael Vick's new contract of $40 million will go to his bankruptcy estate to pay creditors. While it may seem that the bankruptcy payout is an unfair deal, the reality is that without bankruptcy Michael Vick could face an even harsher financial reality. Below are a few things that would probably ...
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  • Should You Bring Up Your Bankruptcy During A Job Interview?

    Posted By admin || 30-Aug-2011

    Brining Up Bankruptcy During a Job Interview Many debtors filing bankruptcy worry about how potential employers will view their bankruptcy filing. The truth is that the vast majority of employers probably won't care. Bankruptcy has become very common and companies are more educated about why many debtors need to file bankruptcy. However, there may be some employers who are a little cautious with ...
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  • Unjust Enrichment's Impact On Your Bankruptcy

    Posted By admin || 30-Aug-2011

    Bankruptcy and Unjust Enrichment Debts which are incurred because of unjust enrichment cannot be discharged in bankruptcy. Unjust enrichment is when one party gains an unearned benefit at another party's expense. The bankruptcy court demands that the debtor who unjustly gained the benefit, reimburse the party who was harmed. For example, if a debtor took advantage of an elderly relative or ...
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  • Post-Bankruptcy Survival: Protecting Yourself From The "New" Payday Loan

    Posted By admin || 29-Aug-2011

    Protecting Yourself From The "New" Payday Loan Due to the lack of conventional credit access right after your bankruptcy discharge, you may be tempted to take on short-term loans with high interest rates. Most post-bankruptcy debtors already know about the dangers of predatory payday loans; but what about the new and "improved" versions of payday loans offered by traditional banks? Many banks are ...
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  • What To Do When A Creditor Decides To Sue

    Posted By admin || 29-Aug-2011

    Being Sued by a Creditor? Now that the amount of delinquencies and defaults are on the rise, many creditors are using lawsuits more frequently to collect debts. What should a debtor do if they receive notice of a creditor lawsuit filed against them? Below are few tips: Tip #1: Don't panic. Lawsuits filed by creditors are used to not only collect debts but to intimidate the debtor into acting in a ...
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  • Protecting Yourself From Fraud Charges In Bankruptcy

    Posted By admin || 26-Aug-2011

    Fraud Charges In Bankruptcy Charges of fraud are becoming a popular creditor tactic now that the number of delinquencies and defaults are on the rise. If a creditor can convince the bankruptcy court that a debtor engaged in fraud, the debtor's bankruptcy case can be dismissed. But debtor's facing fraud charges shouldn't panic, dismissing a debtor's case is not something a trustee will do lightly. ...
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  • Will I Still Owe Some Debts After Bankruptcy?

    Posted By admin || 26-Aug-2011

    Depending on the type of debt you owe, some debts might survive the bankruptcy discharge. In both Chapter 7 bankruptcy and Chapter 13 bankruptcy some unsecured debts may be discharged but secured and nondischargeable debts may still exist after your case is closed. Below are a list of some debts that may survive the bankruptcy discharge and suggestions on how to setup repayment plans. #1 - Student ...
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  • Protecting Co-Signers In Chapter 13 Bankruptcy

    Posted By admin || 25-Aug-2011

    If you're a debtor who has a secured loan with a co-signer, you may be concerned about how your Chapter 13 bankruptcy will impact the co-signer. This is especially important if that co-signer is a spouse or other family member who isn't part of the bankruptcy. Below are a few tips on how you can minimize or even eliminate the impact of your bankruptcy filing on your co-signer: Tip #1 - Discuss ...
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  • How Will My Divorce Decree Impact My Bankruptcy?

    Posted By admin || 25-Aug-2011

    Your Divorce Decree and Bankruptcy Divorced debtors considering bankruptcy are often concerned about agreements they made in their divorce decree. The good news is that if the divorced debtor's financial situation has changed in a way which warrants bankruptcy, they may be able to discharge certain debts. Those debts they are unable to discharge may be repaid over time if they are filing Chapter ...
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  • Should Fans Have A Say In Dodgers' Bankruptcy?

    Posted By admin || 25-Aug-2011

    The children of Frank Sinatra, a long-time Dodgers fan who has held season tickets for his family since 1958, have filed an official request with the bankruptcy court asking that they and other season ticketholders be allowed to form an official committee in the bankruptcy case. Nancy, Frank Jr. and Tina Sinatra and the other ticket holders are seeking recognition as an official committee to ...
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  • Rule No.1: Don't Bribe The Bankruptcy Judge

    Posted By admin || 24-Aug-2011

    Thinking About Bribing a Bankruptcy Judge? In a recent bankruptcy dispute, a bankruptcy attorney found himself facing a possible ban on practicing law, after he allegedly sent an "unprofessional and disrespectful" court filing to the bankruptcy court and then tried to resolve the dispute by sending the bankruptcy judge a bottle of wine. Hyman also spoke of how Gleason dropped off a bottle of wine ...
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  • What Is A Bad Faith Bankruptcy?

