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 »

Can you go to jail if you do not pay your credit card bill?  No, If you stop paying your credit cards, your life will become a lot more difficult.  The first thing that will happen is that your credit score will drop like a rock.  A few late payments can drop your fico score as much as 200 points.  Your credit card company is going to raise your interest rates and start tacking on late fees.

When Will Creditors Starting Calling Me If I Get Behind On My Bills? 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.

Get Advice From A Bankruptcy Lawyer If You Have Any Questions About Bankruptcy Continue Reading »

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.

How Do I Get Credit Counseling? Continue Reading »

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.

New Bankruptcy Laws Require More Documentation Continue Reading »

“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

Is It Harder To File For Bankruptcy Now? Continue Reading »

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.

What Happens In A Chapter 7 BK Case Continue Reading »

Americans have a bad habit with credit cards.  The average american has over $9000 in credit card debt.  This according to an article by Liz Pulliam Weston.  This is a troubling figure in light of our current credit crunch.  As people start earning less money or just plain just loose their jobs, credit card debt becomes more of a concern.  For some it will begin the beginning of the end financially.  Once you start getting behind on credit card debt it is very hard to get caught up again.

The Vicious Circle Of Credit Card Debt Continue Reading »

When you settle debts through a debt negotiation program, will you get a 1099 for what you save? You will not get a 1099 if you can demonstrate that you are financially insolvent. IRS Publication 908 states that you must owe more than you have in assets at the time of the debt settlement agreement with your creditor. You would only pay tax on the amount of solvency you have. If you save $5000 on a debt settlement agreement and have $1500 in assets, you would pay tax on $1500. Speak with a tax adviser or tax professional to see how this would apply to you before registering into a debt settlement program.

Do I have to pay income tax if I am in a debt negotiation program? Continue Reading »

How do I stop credit harassment? The FDCPA or Fair Debt Collections Practices Act has strict rules about what collection agencies are allowed to do when trying to collect on a past due debt. Debt Collectors could try and have you pay a debt that you do not owe or are beyond the statute of limitations of debt collection. Continue Reading »

What can I do if the creditor is wrong? Just because a bill collector is requesting money from you does not mean that you actually have to pay them. Just because they claim to have documents supporting the debt does not mean that they actually do. Do not let them push you around into paying money that you do not owe. There are two things you can do to to prove you do not owe the money and the debt collector is wrong. Continue Reading »

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

Should I refi to pay off my debt? Being in a financial jam can be a frustrating as well as an unsettling experience. Getting harassed by bill collectors and creditors day and night can be annoying as well as emotionally draining. But you do have options that you can take to take care of the situation. The two that we are going to discuss in the article are refinancing your home to pay off the debt or doing a debt settlement program. Continue Reading »

What does USOBA stand for? It is the United States Organizations for Bankruptcy Alternatives. USOBA was founded by the debt negotiation industry for representation for the debt negotiation and debt settlement outside of the consumer credit counseling and bankruptcy industry. The focus of USOBA is to cause advocacy and agenda for the debt negotiation and debt settlement industry. Continue Reading »

Tips on Negotiating your Debt with Bill Collectors and Collection Agencies

Many Americans now feel that their debts are spiraling out of control and there is nothing they can do but have an attorney file for a bankruptcy. Most debtors believe all of those freighting stories told by the bill collectors of the impending doom that faces them. The biggest scare tactic used is utterance of a wage garnishment and seizure of property. The collection agencies usually fail to point out that they will first need to go to court and get a judgment to be able to do anything to you. I recommend that bankruptcy would be your last option in trying to get out of debt. Most debtors jump to quick to do a bankruptcy before examining all the possibilities that exist to resolve the debt. Usually this option is exercised out of fear and wanting it to go away quickly. I hope that this information will educate you in this area of the unknown for you. Continue Reading »

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 »

Can I negotiate my bills myself? Debt Negotiation, Debt Mediation or Debt Settlement is something that you can probably do on your own if you have a little education behind you. The first thing I would get familiar with is the Fair Debt Collections Practices Act of 1977. If you have thick skin for dealing with nasty and abusive creditors calling you all the time I would say do it. If you do not want the hassle you may want to hire a third party debt settlement company to handle your old collections. Continue Reading »

10 Tips on how to do your own Debt Negotiation and work with collection agencies, bill collectors and creditors

If you are going to do your own debt negotiation you are probably going to go up against a tough and aggressive pro. By following these steps you can take the upper hand and save yourself thousands by doing a debt settlement.

I think the first step in the game is to know what the rules of debt collection are. The more information you know about debt collection practices, the less harassment you will get. If a debt collector knows that you know the game, they probably wont mess with you as much. You need to become very familiar with the Fair Debt Collection Practices Act of 1977. You can also get a free booklet for the rules of debt collecting form the National Consumer Law Center. Continue Reading »