… financial disaster to take a serious look at something they’ve been trying to avoid–declaring bankruptcy.  Many just want to know whether filing for bankruptcy means they can stave off a costly lawsuit.  Unfortunately, there is no black and white answer.  Instead, consumers have to answer questions about their own individual case.

1.  Should I answer the complaint?

It’s a good idea.  The law typically presumes that if you don’t answer the complaint brought against …

Category: Debt and Tax Relief , Lawsuits , bankruptcy law

Tags: bankruptcy law Creditor Lawsuit

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According to an article in USA Today, the number of bankruptcy filings since January have reached 954,911, a significant increase from 703,732 in the same period in 2008.

The article said:

“In August, filings were up 22% compared with August 2008… The housing crisis has caused much of the recent financial distress.”

The rising number of foreclosures and the rising number of job losses have conspired to send the number of bankruptcies …

Comment by Jim Ince: … that used to cause bankruptcy issues continue. People …

Category: Bankruptcy

Tags: Bankruptcy

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… are promising to revive legislation that would allow homeowners to modify their mortgages during bankruptcy. President Obama’s voluntary foreclosure prevention program has failed to deliver and many homeowners and legislators are ready to get more aggressive with mortgage lenders.  Last year it seemed almost certain that legislation would pass allowing homeowners to modify their toxic mortgages during bankruptcy; but the measure fell 15 votes short of passage in the Senate.  The …

Comment by Jim Ince: … guy a chance. The bankruptcy laws should give relieve if …

Category: Bankruptcy , Loans / Mortgages , bankruptcy law

Tags: Bankruptcy foreclosure Mortgage

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… leading factors of the nation’s increased levels of poverty.  Many Americans are filing for bankruptcy to save their homes and receive relief from credit card debt; but many are still falling below the poverty level because of the lack of jobs with living wages. Many analysts predict that the levels of poverty will continue to worsen as the number of businesses implementing job losses and/or filing for Chapter 11 bankruptcy rise.

(source: Star-Telegram.com)

Comment by jdecker@allmandandlee.com: … Meet with a bankruptcy attorney to find out how you …

Category: Bankruptcy , Chapter 11 Bankruptcy , Unemployment - Job Loss , bankruptcy law

Tags: Bankruptcy bankruptcy law foreclosure Unemployment

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… the percentage was 9.9 percent.”

Lack of health insurance is one of the leading causes of bankruptcy.  Medical debt is an outcome that most uninsured individuals simply cannot avoid.  Medical procedures for even the simplest problems such as a broken bone or food poisoning can quickly snowball into an avalanche of medical debt priced in the tens of thousands of dollars. According to leading analysts the vast majority of debtors who file bankruptcy cite medical debt as one of the …

Comment by Jacob Decker: … many file for bankruptcy. If you have mounting debt …

Category: Bankruptcy , Medical Bills , Unemployment - Job Loss

Tags: Bankruptcy Health Uninsured in the United States

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Most debtors remember that a credit counseling course is required before filing bankruptcy; but many forget or don’t realize that they must also take a personal financial management course within 45 days after filing bankruptcy.  Whether you’re filing for Chapter 7 bankruptcy or Chapter 13 bankruptcy, all debtors are required to take this course.  If a debtor fails to take the personal financial management course after filing bankruptcy their bankruptcy case could …

Comment by Jim Ince: … be arranged by the bankruptcy attorney.

Category: Bankruptcy , Credit Counseling , bankruptcy law

Tags: Bankruptcy bankruptcy law Debt Education

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Chapter 11 bankruptcy is a type of bankruptcy used by businesses or individuals with at least $1,010,650 in secured debt, such as properties and vehicles and $336,900 in unsecured debt, such as credit cards. We mostly hear about Chapter 11 bankruptcy when companies such as GM file bankruptcy or celebrities such as Michael Vick and Stephen Baldwin seek bankruptcy protection; but Chapter 11 bankruptcy is also …

Comment by Jacob Decker: … an experienced bankruptcy. Most bankruptcy attorneys …

Category: Bankruptcy , Chapter 11 Bankruptcy , Filing Bankruptcy

Tags: Bankruptcy Chapter 11 Bankruptcy Filing Bankruptcy

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… in the Star-Telegram, mortgage giants Fannie Mae and Freddie Mac, would topple over into bankruptcy without the lifeline of government funding that has poured into these behemoths since September 2008.

The article said:

“The companies, created by the government to ensure the availability of home loans, have tapped about $96 billion in government aid since they were seized a year ago this weekend. Without that money, they could have gone broke, leaving millions of people unable …

Category: Bankruptcy , Breaking News , Subprime Mortgages

Tags: Bankruptcy FannieMae foreclosure FreddieMac Mortgage

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If you’re facing foreclosure, filing an emergency bankruptcy can stop the foreclosure process in its tracks.  Chapter 7 and Chapter 13 bankruptcy protect the debtor’s assets with an automatic stay that forbids creditors from taking any actions against the debtor in order to collect on a debt. Automatic stay stops foreclosures, lawsuits, wage garnishments, bank account seizures and any other creditor actions to collect a debt.

How …

Category: Dallas Bankruptcy

Tags: Bankruptcy Debt foreclosure

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… spouse are thinking about getting divorced, it may be the right time to also consider filing for bankruptcy if you have a hefty amount of debt between the two of you.  Filing for bankruptcy before divorce can help simply the divorce proceedings by clearing out some of your debt.  This can make it easier when it comes to negotiating how the remaining debts should be divided, and also protect you should your future ex-spouse file for bankruptcy not too far down the road.  It’s also …

Category: Dallas Bankruptcy

Tags: Bankruptcy Divorce

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A file segregation scam is where a debtor, usually someone who has recently filed bankruptcy, is offered a brand new credit identity in exchange for a fee–usually a very large fee.

How It Works

The scammer usually targets those who have filed bankruptcy or who have delinquent credit cards or loans in default on their credit report.  The scammer attempts to convince the target that because they filed bankruptcy they won’t be able to get any loans or credit cards for …

Comment by Jim Ince: … to deal with post-bankruptcy issues and your reputable …

Category: Bankruptcy , Credit Counseling , Fort Worth Attorney

Tags: Bankruptcy Credit card Debtor Loan Unsecured debt

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Get bankruptcy information from a qualified attorney.

Everyone likes to learn new ways to save money.  Several web sites are dedicated to groups of people sharing ideas and giving pointers on the latest sales, the best coupon, or how to make family time fun on a budget.  Each of these is chalked full of good advice on general topics.  However, a thread on one of them concerned me last month.  …

Comment by Jacob Sparks: … when it comes to bankruptcy. The bankruptcy exemptions …

Category: Credit Counseling , Debt Consolidation , Divorce and Bankruptcy

Tags: Bankruptcy Divorce Family law Personal Finance

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