Bankruptcy Insights

Bankruptcy, The Answer For Your Business?
Have you ever wondered why doctors and lawyers ‘practice' their profession?  I have.  Today you have to be lucky to find a doctor that focuses on ‘healing' and an attorney that focuses on ‘selfless problem solving'.  It has been my experience that the word ‘practice' gives professionals the freedom to make choices that may not best serve our needs.  It's important to sift through the...
Mortgage Modification – Truth or Fiction
There has been a great deal of publicity about money being infused into banks and financial institutions by the government. A significant portion of that infusion is supposed to be used to modify existing mortgages that are in default or are on the verge of foreclosure. In addition, there has been a great deal made by various government or semi-government agencies about their assistance in 
RED ALERT! AVOID THE LOAN MODIFICATION PREDATOR
There are always people ready to take advantage of other people in desperate situations and the current home foreclosure situation is no different.  A whole cottage industry has sprung up made up of predators prepared to charge large fees for helping someone avoid foreclosure through a
loan modification.The vast majority of these people simply take a person's money and perform no service whatsoever.  I...
CHAPTER 7 – CAN I KEEP THE DOG HOUSE?
If you have lived in Texas two (2) years prior to the date you filed your Chapter 7 bankruptcy (or plan on filing) you are entitled to use Texas Law to determine what property you get to keep.  That means you may either use the property that is "exempt (free to keep)" from bankruptcy under the Texas State Statute or you may choose to use...
Lobbyists Win and Congress Screws Its Constituents
Parties in control of Congress change, politicians that control the parties change, but it appears regardless of which party has the upper hand, the one thing that never changes is the people behind the scenes controlling the show.   The bankruptcy  bill that would give some protection back to the consumer is now stalled in the Senate, on the other hand, provisions that give businesses additional...
Credit After Bankruptcy?
My general rule of thumb is a person will be able to obtain a credit card on reasonable terms after two (2) years of your bankruptcy discharge.  Now you can acquire an FHA loan to buy a house after two (2) years from your bankruptcy discharge. Take time in choosing your new credit card and mortgage because...
QUALIFY FOR CHAPTER 7 GETS EASIER – MEANS TEST REVISED 3/15/2009
The "Means Test" is  part of the bankruptcy code which determines if you  qualify for a Chapter 7  or  a Chapter 13 Bankruptcy.   A Chapter 13 Bankruptcy  also determines your disposable income.  Disposable Income is the amount of money you have to pay out of your monthly income to the Chapter 13 Trustee which in turn gets distributed to your unsecured creditors. On Sunday  all of the numbers...
BANKRUPTCY COURT LEVELS PLAYING FIELD WITH IRS
Dealing with the Internal Revenue Service is a scary proposition, especially if you owe them money.  The Bankruptcy Court is one of the tools a taxpayer has at his/her disposal in dealing with "the tax man" in a variety of situations. The Bankruptcy Court can be used to: -Stop wage garnishments, bank account garnishments, levies, seizures of property and remove income tax liens that are in excess...
Harassing Phone Calls From Creditors Can Be Stopped
A consumer being harassed by ‘Debt Collectors' has significant rights under federal law: including the right to demand that a Creditor stop communicating with you.   Under the "Debt Collection Practices Act", a federal statute, there are two (2) ways to stop those harassing phone calls or for that matter any form of communication to you. 1- To inform the Creditor that you are being represented by...

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