It is not unusual to visit a bankruptcy forum website and hear how some creditor has violated collection laws, nor is it unusual on the same websites to hear how some debtor has taken advantage of the legal system. Neither creditors nor debtors follow every tittle of the law. (more…)
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The means test was devised by Congress in the 2005 Bankruptcy Abuse Prevention and Consumer Protection Act to help protect creditors from abuse by debtors whom formerly had filed bankruptcies in a serial fashion. The number of times an individual can file within a certain time frame was introduced into the law to help alleviate such practices. In order to qualify to file a chapter 7 bankruptcy, a filer has to be able to pass the means test. What happens if you are slightly over the means test? (more…)
Unless you are in the business of lending money to others, most of you might not think there is such a thing as a best interest of creditors, even when it comes to bankruptcy. The truth is that bankruptcy laws have been passed to make a level playing field for both creditors and debtors. Therefore, there is actually a bankruptcy law that looks after the best interest of creditors in the bankruptcy process. (more…)
People do not always follow every tittle of the law. I suspect since we have literally thousands of laws across our land, it is impossible to follow every single law ever written. This is especially true in bankruptcy cases where bankruptcy law is as complicated as any written. Bankruptcy law is designed to help make a level playing field for both creditor and debtor, but being too legalistic can be very stressful for both parties in the bankruptcy process. (more…)
A chapter 13 bankruptcy is for wage earners who make a reorganization plan of their existing disposable income to fund payments over a 3 or 5 years to pay off all or a part of their unsecured debts. Under funding in a chapter 13 bankruptcy plan is more common than one might think. (more…)
A Baby Boomer is an individual that was born between 1946 and 1964, according to the U.S. Census Bureau. Over 76 million babies were born during that period of U.S. History, and those still alive today began to retire from the workforce last year. Many have not properly prepared for retirement, bring excessive debt into their retirement years, had families and now have grandchildren. As a result, grandparent debtors are on the rise in these United States as the baby boomer population grows. (more…)
College degrees may be a rip-off
In the past a bachelor’s degree may have been a “golden” ticket to a richer more intellectually fulfilling life but with the soaring tuition rates and current unemployment levels it’s not just William Bennett who is questioning whether college is worth it. In fact, some experts suggest that it may be better to invest tuition in stocks or another investment rather than in our nation’s colleges.
Overall in 2012, bankruptcy filings are down a little over 14% across the nation, while chapter 13 bankruptcy filings are up. (more…)
Recently on our bankruptcy forum we had a user ask the following question, “My wife and I are attempting to restructure our home mortgage. However, the bank says that we do not qualify for their restructuring program. But with the downturn in the economy, our income has decreased significantly and we are considering filing bankruptcy.”
I posted an article entitled “Learn to Communicate with Your Bankruptcy Attorney” yesterday online. It was about the problems both clients and bankruptcy lawyers sometimes have in communicating their needs and work related responsibilities to each other. Today, I want to share with you how I think you can best communicate with your bankruptcy lawyer what your needs are when facing bankruptcy. (more…)
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