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Blog Posts in October, 2011

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  • Break the Poverty and Debt Cycle with Chapter 7 Bankruptcy

    Posted By admin || 31-Oct-2011

    Need to Apply for Chapter 7 Bankruptcy? Then You're Not Alone The US Census Bureau has determined that the average income, for the past five years, for American households leveled at just over $46,000. But for millions of families across the country, they fall not just below the median income, but the poverty line altogether. Statistics indicate that almost 39 million families (or 13 to 17% of the ...
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  • Best Interest and Best Efforts Tests

    Posted By admin || 31-Oct-2011

    A Chapter 13 bankruptcy may seem like a bad idea, after all it's a repayment plan and not a debt discharge program like a Chapter 7 bankruptcy. But there are many reasons to choose a Chapter 13 bankruptcy over a Chapter 7, the main reason being that you want to protect some of your assets from seizure. Another reason is that you just don't pass the means test and a Chapter 7 bankruptcy is not an ...
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  • What Debt Bankruptcy Doesn't Erase

    Posted By admin || 31-Oct-2011

    Bankruptcy is a tool that should be used by people who have experienced a financial crisis and need help to recover and start fresh. A bankruptcy can do several things to help you if you're overextended and drowning in debt but there are certain things that a bankruptcy cannot do. The problem is that there are a lot of misconceptions about bankruptcy and hopefully this will help clear some of that ...
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  • Big-Time Bankruptcy Myths - Exposed

    Posted By admin || 28-Oct-2011

    Bankruptcy Myths Exposed When it comes to declaring bankruptcy, there are plenty of myths circulating out there - and some of them are doing serious damage to your finances. If you've ever put off filing for bankruptcy because you were embarrassed that everyone would find out or you put it off because you think it's going to permanently destroy your credit score, then it's time to grab a cup of ...
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  • How To File Bankruptcy After A Move

    Posted By admin || 28-Oct-2011

    If you recently moved from one state to another, there are certain rules that will impact where and how you file bankruptcy. Let's take a look at a few of those rules and other considerations a debtor must make before filing bankruptcy after a move: Where You Moved Certain bankruptcy rules could impact your case if you moved from one state to another. If you only moved from one city or county to ...
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  • Disposable Income and Bankruptcy

    Posted By admin || 28-Oct-2011

    Determining Your Disposable Income When you file for bankruptcy you'll need to determine your disposable income. There are a couple different ways to do this, one is more involved and detailed, but you may want to use more than one method to see which result is more useful for you when filing bankruptcy. Your disposable income is very important because it is a key figure when determining what ...
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  • When Your Ex Files for Bankruptcy

    Posted By admin || 27-Oct-2011

    What Happens When Your Ex-Spouse File Bankruptcy? If you've gotten divorced and your ex-spouse decides to file for bankruptcy your first instinct may be joy that you got out before things got bad. But don't gloat too long, you may actually be responsible for part of their debt. The first thing you should do is review all of your previous debts from before, during and after your marriage. Most ...
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  • Progressive Bankruptcy Laws Saves Businesses

    Posted By admin || 27-Oct-2011

    America has one of the most progressive bankruptcy codes in the world, but it's one of the biggest kept secret amongst both business and ordinary citizens. However, academics from around the country haven't overlooked how bankruptcy laws impacts entrepreneurship around the world. In a recent report published by Journal of Business Venturing, experts explore bankruptcy's impact. Let's take a look ...
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  • Time To Revive Bankruptcy Cram Down Bill

    Posted By admin || 27-Oct-2011

    The nation is at a crossroads, 6 million Americans have already lost their homes and another 3.5 million are in the foreclosure pipeline. Currently programs are failing homeowners abysmally and as the housing market continues to suffer from devaluation, more Americans fall underwater on their mortgages. In 2009, legislation to reform bankruptcy laws making it possible for bankruptcy judges to cram ...
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  • How Is My Spouse Impacted By Bankruptcy?

    Posted By admin || 25-Oct-2011

    What Bankruptcy Does to Your Spouse Married debtors filing for bankruptcy without their spouse often worry about how it may impact their non-filing spouse's finances and ability to get credit. Let's take a look at a few ways that bankruptcy could impact a non-filing spouse: Joint Credit Cards And Other Accounts If the bankruptcy debtor's spouse is on their credit cards or other accounts as a joint ...
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  • Why Credit Card Lenders Are Declaring War on You

    Posted By admin || 25-Oct-2011

    It comes as no surprise that the onslaught of the recession - coupled with exposure of some pretty nasty lending practices - has brought on more than a few changes in the financial world. From mortgage to loans and everything in between, consumers are starting to notice a significant change in the way that banks and lenders are doing business. But if you think that these changes are for your ...
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  • HARP Loans vs. Bankruptcy

    Posted By admin || 25-Oct-2011

    HARP Loans and Bankruptcy The federal government is at again - they're taking another stab at the housing crisis. The Federal Housing Finance Agency is working with the Obama administration to save up to 1 million homeowners in underwater properties. The agency is aiming to revamp Home Affordable Refinance Program (HARP) to give underwater homeowners an opportunity to refinance their properties ...
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  • What is a Bankruptcy Panel Trustee?

