Archive for the ‘Bankruptcy’ Category

HEIGHTENED REVIEW OF INCOME TAX RETURNS IN CONSUMER BANKRUPTCY CASES

Since the Bankruptcy Reform of 2005, additional requirements were imposed upon consumer debtors who filed chapter 7 or Chapter 13 bankruptcy. One of those requirements is that debtors must provide their most recent income tax returns to the bankruptcy trustee, …

LIFE AFTER BANKRUPTCY: SEPARATING FACT FROM FICTION

Even though they may need relief, many people delay the filing of a personal bankruptcy because they are concerned about the effect it will have on their credit going forward. Unfortunately, they often ignore the damage that has already been …

AVOIDING THE PAYDAY LOAN/TITLE PAWN TRAP

Unfortunately, many lower income consumers lack any type of savings or reserve to address an unforeseen expense or temporary reduction in come.  An auto repair of $400 can be an intimidating obstacle to someone who does not have any money …

COSIGNERS AND BANKRUPTCY: WHAT YOU AND YOUR BANKRUPTCY ATTORNEY NEED TO KNOW

As part of the bankruptcy consultation process, bankruptcy attorneys will want to review all of your creditor information.  This will include any debts that you may want to keep, such as a house loan or car loan.  A consumer will …

CONSUMER BANKRUPTCY REQUIREMENTS THAT MADE SENSE

Congress passed the Bankruptcy Abuse Prevention and Consumer Protection Act in 2005.  Many new requirements and restrictions were imposed with the goal of creating uniformity in the evaluation of bankruptcy cases.  While there many requirements enacted that were needless and

TITLE PAWNS AND BANKRUPTCY: NEW CONCERNS FOR DEBTORS TRAPPED IN HIGH INTEREST LOANS

Recently, a Bankruptcy Judge in the Southern District of Georgia has determined that a Debtor in a Chapter 13 bankruptcy  cannot alter the terms of a title pawn transaction through a Chapter 13 repayment plan. A Chapter 13 bankruptcy …

CONSUMER BANKRUPTCY REQUIREMENTS THAT NEED TO BE ELIMINATED

Congress passed the Bankruptcy Abuse Prevention and Consumer Protection Act in 2005. Many new requirements and restrictions were imposed with the goal of creating uniformity in the evaluation of bankruptcy cases. It also added many creditor-friendly provisions that are too …

CANCELLATION OF DEBT INCOME AND BANKRUPTCY: WHY SHOULD I BE CONCERNED?

As tax time approaches, many taxpayers are going to learn the hard way about cancellation of debt income when they file their taxes. If a creditor decides to forego the collection of a valid, undisputed debt, they may decide to …

The New Bankruptcy Forms: Are They More Helpful for Pro Se filers?

Effective December 1, 2015, the Bankruptcy Courts of the United States required the use of recently revised petition and schedule forms. The petition and accompanying schedules have been lengthened considerably. The additional length is a product of the simpler language …

Can Bankruptcy Improve My Credit Score?

It is easily understood why a bankruptcy would have a negative impact on a consumer’s credit score, but it is also important to remember why a potential lender is reviewing your credit history. The lender wants to evaluate the risk …

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