Nov
20
When facing a foreclosure, or even worse, a bankruptcy, you have to take into account more than just your current financial situation; you have to be aware of the future financial implications. There is some other information you should have before deciding which road to take; there are some future liabilities that you need to be aware of that your attorney, or even your accountant, will not offer information on, that is if they even know at all.
Source:Bankruptcy, Misconceptions and My Finances
Nov
17
O.K., so the $700 Billion Federal Bailout itself didn’t instill much confidence. May I say, “Duh!” There are many reasons but foremost, it’s because the Bailout (I mean “Rescue”) Plan didn’t do squat to address the underlying crisis in the housing market. There is a way to address the mortgage foreclosure crisis and to help stabalize the real estate market at the same time. It’s fairly simple, and it will work!
Source:Bailout II - A New Chapter in Bankruptcy
Nov
13
Lehman's Bankruptcy and the Hidden $138 Billion Bailout of JP Morgan
Filed Under Bankruptcy | Leave a Comment
One advance of $87 billion was made on Sept. 15 after the pre-dawn filing, and another of $51 billion was made the following day, according …
Source:Lehman's Bankruptcy and the Hidden $138 Billion Bailout of JP Morgan
Nov
8
If you already have an extremely low credit score due to years of missed payments, collection accounts and charge-offs, then bankruptcy advice is probably looking mighty good right about now. Sure, your score will likely hover somewhere around 300, out of the possible 850, and you’ll have to wait 10 years for anyone to want to give you a loan again, but it’s better than lying in bed each morning, too depressed to face the daily barrage of creditor calls and hate-mail. Bankruptcy can buy peace of mind for some debtors, but it’s not for everyone.
Bankruptcy advice has gotten more liberal over the years due to changing laws. To avoid scores of debtors flooding onto the streets with no property and nothing left to live for, the laws have changed to allow debtors to keep certain property, despite filing for bankruptcy. The debtor may keep up to $2,500 in cash, $2,400 in auto equity and unlimited 401k funds. Additionally, by law, employers cannot fire an employee who files for bankruptcy, although potential employers can choose not to hire a new employee based on that factor. Often with a filing, debtors will need to attend credit restoration and debt management courses.
When you’re seeking advice from a credit repair attorney, be sure to double-check what can and can’t be discharged. For instance, you’ll still have to pay off Uncle Sam if you owe taxes for the past 3 years. However, if you have personal income taxes over thirty six months old, then you can discharge them through bankruptcy. Fiduciary taxes cannot be discharged, nor can most student loans and liens. If you owe child support or alimony, you will still have to pay up. If you don’t list debts on your bankruptcy petition, then they will not be covered. If you have debts from drunk driving or other “willful and malicious” harm, you’ll still have to pay your dues. However, there are many things that can be removed when you file for bankruptcy, such as all unsecured credit card debt, wage garnishments, utility termination, fraudulent credit claims and foreclosure.
After you receive bankruptcy advice, there are a few things to consider before you file. First, be sure you can’t negotiate with your creditors, reduce your balances with a settlement letter or arrange a monthly payment plan. Generally speaking, if you can only afford minimum monthly payments on your bills and cannot pay off all your balances in five years, then you should file for bankruptcy and then focus on credit restoration services.
It is really nice to get a brand new credit card that has a high limit. At first you promise yourself that it is just for emergencies but before long you notice that you are using that credit card for day-to-day living expenses. To make matters worse, the problem usually does not stop with just one credit card. Slowly bad credit begins to accumulate and before long you find yourself in a world of trouble. There is not enough money to pay off the bills and interest keeps piling up. Stop living this way! There are ways to rid yourself of that baggage and find a better way to live.
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Nov
4
10 Urban Legends About Bankruptcy
Filed Under Bankruptcy | Leave a Comment
With the economy on a continual downturn and as the big banks get assistance hundreds of thousands of normal hardworking Americans are seeking there own “bailout”. During this frightening time, people can tend to make rash decisions, may it be contributed to duress, the fear of poverty, or actually trying to manage living below the poverty level. There are several other programs available to get out of the vicious debt traps our country has made all too easy to fall into. To clarify, this article points out some of the common myths or “urban legends” of bankruptcy and why one should avoid this option and consider it as an absolute last resort. They are as follows:
Source:10 Urban Legends About Bankruptcy
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