    Posted By admin || 24-Oct-2011

    If you've decided to file a Chapter 7 bankruptcy then you'll be assigned a trustee from a panel of people, typically lawyers. You will meet your panel trustee when you have your 341 meeting, which is where you answer questions about your assets and your financial situation. The panel trustee in a Chapter 7 is charged with reviewing your assets and debts and then selling available assets and ...
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  • Why Mortgage Modification Programs Aren't Working

    Posted By admin || 24-Oct-2011

    In the world of bankruptcy news, mortgage modifications might seem like a great way to avoid filing for bankruptcy. The idea seemed like a genius one: offer struggling homeowners the chance to take advantage of lower monthly mortgage payments in order to keep their homes and avoid bankruptcy. With foreclosures on the rise more than ever before, these government programs stepped in to make a real ...
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  • Is Bankruptcy a Woman's Issue?

    Posted By admin || 24-Oct-2011

    Do Women File Bankruptcy More Than Men? As politicians gear up for the 2012 elections, the number of bankruptcy filings by women continues to outpace men. While men filed their fair number of bankruptcies in the past few years, the number of women filers exceeded men by 150,000. When bankruptcy reform was considered in 2005, the impact on women, especially single mothers, weighed heavily into the ...
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  • MGM Resorts Opposes B.B. King's Bankruptcy Plan

    Posted By admin || 21-Oct-2011

    In a dispute between bankruptcy debtor B.B. King's restaurant and Mirage, owned by casino operator MGM Resorts International, lawyers for the casino argue that the proposed bankruptcy plan for B.B. King's isn't feasible nor in the best interests of the bankruptcy estate. "There is no lease for the debtor to assume and the motion is an exercise in futility," the Mirage's filing said. "The debtor is ...
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  • Foreclosures Are Hitting Homeowners Faster

    Posted By admin || 21-Oct-2011

    In recent news, homeowners are set to experience another financial hurdle that could make all the difference between staying in their homes - and living life out on the street. According to a report released by RealtyTrac Inc and reported by MSN, the number of U.S. homes that received a first-time default notice on their mortgages from July to September skyrocketed by 14 percent, meaning that ...
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  • Your Finances After Bankruptcy: How to Build Up Your Credit Again

    Posted By admin || 20-Oct-2011

    Rebuilding Your Credit After Bankruptcy Rebuilding your finances after bankruptcy might seem like an impossible task. After all, once you have the mark of bankruptcy on your credit score, there's no way you can enjoy a healthy financial life again - right? Actually, while your credit score after a bankruptcy might be at an all-time low, it's a surprisingly ideal time to work on your credit score, ...
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  • Dodgers Bankruptcy Bickering Gets Foul

    Posted By admin || 20-Oct-2011

    Preliminary bickering and fighting is just a prelude to a hearing scheduled for October 31, 2011, that will include testimony which could be fateful in McCourt's ability to keep control of the Dodgers. The battle lines are already being drawn about everything from file cabinets used by an MLB appointed trustee to alleged IRS investigations into the personal finances of Frank McCourt. One of the ...
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  • Celebrity Bankruptcy: Young Buck Faces Bankruptcy Liquidation

    Posted By admin || 20-Oct-2011

    Young Buck Faces Bankruptcy Rapper Young Buck's (David Darnell Brown) Chapter 11 bankruptcy restructuring may no longer be feasible due to unresolved disagreements. The Chapter 11 bankruptcy trustee Jeanne Burton has ruled that the unresolved contract issues preventing the approval of the bankruptcy plan and the inability to recover misappropriated assets warrants liquidation in Chapter 7 ...
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  • Handling Home Equity Default After Bankruptcy

    Posted By admin || 19-Oct-2011

    Home Equity Default After Bankruptcy Many homeowners in bankruptcy have underwater mortgages along with home equity lines of credit (HELOCs) which may be dischargeable. But what happens if after exiting bankruptcy a debtor fails to pay his/her HELOC? Let's take a look at a few facts: Legal Responsibility A debtor's legal responsibility for HELOCs after bankruptcy is determined by one factor, a ...
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  • Retirement Accounts and Bankruptcy

    Posted By admin || 19-Oct-2011

    Bankruptcy and Your Retirement Account People who are in a financial situation where bankruptcy is a possible solution should learn the facts about how their retirement funds will be treated. Knowing how your retirement accounts will be treated in a bankruptcy may be all the information you need to make that decision of whether to file for bankruptcy or not. Most IRAs, or individual retirement ...
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  • What is a Bankruptcy 341 Meeting?

    Posted By admin || 19-Oct-2011

    The Bankruptcy 341 Meeting If you file for bankruptcy you can expect to attend what's called a 341 meeting. This meeting gives both the person filing for bankruptcy and the creditors a chance to get together and speak with the bankruptcy trustee about the debts that are owed. The trustee is neither on the creditors nor the debtor's side, they're supposed to be rather neutral and determine the best ...
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  • Bad Bankruptcy Advice You May Be Falling For

    Posted By admin || 18-Oct-2011

    When it comes to bankruptcy advice, it seems plenty of people are giving it - but not all of these people are actually qualified to be dispensing the kind of advice that could have such an impact on your credit score, your finances, and your life in general. Bad Bankruptcy Advice is Everywhere From the well-meaning but misinformed friend to the piles of misrepresentative articles that are floating ...
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  • Can Bankruptcy Save Your Marriage?

    Posted By admin || 18-Oct-2011

    Filing Bankruptcy and Saving Your Marriage Financial stress is one of the biggest causes of divorce in America. Job loss, underemployment, medical debt and delinquent taxes can cause marital rifts which threaten the marriage with dissolution. But many bankruptcy debtors have found Chapter 7 and Chapter 13 bankruptcy can relieve some of the financial stress in their marriage. Let's take a look at ...
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