Can bankruptcy court make your sell your home?  Many people think that because you are in bankruptcy that your home is off limits to your creditors.  Remember that most homestead exemptions only cover $150,000 worth of equity.

Example Of When A Bankruptcy Judge May Make You Sell Your Home Continue Reading »

There seems to be a misconception that you cannot include credit cards in a bankruptcy.  This could not be more far from the truth.  In most cases credit cards are treated like any other debt for bankruptcy purposes.  The new bankruptcy law did make it more difficult to clear out some debts incurred within a short period prior to the filing of the bankruptcy.  The law in this area is basically the same as it was prior to the passage of the new bankruptcy amendments.  Certain debts can survive the bankruptcy if a creditor files papers with the bk court requesting that the debt survive and the court agrees with the original creditor.  The process is not automatic however and you have the opportunity to dispute what the creditor is saying.

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Just because you are filing for bankruptcy does not mean that you have to give up all of your property.  Most people are able to keep all of their property in bankrupcy.  This is because certain property cannot be sold or taken from you according the bankruptcy exemptions that are provided by state or federal law.  The new BK laws made certain changes concerning residency requirements and in some cases actually capped the amount of equity that is protected in a residence.  These changes should not effect most people however.  On a good note, Congress did pass a provision allowing a person to be able to protect up to a million dollars in a qualified retirement account or IRA.

What Happens To Secured Debt In A Bankruptcy? Continue Reading »

Consumers filing for bankruptcy must obtain consumer credit counseling within 6 months prior to filing date. Some jurisdictions require that you obtain CCCS counseling at least the day before you file the BK or your case can be dismissed.  This does not, however, mean that a consumer must develop or create a repayment plan before filing the bankruptcy.

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There have been rports that some collection agencies have been telling consumers that they cannot file bankruptcy.  I think that since the new bankruptcy law was passed in 2005 that people think that bankruptcy is gone.  This is simple not true.  You can still file for bankruptcy if you are having a financial crisis.

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“If the American people ever allow private banks to control the issue of their currency, first by inflation then by deflation, the banks and corporations will grow up around them, will deprive the people of all property until their children wake up homeless on the continent their fathers conquered.  The issuing power should be taken from the banks and restored to the people, to whom it properly belongs.”  Thomas Jefferson

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When the bankruptcy is complete, there is a discharge of the debtor’s obligations to the creditors.  The debtor is forgiven of their obligation to most of the creditors that were listed in the bankruptcy.  The automatic stay will become a permanent injunction that prohibits any creditors from collecting on any debt that was listed in the bankruptcy.

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It seemed like a great idea at one time.  The free TV, Dinner and other gifts all seemed like nice perks from the timeshare company at one time but now that you cannot pay it anymore, what do you do?

How Is My Credit Impacted When I Cannot Pay My Timeshare? Continue Reading »

A judgement is a ruling made by the court in a lawsuit.  It will become part of the public record and is available to anyone that takes the time to do the research.  Most judgments will get picked up by the credit bureaus and will have a negative effect on your credit report until it is paid off.

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Being in a financial crisis is no fun.  The thought of filing bankrupcy can stir up many emotions for people.  Some people may be scared, frustrated or just feelings of being a failure.  There is nothing to be embarrassed about when filing for a bankruptcy.  Things happen in life sometimes that we just cannot control.

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How much does a chapter 13 cost? To file a bankruptcy will cost you about $2000 depending on who files it and where you file it. Bankruptcy should be your last option and you should exhaust other options before you file. If you have additional bankruptcy questions you should contact an attorney in your state. Continue Reading »

BK is an acronym for the word bankruptcy. Bankruptcy is a legal action that you can take when you cannot pay your bills. A bankruptcy can stay on your credit for up to 10 years and you wont be able to buy a home for at least two years. You best bet is to try and avoid a bankruptcy at all cost.

For bankruptcy alternatives go call toll free 1-888-368-6668 or go to DebtNegotiationZone.com

I have Questions about bankruptcy – What are the most common BK questions

Some Bankruptcy questions can be difficult to get an answer to when you are just starting out in the process. This article is designed to answer the most common bankruptcy questions and give you bankruptcy information to help give you peace of mind. Whether you are filing a chapter 7 bankruptcy or a chapter 13 bankruptcy, the information in this article will be very important to become familiar with. Dealing with Bankruptcy companies and attorneys does not have to be scary. Here are some of the most common questions about the bankruptcy process. Continue Reading »