“In FY (fiscal year) 2011, approximately 13 percent of chapter 7 debtors had income above their respective states’ medians. Of the cases filed by debtors with income above the state median, 7 percent were presumed abusive under the means test. However, after considering a debtor’s special circumstances, the Program exercised its statutory discretion to decline to seek dismissal in about 63 percent of the presumed abusive cases in which the debtor did not voluntarily convert or dismiss the case.”
Source: bankruptcylawnetwork.com
Video: Prepare Your Own Chapter 7 Bankruptcy
Can Chapter 7 Bankruptcy Help Me Stop Foreclosure?
In some cases the lender may look to ask the court to remove the stay to proceed with foreclosure. Often, the automatic stay remains in place if the lender doesn’t provide the court with accurate information claiming to be the mortgage holder. Since mortgages are known to be lumped together or sold to other institutions, the creditor pursuing foreclosure may have a challenging time in providing proof to the court.
Source: allmandlaw.com
‘Rich Dad, Poor Dad’ Author Filed Bankruptcy
Even though the title is misleading as it looks like only one of his companies is going under, I’ve always thought Kiyosaki is a fraud. This is a guy who went around telling everyone that he made it big in real estate when in fact he wrote a book, “Rich Dad, Poor Dad” that went nowhere until an Amway guy picked it up. The Amway guy then made sure it was a must-read among Amwayers. The book is a financial lesson based on his well-educated father who worked hard but lived paycheck to paycheck (poor Dad) and a “friend’s father,” who dropped out of school at the age of 13 but was an entrepreneur who did well for himself (rich Dad) and taught Kiyosaki a lot of financial/life lessons. The reality is that this book is what made Kiyosaki a bunch of money as all of a sudden sales soared once a lot of Amwayers began buying it up and others became curios as well and bought it. There is no evidence that the Poor Dad ever existed. Kiyosaki has repeatedly refused to reveal the identity of this man and some have done extensive research to find out who this man is. There are other discrepancies in his background as well. I remember watching him on one of these financial news networks back in the early 2000′s and when asked about his net worth, he stated “$50-100 million, depending on the day.” How could your net worth swing that wildly if all you own is real estate and precious metals? Then, a few years later, when asked again, he stated “oh, around $35 million.” If you invested in precious metals and real estate in the early 2000′s, your net worth should not have gone down by the mid-2000′s. Anyway, he may be super-wealthy now and his advice may make sense at times, but I think this guy is a total sleaze and engages in general and repeated douchebaggery.
Source: businessinsider.com
Orlando Bankruptcy Attorneys Eric Lanigan and Roddy Lanigan orlando
Eric Lanigan and Roddy Lanigan of Lanigan & Lanigan, P.L., are lawyers in Winter Park, Florida, who provide legal representation to clients in Central Florida regarding bankruptcy, business and civil litigation, criminal law, foreclosure, immigration, mortgage workouts, security and investment losses to clients in Florida including Altamonte Springs, Boca Raton, Cape Canaveral, Clearwater, Cocoa Beach, Daytona Beach, Deland, Deltona, Fort Lauderdale, Fort Meyers, Gainesville, Heathrow, Jacksonville, Jupiter, Kissimmee, Lake Mary, Maitland, Melbourne, Miami, Mount Dora, Naples, New Smyrna Beach, Ocala, Orlando, Palm Beach, Sanford, St. Petersburg, Tampa, The Villages, Vero Beach, Windermere, Winter Park, Winter Springs. Eric Lanigan and Roddy Lanigan practice law in Brevard County, Flagler County, Lake County, Marion County, Orange County, Osceola County, Polk County, Seminole County, Sumter County and Volusia County.
Source: laniganpl.com
Chapter 7 Bankruptcy Iowa Provides A Fresh Start Submit Editorials
Once you file for bankruptcy, garnishments, judgments and creditor harassment will cease. In some cases, previous judgments can be released or discharged depending on your situation. To do the best job for you, your attorney must know about all outstanding debts, liens against your home, judgments and garnishments, and anything else relevant to your overall financial situation. One of the biggest mistakes an individual can make during the process is to not fully disclose their situation to their attorney. Creditors over the last several years have become more diligent, and often abusive, in their collection tactics. They must cease in contacting you once you have filed for bankruptcy.
