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Blog Posts in November, 2011

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  • Warning Signs That Show It's Time to File for Chapter 11 Bankruptcy

    Posted By admin || 30-Nov-2011

    Filing for Chapter 11 bankruptcy might seem like a cut-and-dried decision. After all, if you're swimming under a pile of debt and can't seem to make your payments work, then it might seem like your next logical step is to file for Chapter 11 bankruptcy and wipe the proverbial financial slate clean. But for some high-income earners, filing for Chapter 11 bankruptcy - or any type of bankruptcy, for ...
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  • When Can Debtors Avoid The Bankruptcy Means Test?

    Posted By admin || 30-Nov-2011

    Avoiding The Bankruptcy Means Test Not everyone is required to take the bankruptcy means test. If a debtor has primarily business debts or their household income is below their state's median household income level, then they don't need to take the means test. What Are Business Debts? Business debts are debts which were incurred due to business expenses. For example, if a bankruptcy debtor took ...
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  • Is It Time To Declare Chapter 11 Bankruptcy?

    Posted By admin || 30-Nov-2011

    As a high-income earner, you might be reluctant to declare Chapter 11 bankruptcy; after all, it might seem reasonable to suppose that you'll make enough money to pay off your debts. But that belief can often belie the fact that no matter how much income or assets you have coming in, if your liabilities are sucking up your money - and then some - then it might be time to wave the white flag and ...
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  • Dallas Bankruptcy 101: Dealing with Debt like a Pro

    Posted By admin || 29-Nov-2011

    It's no secret that many consumers are struggling with paying off all of their debts - and the increased amount of Dallas bankruptcy filings support these findings. It also comes as no surprise that there are people out there who are absolutely drowning in overdue bills and delinquent payments. Thanks to the sheer magnitude of the credit crunch, many families are feeling the financial squeeze as ...
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  • Things You Must Tell The Bankruptcy Court

    Posted By admin || 29-Nov-2011

    Debtors filing Chapter 7 or Chapter 13 bankruptcy are required to divulge details of their financial lives so that the trustee can make a proper assessment of their financial situation and come up with a fair plan which will repay creditors as much as possible while allowing the debtor to get a fresh start. Below are some of the things debtors must include in their bankruptcy petition: All Income ...
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  • Debt Collection Abuses Worsen

    Posted By admin || 29-Nov-2011

    The Federal Trade Commission has announced that the number of complaints against debt collectors has experienced a spike since the 2008. The Federal Trade Commission reports that the number of complaints about debt collectors rose from 104,766 a year in 2008 to 140,036 in 2010, says Tom Pahl, assistant director of the FTC's division of financial practices. And one of those complaints, which ...
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  • How to Remove Negative Thoughts about Declaring Bankruptcy

    Posted By admin || 28-Nov-2011

    Ever wonder why you seem to have more trouble with money, no matter what steps you take to prevent it? For instance, you're on the brink of declaring bankruptcy, you're always living paycheck to paycheck, and you just can't seem to shake the feeling that you'll always be in debt for the rest of your life. In fact, you think that declaring bankruptcy is your punishment for being unable to manage ...
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  • Fame, Fortune And Magical Thinking Cause Of Celebrity Bankruptcy?

    Posted By admin || 28-Nov-2011

    Singer Tionne "T-Boz" Watkins, member of TLC a group which had ten Top 10 singles, four multi-platinum albums, and won four Grammy Awards, has filed for bankruptcy. T-Boz owes creditors $768,642.99, mostly from mortgages on her $1.2 million house, court documents revealed. According to TMZ, the "Waterfalls" hitmaker still earns $1,200 a month in royalties. Her total monthly income is $11,700 and ...
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  • Don't Let Subprime Car Lenders Ruin Your Bankruptcy Fresh Start

    Posted By admin || 28-Nov-2011

    Since 1992, the number of subprime car loans has skyrocketed, showing no sign of slowing down even since the housing collapse. But for post-bankruptcy debtors, the subprime lending industry could cost them their financial fresh start. Below are a few things post-bankruptcy debtors should watch out for: Hidden Charges Post-bankruptcy debtors looking to purchase a new or used vehicle can end up ...
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  • When to File Bankruptcy

    Posted By admin || 25-Nov-2011

    The question, "When to file bankruptcy?" has one obvious answer, when you can no longer afford to pay your bills. But there is much more involved in actually picking the right time to file your bankruptcy claim. There are qualifications that have to met met for each chapter of bankruptcy. If you want to file a Chapter 7 bankruptcy you must pass a means test. The means test looks at your income ...
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  • What is a Bankruptcy Hardship Discharge?

    Posted By admin || 25-Nov-2011

    The Bankruptcy Hardship Discharge A Chapter 7 bankruptcy discharges most of your unsecured debt and nonexempt assets may be seized to pay off your debts. But to qualify for a Chapter 7 bankruptcy you need to pass a means test. People who do not pass the means test are typically, although not always, eligible to file a Chapter 13 bankruptcy instead. A Chapter 13 bankruptcy establishes a repayment ...
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  • Sneaky Credit Card Tricks That Keep You From Declaring Bankruptcy

    Posted By admin || 24-Nov-2011

    Your credit card has been lying to you to prevent you from declaring bankruptcy. That's right - that piece of plastic in your wallet or purse wants you to think that it's a simple financial tool that requires little thought to use. After all, what's so complicated about a credit card: all you have to do is pay off more than the minimum payment per month, never carry over a balance and always look ...
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  • How Does Bankruptcy Treat Co-Debtors?

