Sued by a Creditor or Debt Collector

A debt collection lawsuit can be quite intimidating for some, as this may be their first experience with the legal system. A person may receive a lawsuit for debt collection on an old or unpaid medical bill, credit card, or other consumer debt that they may have accrued. The creditor that is suing you, is more often than not, unlikely the original creditor. Debt is usually sold, several times over, and may now be handled by a debt collection ...
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Keeping a Vehicle within a Chapter 7 Bankruptcy

In a Chapter 7 bankruptcy filing, most of the debts are discharged. However, one thing most consumers worry about is that they’ll lose everything, such as personal property, but that is not the case. Although a Trustee may have the debtor give up their nonexempt property to use the proceeds to pay unsecured creditors – there is various exemption laws that allow a debtor to protect certain property in a bankruptcy, one of those being motor ...
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341 Meeting of Creditors

After filing bankruptcy, one of the requirements is for the debtor to attend a Meeting of Creditors. The meeting usually takes place within 20 to 40 days after submitting your petition to the court and it provides an opportunity for the Trustee and creditors to ask questions about your bankruptcy filing and finances disclosed within your petition. The purpose of this meeting is to ensure that the debtor properly filed all required documents ...
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How Does a Bankruptcy Affect Inheritances?

If a Debtor inherits money or property during their bankruptcy process, it can, and often does, affect the inheritance.  When someone files for bankruptcy, a bankruptcy estate is created. The estate consists of the Debtor’s property or assets owned. A bankruptcy estate is administered through a bankruptcy trustee, where the estate is temporarily considered a legal owner of the Debtor’s property and assets claimed. Given this, any additional ...
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Refinancing in a time of need

During times of uncertainty, the question on most people’s mind is how to save money.  If you are a property owner refinancing your mortgage can help you meet your savings goals. Refinancing involves changing your existing mortgage for a new one with more favorable terms.  Mortgage refinance is a strategy to help homeowners meet their financial goals. When you refinance your new lender pays off the existing mortgage and replaces it with a new ...
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Disclosing Assets in a Bankruptcy

Bankruptcy is a debt relief tool that is available to those individuals who have found themselves facing unfortunate financial circumstances. A key component in any bankruptcy filing is the schedule of assets submitted to within your petition to the bankruptcy court. When filing, debtors have a mandatory obligation to disclose all of their assets, liabilities, debts, income, and expenses. Although a Chapter 13 bankruptcy protects assets from ...
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Will COVID -19 Impact your Bankruptcy Case?

Will COVID -19 Impact your Bankruptcy Case? COVID-19  has been affecting various aspects of daily life including the federal, state, and local governments.  Although the courts have been slowly adjusting their rules and procedures in light of this pandemic – there are still some uncertainties in current and future debtors as to how they can move forward with their filings. The following are a few guidelines to follow during this time: The ...
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Chapter 7 Bankruptcy

  The most common reasons you may find yourself needing to file bankruptcy are due to unemployment, overextended credit,  health issues and large medical expenses. If you qualify for a Chapter 7 Bankruptcy, it may allow you to discharge a variety of debts. The greatest benefit for a Chapter 7 bankruptcy is that it erases most of the debts; however, allowable debts to be discharged typically exclude obligations such as child support, tax ...
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Common Chapters of Bankruptcy

Depending on your income, amount of debt, number of creditors, and whether or not your dire financial straits involve a business or corporation, you will be considering different types of bankruptcy filings. The most common type of filing is Chapter 7 bankruptcy, followed by Chapter 13. Chapter 7 and Chapter 13 filings are known as personal filings and are the most accessible types for individuals in distress over their outstanding ...
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“Should I File Bankruptcy?” 7 Tips to Help You Make the Decision

Filing for bankruptcy is not exactly the type of lunch break conversation you want to have with your colleagues, and for good reason. It is a measure of last resort that reveals to the whole world that you are so far deep in debt, even the bank is suing you. If you do not have a contingency plan, it will destroy your credit and debilitate your borrowing ability. If you are wondering whether or not to file for bankruptcy, here are a few tips to ...
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