Category archive for ‘Bankruptcy Myths’ 
Dave Ramsey, part 2 (or it’s not always what he tells you, but what he doesn’t tell you !)
by John Rogers on 3/16/10 | 0 Comment(s)
I was listening to Dave Ramsey today, while eating lunch. A woman called in and said she had heard some folks tell her that she could settle with credit cards for a lesser amount than what is owed. While Dave told her that is possible, but not likely (since she was behind on the cards,according Read more>>
What is a Homestead Exemption? Can My Creditors Take My Home?
by Moderator on 2/14/10 | 0 Comment(s)
Homestead exemption laws have been enacted to prevent the forced sale of a delinquent borrower’s home by their creditors. In many states, whether your home may be subject to forced sale is a function of how much home equity you have.
Well first of all, lets define the term “homestead.” A homestead is your primary residence, Read more>>
Bankruptcy vs. Debt Consolidation Programs
by Lori Patton on 2/13/10 | 0 Comment(s)
Very often people come to see me after having tried being in one of those Debt Consolidation programs. Others are just starting to have trouble with debt and are considering all their options and ask me for my opinion on Debt Consolidation programs. Here is what I tell them: Debt consolidation is premised on the Read more>>
Dave Ramsey and Bankruptcy
by John Rogers on 1/22/10 | 0 Comment(s)
Here is Dave’s take on filing bankruptcy.
Don’t let him fool you. Bankruptcy is a viable option for many folks in today’s economy. In fact, if you have a large amount of credit card debt or medical bills, or need to get out from under a large mortgage, it is often the only option available. Further, Read more>>
Can I Keep One Of My Credit Cards When I File For Bankruptcy?
by John Rogers on 1/19/10 | 1 Comment(s)
A question that I get asked almost weekly !
It is not wise to try to keep a credit card when you file for bankruptcy , and always, always tell your attorney about all of your debt, including all of your credit cards.
Also, it is important to know that even if you have a credit card Read more>>
Do all creditors have to be listed on bankruptcy schedules ?
by John Rogers on 1/15/10 | 0 Comment(s)
Yes. All of the debts have to be scheduled, with the name and address of the creditors. This is so they can receive notice of the bankruptcy, and get their fair share of any money that is paid to creditors. Sometimes debtors think that they should omit a creditor because they want to continue to Read more>>
Published Unemployment v. Real Unemployment
by Jay Jump on 1/08/10 | 0 Comment(s)
I used to be a devotee of CNBC every morning. I would watch the stock market climb or fall, listen to the anchors tell me how to invest my money and believe every word of it.
That was wrong.
I don’t watch it anymore, I can’t. The news is depressing. What’s worse, Read more>>
Does Failure to pass the Means Test Automatically Cut Off Chapter 7 Eligibility?
by Lori Patton on 12/30/09 | 3 Comment(s)
Short Answer: There’s still some hope, but hold on tight.
Long Answer: I hate the Means Test. I have just this second decided that will be the subject of my next posting as explaining why would take some time. Suffice it to say, it doesn’t make any sense. So we have the Means Test that was Read more>>
Why Chapter 13 Bankruptcy Has Your Second Mortgage Lender Feeling “Undersecured”
by Moderator on 12/23/09 | 2 Comment(s)
The current state of the law allows second and third mortgages to be modified in chapter 13 plans when the borrower is already underwater on a first mortgage.
The aftermath of the housing crisis has left Americans owing more than their homes are worth……often much more. With millions of American homes underwater and banks unwilling Read more>>
Am I Too Old To File For Bankruptcy ? Can I Protect My Retirement Savings ?
by John Rogers on 12/15/09 | 0 Comment(s)
We are seeing more and more older folks in the office that are struggling with paying their bills and making ends meet, especially those on a fixed income. As expenses increase, monthly retirement payments, including social security, do not increase. That is a recipe for disaster.
There is no upper age limit on filing for bankruptcy. Read more>>
