… can’t afford the payment(s).  The number one reason most debt settlement schemes don’t work is because the debtor cannot afford the payment(s).  Most debt settlement schemes require large upfront payments to the debt settlement firm which will be redirected to the creditor (minus the debt settlement firm’s fees). However, most debtors are severely cash strapped and can’t afford to pay.

The debt settlement firm is often unable to negotiate …

Permalink: /managing-your-finances/six-reasons-why-debt-settlement-schemes-often-don%e2%80%99t-work/

… Mrs. Jackson wants a seat at the table of the estate’s trustees; but will her bankruptcy work against her?

The article said:

“Jackson relied on his 79-year-old mother for more than emotional support: Documents show he put her in the position of trustee on contracts, including his lucrative Sony-ATV catalog, and associates say he also sought her input on other financial matters as he became more wary of those in his business circle.”

“Katherine Jackson has not previously …

Permalink: /bankruptcy/will-katherine-jacksons-bankruptcy-work-against-her/

We’ve got millions of Americans out of work and the bankruptcy filings just continue to rise. Even the most optimistic of Americans are finding themselves up against a financial wall, with only bankruptcy preventing total financial disaster. There’s an interesting article at the NJ.com featuring the stories of several debtors who have filed bankruptcy, giving a truly grim but honest look at the real faces behind the dismal …

Permalink: /dfw_metro_bankruptcy/job-losses-unpaid-work-and-furloughs-sending-more-americans-to-bankruptcy/

… million; but 50 percent of those workers had exhausted their unemployment benefits without finding work.

The article said:

The report shows that job losses are easing after companies made deep cuts earlier this year. But nearly half of recipients at the end of last month had exhausted the 26 weeks of benefits provided under the regular state program without finding work, according to Labor Department data. That’s a record and compared with about 36 percent in December 2007, when the …

Permalink: /bankruptcy/fifty-percent-exhaust-their-unemployment-benefits-without-finding-work/

… that they will be forced to continue their Chapter 13 bankruptcy plan even if they can no longer work because of an injury or other valid reason.  If for some reason a debtor in Chapter 13 bankruptcy is unable to continue his/her bankruptcy repayment plan, he/she may be eligible for a “hardship discharge.”  What that means is that the bankruptcy court will forgive the balance of your debt, relieving you of any obligation to repay the debt.  However, certain debts may not be …

Permalink: /chapter_13_bankruptcy/what-happens-to-my-chapter-13-bankruptcy-if-i-can-no-longer-work/

… programs that provide loans or grants that will act as a “bridge” while homeowners search for work.  Until then, those homeowners facing foreclosure should not exhaust their savings without considering all of their options including bankruptcy.  If you are a homeowner facing a job loss, consider the current state of the economy.  Right now, unemployment is becoming prolonged for even the most skilled amongst us.  Under these circumstances it may not be wise to exhaust your savings …

Permalink: /foreclosures/billions-invested-in-foreclosure-prevention-programs-that-dont-work-now-what/

… and the possible bankruptcy of GM.  Many debtors may be wondering how Chapter 11 bankruptcy could work for them.  Well, most individuals and small business debtors will benefit the most from Chapter 7 or Chapter 13 bankruptcy; but for some debtors Chapter 11 bankruptcy is either required or preferable.

Corporations and partnerships seeking bankruptcy protection must file Chapter 11 bankruptcy.  Debtors who exceed the debt limits of Chapter 13 bankruptcy would also need to file …

Permalink: /breaking-news/when-a-chapter-11-bankruptcy-may-work-for-you/

According to an article in the Star-Telegram, over 8.6 million Americans work part-time because they can’t find full-time work, that’s the largest number of part-time workers ever recorded, a 76 percent increase from 2008.

The article said:

As the recession cuts demand for goods and services, companies that don’t shed workers outright must squeeze savings from the work force that remains. They typically do so by cutting hours.

These workers who have …

Permalink: /breaking-news/more-workers-face-financial-hardship-because-of-part-time-work/

Chapter 11 bankruptcy is a powerful tool for business owners and high-income/debt individuals seeking bankruptcy relief.  Some debtors prefer Chapter 7 bankruptcy because it allows a simple liquidation and discharge of debts giving the debtor a relatively quick fresh start.  But there are some essential differences and benefits of Chapter 11 bankruptcy that debtors should be aware of when …

Permalink: /chapter_7_bankruptcy/will-filing-chapter-11-bankruptcy-work-for-my-business/

Homeowners facing foreclosure often work hard to save their homes, contacting the mortgage lender, sending in requested paperwork and waiting patiently for a response. But because of the current backlog faced by many mortgage lenders, homeowners facing foreclosure are also faced with a nerve-racking wait that could jeopardize their home. In judicial states like California, foreclosing on a home can take a lot of time. A …

… many homeowners don’t have the benefit of advocates. If their negotiations take too long to work out with the mortgage company they often succumb to foreclosure.

If you’re facing foreclosure and have been unable to negotiate a loan modification with your mortgage lender, you may benefit from filing bankruptcy. Bankruptcy can stop foreclosure and help you keep your home. Contact a Dallas-Fort Worth bankruptcy attorney to discover your bankruptcy options.

… foreclosure if we depend on lender’s voluntary efforts, we must take action to require them to work with homeowners facing foreclosure. Please take the time out to call your Mayor’s office and ask him/her where they stand on the Specter legislation. Let them know that you believe that even Mayors have a responsibility to help prevent foreclosure.

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