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Blog Posts in February, 2012

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  • Credit & Debt Counseling Requirements Upon Bankruptcy Filing

    Posted By admin || 29-Feb-2012

    Credit & Debt Counseling Requirements For Bankruptcy If you are considering filing for bankruptcy, you'll want to review the credit counseling requirements that need to be completed in order for debt to be discharged. There are organizations that have been approved by the federal government to provide credit counseling and debtor education. Debtor education is also a mandatory requirement that ...
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  • How to File for Bankruptcy with Student Loans

    Posted By admin || 29-Feb-2012

    There is no denying that higher education doesn't come cheaply. With the nation's top private colleges costing upwards of $40,000 for tuition and fees alone (and many public universities not far behind), it is obvious that more students than ever before are turning to student loans to fund the cost of their education. However, student loan debt and a stagnant economy have created a perfect storm ...
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  • Declaring Bankruptcy in Dallas: When Should You Stop Paying Your Bills?

    Posted By admin || 28-Feb-2012

    When Should You Stop Paying Your Bills During Bankruptcy Let's face it: you dream of the day when you can finally finish paying your bills and declare yourself as debt-free. But with the shape your personal finances are in, you don't foresee that day coming for a long time. So instead of declaring bankruptcy in Dallas, you decide to continue slogging through your bill pile, hoping that you'll ...
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  • Common Mistakes that Can Derail Your Dallas Bankruptcy

    Posted By admin || 28-Feb-2012

    Filing for a Dallas bankruptcy should be a straightforward, relatively painless process. All you have to do is report your liabilities and assets to your Dallas bankruptcy attorney, ensure that you follow his or her advice carefully, and wait for just a few months for your debts to be discharged. However, like love, the course of bankruptcy doesn't always run so smoothly - especially if you make ...
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  • Can a Credit Card Company Protest My Bankruptcy Petition?

    Posted By admin || 27-Feb-2012

    Debtors overwhelmed with credit card debt may look to file bankruptcy to help them get a fresh start. While there are qualifications to being eligible to file there is also the possibility of a credit card company protesting or blocking your petition. The chances are relatively small and there are measures you can to reduce the risk of the action being carried out when you start the bankruptcy ...
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  • More Americans Struggling to Pay Student Loan Debt

    Posted By admin || 27-Feb-2012

    MSNBC recently did a report on the effects unpaid student loans are having on thousands of Americans, and from the looks of it the economy may suffer if those who owe on outstanding loans don't get the financial relief needed in order to stay afloat. More and more people owe thousands toward these loans and one of the main issues is that they cannot be discharged in bankruptcy; a measure that many ...
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  • Common Reasons Why a Bankruptcy Case Gets Dismissed

    Posted By admin || 24-Feb-2012

    Reasons for Bankruptcy Dismissal Debts are eliminated if they are discharged in a bankruptcy but in a dismissal debts will not be eliminated. A dismissal of bankruptcy occurs when the case is terminated by a federal judge and there are several reasons why this action may happen. The most common reasons for bankruptcy dismissal are listed below: False information was presented in the bankruptcy ...
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  • How to Stop Foreclosure Right This Second

    Posted By admin || 23-Feb-2012

    How to Stop Foreclosure It's finally happened. You missed a mortgage payment - and you are dreading the moment when you receive notification about foreclosure proceedings being taken against you. You feel like there's nothing else you can do to get you out of this sticky trap. Most likely if you are missing mortgage payments your other credit is suffering as well. The stress of not having enough ...
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  • What is the Means Test and How Does it Determine Bankruptcy Eligibility?

    Posted By admin || 23-Feb-2012

    What is the Means Test? The means test helps in determining eligibility for Chapter 7 bankruptcy by reviewing personal income. Chapter 7 has specific income requirements that must be met in order to file. If you are determined to be in a higher income bracket, you'll likely be eligible to file Chapter 13 bankruptcy. The means test reviews your income and gets an idea of what expenses you have on a ...
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  • What Can I Expect to Happen During Chapter 7 Bankruptcy?

    Posted By admin || 22-Feb-2012

    Most people who file Chapter 7 bankruptcy have little assets and qualify to have most of their unsecured debt discharged. Unsecured debt that may qualify to be wiped off or discharged includes medical bills and credit cards. Having little assets and qualifying debt can help make the process a lot easier. Keep in mind, there are specific qualifications that should be met in order to complete your ...
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  • What Happens if My Financial Situation Changes in Chapter 13 Bankruptcy?

    Posted By admin || 22-Feb-2012

    If you are in a Chapter 13 bankruptcy and you experience any reduction in your income, you may be able to file Chapter 7 bankruptcy under certain circumstances depending on your qualifications. There is a means test that can be taken to determine eligibility. The procedure for converting chapters may vary depending on what jurisdiction the filing will occur in. If your income changes while in a ...
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  • If I File Bankruptcy Can I Keep My Credit Cards?

    Posted By admin || 21-Feb-2012

    To many consumers, this may be an odd question since the overall purpose of bankruptcy is to eliminate debt. While many debtors often include credit card accounts they are unable to pay, some may have a credit card account that is in good standing. A debtor may feel that the account in good standing may help them continue to build credit after bankruptcy but this theory may not be as simple as you ...
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  • Actions You May Want To Avoid If Planning To File Bankruptcy

    Posted By admin || 21-Feb-2012

    Debtors looking to seek bankruptcy protection often are unable to make debt payments or want to have their debt reorganized so that it is easier pay on what is owed. Bankruptcy can help debtors deal with their finances but certain financial decisions made before filing may make your case more challenging and even decrease chances of getting qualifying debt discharged. Since bankruptcy laws can be ...
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  • Can Judgments Related to Unsecured Debt be Discharged in Bankruptcy?