    Posted By admin || 24-Nov-2011

    How Co-Debtors are Protected in Bankruptcy Filing bankruptcy will not only provide protection to the debtor filing bankruptcy; but may provide protection to their co-debtors under certain circumstances. Below we explore when and how co-debtors are protected in bankruptcy: What Is A Co-Debtor? A co-debtor is someone who is equally obligated for a debt owed by the bankruptcy debtor. For example, a ...
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  • Bankruptcy or Debt Consolidation

    Posted By admin || 24-Nov-2011

    Should You File Bankruptcy or Consider Debt Consolidation? For people who are struggling under debt it may be difficult to uncover the best way to get out of the mess. There are two popular options for people with debt, consolidating their debt and bankruptcy. Debt consolidation lets people who are loaded with a lot of debt combine it all into one monthly payment. If your creditors agree to this ...
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  • Texas Homestead Exemption Before And During Bankruptcy

    Posted By admin || 23-Nov-2011

    Texas Homestead Exemption According to Texas state law, a homeowner's profits from the sale of their homestead is exempt from creditor claims for six months. However, if a debtor is considering selling their home and filing bankruptcy, there are a few things they should consider first: No Compulsion To Sell A creditor cannot foreclose on a homestead in an attempt to satisfy a debt which is ...
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  • Debtor Rights Under The Fair Debt Collection Practices Act

    Posted By admin || 23-Nov-2011

    Fair Debt Collection Practices Act and Your Rights Debtors facing collections actions by creditors have a specific set of rights as defined by the Fair Debt Collection Practices Act (FDCPA). Let's take a look at a few of these rights: The Right To Know A debtor facing collections actions by a third-party collector has the right to know that they are being contacted for the purposes of collecting ...
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  • What You Need To Know About Bankruptcy Exemptions

    Posted By admin || 23-Nov-2011

    One of the biggest mistakes of pro se bankruptcy debtors is that they often ignore bankruptcy exemptions to their detriment. It's not that they believe the exemptions are unnecessary, it's just that they don't understand the exemptions or they aren't aware that they have access to them. Below are a few things you need to know about bankruptcy exemptions: They Are Generous (Sometimes) Texas offers ...
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  • Bankruptcy Counseling: Learn These Important Financial Terms

    Posted By admin || 22-Nov-2011

    Financial education has always been highlighted as one of the keys to success - and when you've just declared bankruptcy, it's more important than ever to stay on top of important (and often confusing) financial terms. After all, many brilliant consumers often crumble in the face of confusing or unclear financial terms - and the inability to comprehend these terms can start you on the path to ...
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  • Bankruptcy Court Reduces Damages Due To Pre-Bankruptcy Misbehavior

    Posted By admin || 22-Nov-2011

    In a recent Chapter 13 bankruptcy case, the bankruptcy court significantly reduced both damages and attorney's fees awarded to a debtor who was the victim of an automatic stay violation. The bankruptcy court argued that the debtor engaged in behavior that contributed to his own large amount of legal fees and that his pre-bankruptcy behavior aggravated the situation. R.D. Affordable Foreign Auto ...
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  • Fox Sports Challenges Dodgers Bankruptcy

    Posted By admin || 22-Nov-2011

    Fox Sports is calling for the dismissal of the Dodgers bankruptcy case and the Dodgers are suing Fox Sports news in the latest twist in a sports team Chapter 11 bankruptcy that continues to become more brutal by the week. The last twist in the bankruptcy drama had MLB commissioner Selig agreeing to allow McCourt to sell the media rights to the baseball team. However, Fox Sports (owned by NewsCorp) ...
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  • Should You File Bankruptcy Before A Creditor Lawsuit Is Filed?

    Posted By admin || 21-Nov-2011

    Filing Bankruptcy Before a Creditor Files a Lawsuit While bankruptcy offers a tremendous amount of protection for debtors even after a creditor files a lawsuit, filing bankruptcy before any lawsuit is filed against you may be a better strategy. Here's why: Pre-Bankruptcy Wages Unprotected If a creditor files a lawsuit and eventually garnishes a debtor's wages, pre-bankruptcy wages will not benefit ...
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  • Declaring Bankruptcy Means Living Within Your Budget

    Posted By admin || 21-Nov-2011

    You've heard the words over and over: if you've declared bankruptcy, you need to learn how to live within a budget. Like with most things, a budget looks great on paper - yet can be one of the hardest things to follow, especially if you have a family. Fortunately, living within your means isn't impossible; with practice, you can make your budget work for your lifestyle, and even have some leftover ...
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  • Your Chapter 13 Bankruptcy Case And Life Changes

    Posted By admin || 21-Nov-2011

    If you're filing Chapter 13 bankruptcy, it's possible that your life could change significantly during the course of three to five years. The possibility of change negatively impacting the ability to make payments is one of the fears that debtors have when considering Chapter 13 bankruptcy. The good news is that the bankruptcy code already addresses how these changes should be approached. Let's ...
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  • Changes with the Bankruptcy Abuse Reform Act

    Posted By admin || 18-Nov-2011

    What is the Bankruptcy Abuse Reform Act? The Bankruptcy Abuse Reform Act of 2005 was designed to change the bankruptcy in the United States to prevent abuse. To do this they implemented several changes which each person has to comply with in order to complete bankruptcy. These changes are: Within 180 days before your bankruptcy is completed you have to seek credit counseling from an approved ...
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  • Qualifying for Bankruptcy

    Posted By admin || 18-Nov-2011

    In 2005 the government decided to overhaul the bankruptcy program in an effort to prevent abuse and fraud. The Bankruptcy Abuse Reform Act does this by looking at a person's income for the last six months and comparing it to incomes in the rest of the state. For people who want to file bankruptcy, for people seeking bankruptcy this means they have to pass a Means Test or a Median Test to see if ...
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