Dismissed or Discharged?
May 16th, 2008What is the difference between a bankruptcy case being dismissed and discharged? It is common to confuse these two terms in reference to bankruptcy proceedings. One of these is positive, while the other is negative.
You may not be able to guess now which is which, but it’s important to know that if your bankruptcy […]
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What is a Meeting of Creditors?
May 16th, 2008Approximately 30-60 after a debtor files for a Chapter 7 or Chapter 13 bankruptcy, they have to attend a Meeting of Creditors.
The name is misleading because it implies that you’re going to sit down at a table with all of your creditors, which many people believe occurs in a courtroom. In reality, it is […]
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Bankruptcy - The Frog and the Pot
May 15th, 2008The third most common reason for bankruptcy filing doesn’t have to do with a loss of income or medical illness, but instead the deceptive practices of the credit card industry. People who have been lured in by such practices never meant to get in over their head - but slowly, over time, their debt has been building. […]
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Medical Illness and Bankruptcy
May 15th, 2008A very common reason for bankruptcy filing is medical illness. The cost of healthcare, even for people who are lucky enough to have insurance, can be astronomical these days.
If you are unfortunate enough to be diagnosed with a terminal illness, or even just an injury that requires you to be hospitalized, you are probably […]
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Why Do People File For Bankruptcy?
May 13th, 2008The perception perpetuated in the media and in our society is that only deadbeats file for bankruptcy. Many people believe that you’re a bad person if you file because you’re just trying to get out of your debt and give your creditors the short end of the stick.
That is simply not true.
Many people […]
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If I File For Bankruptcy, Do I Get My House For Free?
May 11th, 2008Many people believe that if they file for bankruptcy, they no longer have to make payments on their house and they can continue to live there for free. This is a common misconception and misapplication of a Homestead Exemption.
People often think that a Homestead Exemption, which protects your home from bankruptcy and other legal […]
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Dallas Bankruptcy - Chapter 7 vs. Chapter 13
May 9th, 2008A Chapter 7 bankruptcy is basically straight liquidation. Once find out you are eligible for a Chapter 7 bankruptcy by completing the Means Test and your bankruptcy attorney files your bankruptcy schedules, you then file your case and go to your meeting of creditors.
All non-exempt assets are sold in order to pay a portion of […]
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The Chapter 7 Bankruptcy ‘Means Test’
May 8th, 2008Congress developed the Chapter 7 Means Test as part of the Bankruptcy Abuse and Consumer Protection Act of 2005. The Means Test consists of a form where you enter in information about your pay over the last six months to determine your current monthly income average.
In the next step your income is then compared with […]
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Credit Counseling vs. Bankruptcy
May 7th, 2008If you’re looking at filing bankruptcy, chances are you’ve already considered and ruled out credit counseling. After all, completing a credit counseling course is now required fare for potential bankruptcy candidates under the Bankruptcy Abuse and Consumer Protection act of 2005. The counseling course can be done online, over the telephone, or in person, but must […]
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The New Bankruptcy Act - What It Means To YOU
May 5th, 2008The New Bankruptcy Act In 2005 Congress passed the Bankruptcy Abuse and Consumer Protection Act. While The Act does change some of the criteria and processes for filing bankruptcy, many people have the misconception that the new laws make it nearly impossible to qualify.
This is simply not true.
Although The Act was predominantly sponsored by the credit […]
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