It’s interesting that most of my clients are very concerned about getting credit again before they have even gotten out of debt.  This is not uncommon.  Most people want to have credit cards just like they had while they were in debt before they filed for bankruptcy.  There is a comfort level of knowing that you have the ability to whip out a plastic credit card and make purchases without having cash money.  Since bankruptcy, under Chapter 7, can be filed once every eight years, creditors understand that you are a good candidate to not only acquire another credit card but to utilize a credi

Typically, a bankruptcy filing and the proof thereof will last on a credit report for 10 years.  However, don’t let the fact that it’s going to sit on your credit report for 10 years influence whether or not you need to file a bankruptcy.  You should determine whether or not you need to file a bankruptcy based upon your personal situation.  If you are someone who is struggling financially, and you don’t think you’re getting anywhere, then you may be best filing a Chapter 7 fresh start.  I have had clients who have made minimum payments for years and years and years only to realize that they

There are certain situations where cars cannot be kept during a bankruptcy.  However, in the overwhelming majority of Chapter 7 bankruptcy cases, individual debtors keep the car that they have either by continuing to make financial obligation payments or continue to lease the vehicle.  In other cases, if the vehicle is paid in full, if it doesn’t have significant value, then the property is exempt and free and clear from the long arm of the trustee.  In a Chapter 13 case, the debtor has the option of either keeping the vehicle and paying for it through the Chapter 13 or surrendering the veh

Many individuals are unaware that when a creditor forgives a debt that the individual owes, the forgiven debt is considered income for purposes of their tax returns.  The IRS and the State of Michigan both tax the forgiven debt, often creating large liabilities on the part of the tax payer.

The Scooter Store, known for helping seniors regain mobility through products such as the power wheelchair and scooter, has filed for Chapter 11 bankruptcy protection due to Medicare and Medicaid fraud allegations.  Earlier this year, the company headquarters was raided by federal officials.  Just weeks after the raid, a large number of employees were told not to [...]

How Fast Can You File Bankruptcy?
As little as 20 minutes.  It is called a barebones filing.  You file just enough documents to get a case number and put the automatic stay into effect.  Since an attorney can file a case electronically, you file the case and get a case any day, any time.  However, you should only do a barebones filing if it is a true emergency, and you need to stop a creditor’s collection action immediately.

While there are many and varied reasons that people file a bankruptcy case or settle a debt, certainly an improved credit score is a desired result. Unfortunately, post bankruptcy and post debt settlement credit reporting is often not accurate. A Creditor May Continue to Report a Debt The most common way in which credit reporting [...]The post File Bankruptcy or Settle a Debt?

Bringing you the most up-to-date news, tips and blogs throughout the web. Here’s your Bankruptcy Update for May 02, 2013 Electric Car Maker Files for Bankruptcy Protection A Tobin Tax, Bankruptcy Style Gay Couple’s Bankruptcy Filing Challenges DOMA

A Tamaroa, Illinois man was recently sentenced to three years’ probation for concealing assets when he filed bankruptcy in 2009.  David E. Woodside, 37, pled guilty to the charge after he waived an indictment by a federal jury back in December 2012.  The United States Attorney who worked on the case, Stephen R. Wigginton, says [...]

Keep Property Without Signing Reaffirmation Agreement
When you file a chapter 7 bankruptcy, you will have the option of reaffirming your secured debts.  The most common reaffirmation is done on a car loan.  Many of my clients have questions about reaffirmation agreements; and whether it is in their best interests to sign a reaffirmation agreement.
What Is A Reaffirmation Agreement?