Source: submiteditorials.com
What is redemption in a Chapter 7 Bankruptcy?
There are a number of loan makers willing to lend money to debtors seeking 722 financing and your attorney can assist you with contacting these people. There are companies available as well as family members, employers and others who may be available to you. Many chapter 7 attorneys simply do not perform this type of work because it is not profitable to them. So many attorneys refer this work out. WE DO NOT. So, the question remains as to how the attorney gets paid for this work where the debtor has no funds immediately available. Section 722 lenders can secure our legal fee and you can even submit the application for your loan online and we can even help you out in our office. Fees will typically run between $500 and $1000 for this type of work but you can pay this back to your new lender over time.
Source: piklawgroup.com
Pro athletes and Chapter 7 bankruptcy: Why do so many file?
As the Alabama Public Radio piece notes, it is too simplistic to blame everything on youth. Many of these athletes have big hearts and are well-intentioned. Their youth may block them from envisioning their later adult life, but the financial problems they encounter are very real and typically not solely of their own making. Many times, a bankruptcy discharge offers an opportunity to start over again by using the experience to help build a foundation for future financial stability. If a Alabama resident finds themselves in a situation where filing for bankruptcy seems like a good move, contacting an appropriate attorney could help them with this process.
Source: ericwilsonlaw.com
After a chapter 7 bankruptcy how will it effect my taxes when i file.
You may want to visit the Bankruptcy and Debt Center: Chapter 7 Bankruptcy and read Chapter 7: How it Works. I also suggest you consult with a local Tax Lawyer to advise you further in detail on this subject matter.
Source: findlaw.com
What if the Elderly Just Stopped Paying Their Debt?
Generally, a household can file for a Chapter 7 or Chapter 13 bankruptcy. With Chapter 7 bankruptcy, an individual can discharge his debt and receive a fresh start. In return, some of the debtor’s property is gathered and sold off to help repay the debt. In contrast, a Chapter 13 bankruptcy simply reorganizes your debt and sets up a repayment plan. You do not have to liquidate your assets with a Chapter 13 bankruptcy, but you also don’t immediately discharge your debt either.
Source: findlaw.com
Dig Deeper: Sometimes Chapter 13 is cheaper than Chapter 7 in the Long Run. : Nebraska Debt and Bankruptcy Blog : Omaha & Lincoln : Lawyer & Attorney : Sam Turco
Sometimes simpler is not better. Sometimes cheaper is more expensive in the long run. Those thoughts occurred to me after meeting with a new client regarding her financial problems. The client, a 61-year-old single women earning $14 per hour, was struggling to pay $9,000 of credit cards. Her income had declined after a change in jobs and there was simply not enough money left over to pay the credit cards after paying the mortgage, utilities, the car payment and a home equity loan she obtained to pay off previous credit card balances.
Source: nebraskadebtbankruptcyblog.com
Will Chapter 7 Bankruptcy Dismiss Second Mortgage?
In essence, in the situation you describe, after bankruptcy you would have ended up personally owing the amount to the bank for the first loan and not personally obligated on the second loan. But the two lenders would, or might, still have their lien rights to foreclose on the home due to your failure to pay the amounts owed to these lenders. Unless the bankruptcy court not only discharged the debt, but also eliminated the lien the second lender had on your home, you might still lose the home in foreclosure.
Source: thinkglink.com
Will I lose my tax refund in Colorado Bankruptcy
For example, if a debtor is expecting a $2,000 tax refund, has $1,000 in his bank account that is attributable to wage income, the trustee will take the a pro-rata tax refund amount and $250 from the bank account. Reason being, Colorado only allows a debtor to keep 75% of wages earned and has no protection for the tax refund (except for certain tax credits, e.g. child tax credits). From the trustee’s perspective, grabbing the 25% in the bank account is only a few extra key-stokes on the computer; however, most bankruptcy trustees would not take the bank account money if it was the only asset since opening an asset chapter 7 is usually not worth it for sums less than $1,000.
Source: mpslawoffices.com