… with a variety of fees and can be difficult to redeem.  And while the Credit Card Act covers both gift cards and prepaid cards, rebate cards will not be covered by the new law.

The Credit Card Act, which was passed last spring, established new standards not only for credit cards but also for gift cards and prepaid cards. Beginning in August, the law requires that any expiration date on those cards be at least five years out. It also bans penalty fees for not using a card within the first …

Tags: Credit Card Act Gift Cards Rebate Cards

… up money you may not yet have available in your bank account.  They include:

1.  Ask for a gift from relatives.  Maybe you know that someone (your parents or grandparents, for example) intend to leave you money upon their passing.  Or perhaps your relatives have been offering for years to help you with your financial problems, but you haven’t wanted to trouble them.  It’s perfectly okay to accept a gift from relatives to finance the down payment.  Just remember that the lender …

… you from it so that another person inherits the money.  That person, if they choose can then gift the inheritance to you 180 days after you filed bankruptcy or they may be able to give you the gift before the 180 days has lapsed because the bankruptcy court cannot seize gifts after your bankruptcy has been finalized.

You can simply not claim the inheritance. You are not by law required to claim an inheritance.

Remember, there is nothing wrong with planning …

… spouse before the marriage or property acquired during the marriage by way of inheritance or gift is considered separate property.  In some cases, separate property can be converted to personal property and vice versa, but the process is long and tedious – and often times, not worth the effort.  Of the same token, just because only one spouse is named on the deed or title to things purchased during the marriage such as homes or cars, does not make them separate property.”

The …

One of the most common blunders we see debtors make pre- bankruptcy is transferring real estate property before filing.  Most commonly, debtors transfer property to relatives in an effort to protect their assets; but sometimes non-debtor relatives transfer property to a relative who eventually files for bankruptcy.  Usually it is a parent who decides to transfer ownership of a home to …

Tags: Bankruptcy Gift

… his mother. The court said the debtor appeared to be “acting within his ostensible rights to gift the money in her account to himself and his sister.” The court added that the unauthorized withdrawals came only from inter­est earned. He never diminished the principal amount of the plaintiff’s investment account.”

Although this debtor benefited in this bankruptcy case, his relationship with his mother probably did not.  It is important that debtors use extreme caution when …

… Between May 13 and May 16, the debtor used the card to purchase ap­proximately $5,000 worth of gift cards. There was a balance of $6,039 on the account when she filed for Chapter 7 relief on Aug. 29, 2008. Prior to filing for bankruptcy, the debtor made three payments on the account totaling $160.”

The bankruptcy court ruled that the debtor’s intention of repaying the cards was not based on any real ability to repay and that since the creditor had relied on the debtor’s false …

… which he said was a loan. The debtor denied that the money was a loan and insisted it was a gift. Although, Nguyen reduced his claim against the debtor and provided copies of the checks, the bankruptcy court found that since the documents did not note that the money was a loan, it was most likely a gift. The bankruptcy court also said that the lack of documentation regarding the loan and other compelling evidence indicated the money was a gift and therefore dismissed Nguyen’s claim. …

… prohibited from going out and charging up credit cards, engaging in reckless spending sprees or “gift giveaways” to friends and family which could result in the diminished value of the bankruptcy estate.

Before filing bankruptcy speak with a Dallas- Fort Worth bankruptcy attorney to find out how to properly prepare for bankruptcy.

… are also facing financially tough times, are finding themselves losing money on prepaid purchases, gift cards or even wondering about the validity of a warranty.  Here are a few tips on how consumers can protect themselves when businesses file bankruptcy :

Avoid pre-paying for products/services sold by companies nearing bankruptcy.  Sometimes a consumer who pre-pays for products/services sold by a bankrupt company may find that they are unable to recoup their money because the money and …

… money in interest would be paid if only the minimum monthly payments are made.

• Requires that gift cards remain valid for five years.

• Bans “pay-to-pay” fees, which are charged when someone pays the bill by phone or on the Internet.

This legislation is set to provide more protections to debtors with credit cards.  I think it’s especially prudent to restrict the availability of credit cards to youth under 21 years old.  Many youth who sign up for credit cards do not fully …

… much money in interest would be paid if only the minimum monthly payments are made.

Require that gift cards remain valid for five years.

The special measures for those under 21 years old is way overdue.  So many college-aged people accumulate tremendous amounts of debt before they graduate.  Credit card companies have, in the past, given out credit cards to these young people without any substantial proof that they can repay the debt.  More often than not, these young people have no …