Yearly Archives: 2015
Bankruptcy and Retirement Plan Accounts
Are Retirement Accounts Exempt in Bankruptcy? Under Chapter 7 bankruptcy and Chapter 13 bankruptcy, virtually all retirement accounts, including pension plan funds, are exempt from creditors.This means that these funds are immune and cannot be touched by creditors when you file for bankruptcy. Moreover, they will not affect the amount you are required to repay unsecured creditors… Read More »
5 Credit Card Debt Settlement Myths
If you’re considering credit card debt settlement, you’ve probably heard competing opinions about it: whether it’s effective, how much of our debt you can avoid paying, if you need a lawyer, etc. These are legitimate concerns, and it’s important to stay informed before pursuing negotiations with creditors. Myth #1 – It’s easy to get… Read More »
The Change in Bankruptcy Law That Could Save Your Car
In 2005, Congress amended the Bankruptcy Code in favor of the car finance industry. In short, the change meant debtors couldn’t file for bankruptcy and continue making their car payments with complete certainty their automobile wouldn’t be repossessed. After the amendment in 2005, filers were essentially forced to choose between keeping their cars and… Read More »
When to Consider Filing for Bankruptcy
Bankruptcy is one of the most misunderstood concepts in the legal / financial field. The word “bankruptcy” can mean different things to different people and entities; businesses, for example, can strategically use bankruptcy to reorganize and restructure their finances. For the individual, “bankruptcy” comes with a slew of stereotypes, myths, and assumptions. The negative… Read More »
3 Ways to Rebuild Your Credit after Bankruptcy
Many people assume bankruptcy will ruin their credit. In reality, you can rebuild your credit score after bankruptcy through prudent financial planning. The first step is opening a checking account and savings account at a credit union or bank near you. Talking to your family and friends is a good way to learn about… Read More »
Considering Bankruptcy? Stay Prepared With These 5 Steps
If you’re considering bankruptcy, the worst thing you can do is nothing. By following these five guidelines, you can be prepared for the legal process ahead while avoiding certain mistakes and disadvantages. Don’t ignore the signs. Nothing will put you at a greater disadvantage during the bankruptcy process than ignoring the problem. If your… Read More »
Should I File for Bankruptcy Without My Spouse?
If you’re married and considering bankruptcy, you’ve probably wondered whether you should file jointly or alone. California is a community property state, which means filing for bankruptcy can affect your spouse, even if you file alone. According to community property laws, most couples share ownership of any property or debts obtained during their marriage…. Read More »
Signs of Creditor Harassment
What is Considered Harassment By a Creditor? Creditor harassment is more than an inconvenience; it’s illegal. According to the Fair Debt Collection Practices Act (FDCPA), debt collectors must adhere to strict guidelines regarding their communication with debtors. If you feel threatened or harassed by a creditor, you can seek legal help. Should you file… Read More »
The Do’s and Don’ts of Filing for Bankruptcy
Facing bankruptcy is never easy, but you can take steps (and avoid others) to make the legal process less overwhelming. In fact, what you do immediately before filing can be just as important as how you navigate legal proceedings. If you want to take the first step toward a debt-free future, follow these guidelines…. Read More »
Can I File for Bankruptcy More Than Once?
The term “bankruptcy” can have a negative connotation, but bankruptcy laws are designed to help people, not hurt them. Job loss, financial hardship, sudden medical expenses: these are all reasons to seek relief through bankruptcy. In fact, it is not unusual for a person to fall into economic hardship more than once. If you’ve… Read More »