Should you file a Chapter 13, you would be allowed to keep your home. How much you would have to pay your creditors in a Chapter 13 filing would depend on your income and how much you owe in total. Keeping your house in a Chapter 7 filing (should you qualify for it) would depend on whether the equity in your home would be considered exempt in your state. Due to the many different variables involved with filing bankruptcy, it is best to hire an attorney to assist you with the process. If you can’t afford an attorney the American Bankruptcy Institute has a list of pro-bono bankruptcy attorneys.
Source: creditcards.com
Video: Best Credit Cards after Bankruptcy Discharge
Already lost my house to foreclosure, is bankruptcy going to make my credit any worse?
After a failed business venture I lost my home and all of my assets. Still looking out there is my equity line of credit, plus business debt and some misc. debts that accrued over the past year. having spoken to a tax pro I now know that I will not see any tax obligations as a result of my foreclosure IF the mortgage company cancels any debt from it. My question I suppose is; will filing bankruptcy hurt my credit even worse or with the foreclosure is my credit wrecked as it is? My main reason for considering BK is that the equity line is 20k and was secured by my home which is now gone and like everyone else it went from a value of 130k to 160k down to 100k.
Source: creditcardsbyweb.com
Bankruptcy Attorney Accused of Using Client Credit Cards, Records
The access revealed even more ways Mr. Aubel was allegedly using his clients’ information. He allegedly used his client’s tax return information to make fake tax returns for himself; he hasn’t filed taxes recently, according to court documents. The documents, which substituted his name and personal information onto his client’s earnings, were used to finance the purchase of a 2011 Honda Fit and apply for forbearance on his student loans, court documents allege.
Source: wsj.com
Emily’s list: Bankruptcy edition
Firger explains she had several low-paying jobs, two periods of unemployment, student loans and an expensive health problem (and it didn’t help that she lived in Manhattan). Then there’s the credit card she used too often. She explains, “I can’t blame shoes or vacations for the $30,000 hole I found myself in. I can blame the new mattress I desperately needed when I moved into my first apartment at 23. I also blame the $15 lunches bought at the closest upscale deli in midtown Manhattan when my boss wouldn’t tolerate my absence for more than 10 minutes.” Whenever she thought she was getting ahead on payments, something else — being laid off, for one — would set her back.
Source: creditcards.com
Credit Cards and Bankruptcy
Good news last: You will have no problem getting new credit cards after filing bankruptcy. Virtually every individual or couple who file bankruptcy are literally flooded with credit card offers shortly after the case is filed; especially those that file a Chapter 7 bankruptcy. Shortly after filing, debtors receive more credit card offers than they could ever possibly want because the credit card companies know that if a debtor accepts their agreement and uses their credit card, the debtor cannot get another discharge in a Chapter 7 for 8 years from when the instant Chapter 7 was filed. Basically, the creditors have all the time in the world to collect an unpaid debt that a debtor incurs on their credit card after bankruptcy has been filed.
Source: sg-lawyers.com
Bankruptcy Attorney Arrested for Using Credit Cards of Client
The relationship between the bankruptcy attorney and his employee began to get strained in 2011 and the employee decided to cooperate with the FBI. The employee began forwarding text messages from Mr. Aubel. According to documents, the bankruptcy attorney used his clients tax return information to make fake tax documents for himself. The documents just changed the name from his client’s earnings with his personal information and use these to purchase the 2011 Honda Fit. It was also reported that he was attempting to reduce his student loan debt of more than $100,000 by using tax returns that showed income of only a few thousand dollars a year.
Source: debtfreebankruptcyattorney.com
Credit cards after bankruptcy
For many bankruptcy filers, the idea of living life without a credit card is scary. How do you rent a hotel room or purchase a gift on-line without one? I can tell you from first hand experience that you can live without a credit card. In fact I have lived without a credit card for over seven years. How? Remember that debit cards are accepted by merchants in the same manner as credit cards. When a merchant asks for my credit card number I give them a debit card.
Source: danielstonelaw.com
Don’t get into debt with credit cards
The first thing when using a credit card is to remember that it is still money that needs to be paid back. Often consumers forget this fact and just swipe and swipe away without even realizing how much debt they are brining on themselves. To try and combat this, experts suggest keeping a piece of paper handy and writing down any purchases that are made with a credit card. This way there are no unexpected purchases on your monthly statement.
Source: bankruptcylawyersfl.com
Bankruptcy News & Information: Should you Kill College Credit Card Mistakes with Bankruptcy?
Paying off old credit card debt from college may hurt your credit score, rather than help it. This is because the accounts are so old now that the negative impact of the account is minimal. Re-establishing the account in order to pay back the debt will make it fresh and cause your credit score to spiral downward. You may be able to have the debt in old accounts removed from your credit report entirely if you leave them alone long enough. All of this to say, bankruptcy is not always the best way to kill your credit card mistakes. Contact a bankruptcy attorney at Alan J. Fisher today if you need more information about old college debts and how to handle these obligations.
Source: blogspot.com