When you run into financial problems and bills begin to mount, it can sometimes be hard keeping track of companies you owe money to. You might receive calls from multiple collection companies and they often do not identify who they are collecting for. In order to eliminate your debts in bankruptcy it is important to [...]
Credit counseling companies were originally created by the banks to collect debts for them. They offer "debt management plans" where by people can consolidate their debts and pay them off in full over a period of five years. They try to negotiate lower interest rates for the credit cards so that they can be paid [...]
There are many ads on the TV and radio that claim tax debts can simply be eliminated through filing for bankruptcy. Unfortunately, this is not always true. Income tax debts are able to be discharged in Chapter 7 bankruptcy if all of the following is true: All tax returns for the tax debt you're seeking [...]
Did you know that failing to complete credit counseling course can ruin your case? In both Chapter 7 and Chapter 13 bankruptcy, credit counseling is required. One course must be completed within 180 days before your case is filed and another must be completed before the case can be discharged. As a rule of thumb, [...]
This the season for giving... and racking up debt. If you're planning on filing bankruptcy after the holidays you'll want to avoid these common mistakes, it could seriously jeopardize your bankruptcy. We all get into the holiday spirit of gift giving while failing to think of ourselves. Draining your checking account, without setting any funds [...]
If you are contemplating debt settlement In Minnesota with a creditor or a third party, rather than filing for bankruptcy, you may want to think again. For those who have the funds available to settle those debts, you may incur steep financial consequences. As an example, if a debtor has $40,000 in credit card debt [...]
Harassed By Debt Collectors? Learn about Dealing With Harassment From Debt Collectors & Creditor Harassment Enduring harassment at home and at work by overzealous creditors can exacerbate the stress and pressure you're already feeling because of your debt. One of the many reasons people file for bankruptcy is to stop harassment from creditors. Debt collectors [...]
Filing for Chapter 13 gives people with a source of income the choice of devising a plan to repay some of their debt when they're experiencing a financial hardship. This is why Chapter 13 is also known as the "wage earner's plan." In the instance that you've already filed for Chapter 13 bankruptcy, yet you [...]
Before a debtor can file for bankruptcy, they must take a credit counseling course beforehand and then a financial management course before the discharge can be granted. This requirement has been in effect since 2005, when the bankruptcy code was revised. These courses are intended to educate debtors and to aid in positive financial management. [...]
Now that you've successfully discharged or restructured your debts in bankruptcy, it's time to set yourself up for success after bankruptcy. Here are some important steps to take to ensure your success: Compile a list of any debts that were discharged in bankruptcy. Certain debts such as student loans, child support, spousal support, and some [...]
It is possible to eliminate your federal income taxes in Chapter 7 bankruptcy if all of the following conditions are met: Your tax debt is from income taxes. Any taxes other than income, such as payroll taxes or fraud penalties, will not be eliminated by bankruptcy. You didn't defraud the system. If you filed a [...]
Common Bankruptcy Myths Everyone will know that I filed for bankruptcy... While filing for bankruptcy is a matter of public record, people generally won't find this information unless they are looking for it. All of my debts will be wiped out in Chapter 7 bankruptcy... Sadly, not every debt is able to be discharged. Non-dischargeable [...]
Bankruptcy provides a fresh start for many, but what happens when some of your secured debt, such as a vehicle, has a co-signer? If you are planning on filing for Chapter 7 bankruptcy, and in doing so surrendering secured property, you should understand that when it comes to co-signers and bankruptcy, the protection of bankruptcy [...]
The type of debt you have plays an important role in what happens if you default on a loan. There are two types of debt. Secured and unsecured debt. Secured Debt is any debt that is backed by some sort of physical property, such as a car loan or a mortgage. The car loan is [...]
If your New Year's resolution is to file for bankruptcy, there are some steps you should take to prevent the holidays jeopardize your bankruptcy. One of the greatest mistakes that people make during the holidays is over spending. It's very easy to become wrapped up in the season of giving, however your trustee won't appreciate [...]
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