    Posted By admin || 24-Aug-2011

    Filing a bad faith bankruptcy can mean the death of automatic stay protection and since the automatic stay is the shield which protects debtors from creditors it's basically a very harsh punishment. A bankruptcy case may be considered bad faith if any of the following is true: The bankruptcy debtor has filed more than one case within the year preceding the current bankruptcy case. This is why ...
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  • The Importance Of Respecting Bankruptcy Estate Assets

    Posted By admin || 23-Aug-2011

    How You Should and Should Not Handle Bankruptcy Estate Assets When a debtor files Chapter 7 bankruptcy, a bankruptcy estate is created. The bankruptcy estate is made up of all the debtor's assets, even those assets which may be later declared exempt. The bankruptcy debtor is not allowed to liquidate any assets in the bankruptcy estate and doing so could end in a denial of their bankruptcy ...
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  • Bankruptcy Court Can Order Liquidation Of Business Assets

    Posted By admin || 23-Aug-2011

    In a recent Chapter 11 bankruptcy, the bankruptcy court ordered that a debtor reimburse qualified bidders for expenses incurred in connection with the sale of a substantial asset of the debtor's estate. The bankruptcy court determined that such reimbursements were proper under the business judgment standard in section 363(b) of the Bankruptcy Code. Section 363 of the Bankruptcy Code addresses the ...
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  • Renewing Your Business After Bankruptcy

    Posted By admin || 23-Aug-2011

    Renewing Your Business After You've Filed Bankruptcy When a business files bankruptcy, it doesn't need to be the end of entrepreneurship. The business owner can go on to either rebuild their business after bankruptcy or start a new one. Below are a few tips on renewing your business after bankruptcy: Chapter 7 Bankruptcy Not The End While Chapter 7 bankruptcy for business does spell the end of the ...
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  • Post-Bankruptcy Survival: How To Get A Bank Account

    Posted By admin || 22-Aug-2011

    How to Get a Bank Account After Bankruptcy If you're like most debtors, you probably filed bankruptcy with a few bounced checks and/or an overdrafted account. If that's the case, you may run into some problems opening a bank account after bankruptcy if you don't take certain important steps as listed below. The first thing you need to know is that Chex Systems, Telecheck and SCAN are all check ...
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  • Is Excessive Debt A National Security Issue?

    Posted By admin || 22-Aug-2011

    According to a Department of Defense study, 19% of junior military personnel failed to pay at least the minimum on their credit cards, 12 percent took out payday loans and 11 percent bounced checks. While financial integrity is important in civilian life, it is extremely important in military life where a bounced check can get you a court martial. But just like civilians, military members are a ...
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  • Anna Nicole Smith Decision Could Impact Bankruptcy Debtors

    Posted By admin || 22-Aug-2011

    The Anna Nicole Smith bankruptcy case has extended well beyond the death of the celebrity and may now impact the jurisdiction and power of bankruptcy judges. The central issue raised in the Anna Nicole Smile bankruptcy was whether a bankruptcy judge had a right to decide a non-bankruptcy dispute which impacted the case. Vickie Lynn Marshall, known to the public as Anna Nicole Smith filed for ...
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  • Don't Presume High Income Bankruptcy Filers Abuse The System

    Posted By admin || 19-Aug-2011

    As unemployment remains above 9 percent and many American families find themselves falling out of the middle-class, some people who don't understand the bankruptcy system are promoting the idea that high income debtors in bankruptcy are abusing the system. This is a false and dangerous assumption. Many high income debtors are in similar situations as the middle-class and lower-class bankruptcy ...
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  • Post-Bankruptcy Administrator Accuses Former Texas Ranger Owner Of Thievery

    Posted By admin || 19-Aug-2011

    Texas Ranger's post-bankruptcy administrator Alan Jacobs has accused former Rangers owner Tom Hicks of outright stealing from the bankruptcy estate and is now suing him for millions. ...the team's post-bankruptcy administrator, who says the wealthy Dallas investor "stole" tens of millions from the major-league franchise to acquire what are now highly lucrative parking lots near Rangers Ballpark in ...
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  • Paying The Minimum On Credit Cards is Not Enough To Avoid Bankruptcy

    Posted By admin || 19-Aug-2011

    If you can only afford to pay the minimum payment required on your credit cards, you probably need to file bankruptcy. Minimum payments are designed so that the debtor making the payment will pay the maximum amount of interest on their debt and pay on the debt for the maximum amount of time. It probably makes no sense to struggle paying off a credit card for 8 years when you can discharge it in a ...
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  • Maximizing The Benefits of Your Financial Management Course After Bankruptcy

    Posted By admin || 18-Aug-2011

    How to Maximize the Benefits of the Financial Management Course After bankruptcy reform was passed in 2005, debtors filing for Chapter 7 bankruptcy or Chapter 13 bankruptcy were required to take a personal financial management course before they could receive their bankruptcy discharge. Bankruptcy debtors who fail to take the personal financial management course within 45 days after filing ...
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  • Important Facts About Bankruptcy's Automatic Stay

    Posted By admin || 18-Aug-2011

    Facts About Bankruptcy's Automatic Stay The automatic stay is probably the most important protection provided by bankruptcy. When a debtor files bankruptcy, the automatic stay stops debtors from taking any action against the debtor. Below are a few important facts every bankruptcy debtor should know about the automatic stay: The automatic stay becomes effective from the moment the debtor files ...
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  • Should I Walk Away From My Mortgage, File Bankruptcy Or Do Both?

    Posted By admin || 18-Aug-2011

    The number of homeowners facing foreclosure remains elevated despite hopes that the housing market was recovering. Many homeowners who are months or even more than a year delinquent on their mortgage payments fear an eviction could come any day. But many of the homeowners facing foreclosure wonder if they should walk away from their mortgage, file bankruptcy or do both. Below are a few things ...
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