    Posted By admin || 20-Feb-2012

    If you are being sued bankruptcy may be an option to consider. Chapter 7 bankruptcy allows for qualifying debt to be discharged while Chapter 13 bankruptcy restructures debt. A discharge means the debtor will not be obligated to pay toward the judgment. Many debtors have been able to get judgments discharged but it often depends on who and why the lawsuit was filed against you. As a debtor, if you ...
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  • The Most Popular Questions About Personal Bankruptcy

    Posted By admin || 20-Feb-2012

    There's no denying that each individual will need to approach the issue of personal bankruptcy in his or her own unique way. However, with that being said, most individuals express the same concerns when filing for Chapter 7 or Chapter 13 bankruptcy. They worry that they'll end up losing their homes, or they're concerned about how long a bankruptcy will remain on their credit scores. That's why we ...
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  • What Kind of Debts are Eliminated with a Dallas Bankruptcy?

    Posted By admin || 17-Feb-2012

    For some reason, many people have different ideas about what types of debts are eliminated in a bankruptcy. Ask any one of your friends or family members, and you'll experience a myriad of opinions. Some will insist that you'll lose your house to bankruptcy, while others are convinced that all debts - even tax debts and student loans - are eliminated by filing a bankruptcy in Dallas. If you are ...
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  • What to Expect When You Have a Bankruptcy Consultation

    Posted By admin || 17-Feb-2012

    Making the decision to file bankruptcy can be the first step toward reaching financial freedom. Now you'll want to get prepared for your next step: meeting with your bankruptcy attorney. Being prepared for the first meeting with your attorney can save time and money. The first meeting is quite important since you and the attorney will discuss pertinent information about your case. It helps to ...
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  • What Is a Bankruptcy Trustee and What Is Their Purpose?

    Posted By admin || 16-Feb-2012

    What Is a Bankruptcy Trustee? During Chapter 7 or Chapter 13 bankruptcy proceedings a trustee is appointed by the federal government to oversee the case. In most cases, a bankruptcy attorney or accountant will serve as the trustee. The trustee plays an important role during the bankruptcy process, including making sure debtors are in compliance with regulations, being honest about their situation ...
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  • Why is it Recommended to File Bankruptcy with an Attorney?

    Posted By admin || 15-Feb-2012

    Consumers have the option to file bankruptcy without an attorney or "pro se." Many who choose to file without legal representation may opt to do so in hopes of saving money but for those who are not as familiar with the process, going at this on your own may come with consequences that could potentially make your situation worse. Rules related to bankruptcy can be complex and entering into the ...
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  • What's Holding You Back From Filing For Bankruptcy?

    Posted By admin || 14-Feb-2012

    You're getting squeezed by your debtors. There's not an hour that goes by when you don't receive harassing phone calls from collections agencies. Every time you open your mailbox, you're met by a cascade of final demands and urgent notice letters, all of which document exactly how much you owe to whom. It's enough to make you want to tear out your hair, swear off modern life, and run away for ...
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  • Life After A Personal Bankruptcy: What You Can Expect

    Posted By admin || 13-Feb-2012

    What You Can Expect After Bankruptcy Filing for a personal bankruptcy can be a major life event. After all, for six to nine months, you're expected to provide bankruptcy courts and lawyers with all of your financial documentation. You're constantly worried about whether or not your personal bankruptcy case will be approved and let's not forget the fact that you may feel like your finances are ...
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  • When Can I File Bankruptcy Again if I Filed in the Past?

    Posted By admin || 13-Feb-2012

    Already Filed Bankruptcy and Need to File Again? Bankruptcy has helped many debtors resolve their financial problems but some consumers tend to think that once you file bankruptcy you can't file again. The federal government has time restrictions in place to keep consumers from abusing benefits but the good news is you can file bankruptcy again but the time limits between filings vary depending on ...
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  • Do You Need to File for Bankruptcy? The Psychological Signs to Look For

    Posted By admin || 10-Feb-2012

    For some reason, bankruptcy has earned a tarnished reputation; as a result, many people fear getting the debt relief they need by filing for a Chapter 7 or Chapter 13 bankruptcy. They continue to throw their hard-earned money at mountains of debt, despite the fact that the mountain isn't getting any smaller. They think that with faithful attempts at debt repayment, they'll eventually come ...
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  • Should I Answer a Summons if I Plan to File Bankruptcy?

    Posted By admin || 10-Feb-2012

    In most cases, a lawsuit filed for money owed is likely an unsecured debt which can be discharged in bankruptcy. Deciding to file an answer may depend on when you plan to file bankruptcy if you haven't begun the process already. When you file bankruptcy the automatic stay goes into effect which prevents creditors from collecting from you. The stay also stops any legal action pending against you ...
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  • If I Owe More Than My House is Worth Can Bankruptcy Help Me?

    Posted By admin || 9-Feb-2012

    Owe More Than Your House is Worth? Many homeowners can relate to having an underwater mortgage or owing more on their home than what it's worth. This can often make maintaining payments more difficult, not only on your home but on other financial obligations. If this is the case and you have more than one mortgage, Chapter 13 may be an option worth considering. Chapter 13 bankruptcy restructures ...
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