Tag archive for ‘Bankruptcy’
Credit Scores and Bankruptcy Bump
by John C. Colwell on 7/13/10 | 0 Comment(s)
Today, the AP is reporting a general downturn in the all important FICO score, which score is used primarily to determine loan eligibility. http://www.google.com/hostednews/ap/article/ALeqM5g74qg6iCDzFlCHhjsiBGFIHAiJPQD9GT9T580 Many, if not all of our clients will, at some point, consider the impact an impending bankruptcy will have upon this score. Oddly enough, credit scores after bankruptcy, notwithstanding this report, [...]
Discharging Back Taxes in Chapter 7
by Jacob on 7/09/10 | 0 Comment(s)
A lot of my clients find themselves owing back taxes to the IRS. And when I tell my clients that they might be able to discharge their tax debt if they file for chapter 7 bankruptcy, they almost always look at me like I am crazy. But it is true. In some cases, you can [...]
A cheaper bankruptcy attorney is a better bankruptcy attorney, right?
by John C. Colwell on 7/02/10 | 0 Comment(s)
Shopping for an attorney by price is a ‘loss leader’ in our view.Sure, you may ‘save’ a few hundred here or there, but at what actual cost?
The Automatic Stay and You
by Jacob on 6/11/10 | 0 Comment(s)
If you are thinking about filing for chapter 7 bankruptcy, chances are that you have experienced numerous collection attempts from your creditors. The attempts can range from a harmless collection letter to your creditors garnishing your wages. One of the great advantages of filing for chapter 7 bankruptcy is that as soon as you file, [...]
Get Out Of Car Leases, Gym Memberships and Other Contracts
by Jacob on 6/04/10 | 0 Comment(s)
Chances are that you have never thought about your gym membership, your apartment lease or your cell phone contract as an executory contract. But you need to be familiar with the term before you file for bankruptcy. When you file for bankruptcy, you have the opportunity to reject your obligations under executory contracts and reset [...]
Garnishments and Bankruptcy
by Richard Stokan on 6/03/10 | Comments Off Comment(s)
What is a garnishment? A garnishment is basically a legal collections tool where a creditor obtains a court order compelling an employer to withhold a portion of an employee’s wages. The amount that can be withheld is capped at 25%, however, the percentage may vary depending on the state issuing the garnishment and the type [...]
Can Filing For Bankruptcy Improve Your Health?
by Moderator on 5/05/10 | 1 Comment(s)
I want to highlight a great post written by Julie O’Bryan discussing the adverse impact that debt can have on health. http://www.thekybankruptcyblog.com/2010/04/29/debt-stress-makes-us-sick In light of Julie’s article, consider the following statistics from WebMd: Forty-three percent of all adults suffer adverse health effects from stress. Seventy-five percent to 90% of all doctor’s office visits are for stress-related [...]
Debt Buyer Practices
by Jay Jump on 3/11/10 | 0 Comment(s)
Initially, let me explain what a debt buyer is. A debt buyer is a company or individual who purchases note paper. When you purchase a home, or a car, you sign a promissory note. This promissory note is what entitles the creditor to collect money from you for payment on the loan. Often times, the [...]
Milavetz v. United States
by Jay Jump on 3/08/10 | 4 Comment(s)
A setback for debtors and debtors attorney’s everywhere. This part is bad for the attorneys: Attorneys who provide bankruptcy assistance to assisted persons are debt relief agencies under the BAPCPA. By definition, “bankruptcy assistance” includes several services commonly performed by attorneys, e.g., providing “advice, counsel, [or] document preparation,” §101(4A). Moreover, in enumerating specific exceptions to [...]
Where to File a Chapter 7 Bankruptcy
by Richard Stokan on 3/08/10 | 0 Comment(s)
A bankruptcy case must be filed in the federal district where the debtor has maintained his residence or principal place of business “for the one hundred and eighty days immediately preceding such commencement, or for a longer portion of such one-hundred-and-eighty-day period.” 28 USC 1408. In laymen’s terms, the case must be filed in the bankruptcy [...]
