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Has filing for bankruptcy any benefits?

No reasonable person would never consider bankruptcy just for no reason. Bankruptcy is not a walk in the park and we can certainly put an emotional charge about you and your family. Bankruptcy is not just a motion that anyone can jump on you without having some way. Filing bankruptcy may make you feel like

Begin your own way of banking

Banking can be a challenge or can become an easy process. Only after two years using we can understand what we want from our bank. We just need to use the Internet for our banking. May be somebody still does not trust the Internet and that’s OK. We have confidence in the safety of banks

Do you find a good bankruptcy attorney?

In our economy, it is not unusual that people become quite overwhelmed with debt. You know about this from the news, friends and relatives, and in some cases, your own home. But if you’re the only one facing a mountain of debt, it is important to know who to contact to help you get back

How you can economize on your banking

Banks are a necessary part of any modern financial system. However, this does not mean that you should pay more fees or charges that you owe. Using some easy rules can help you save money during the most of your banking transactions, and reduce your costs or expenses. Many banks provide SMS alerts prior invoices

An Introduction to the Types of Checking Accounts

Posted by admin on June 3rd, 2011

Today, checking accounts can be opened from most banks, financial institutions and credit unions. The checking accounts they offer range from those that are for personal use to those which are best used for business-related financial transactions to many others. Because of the wide variety of checking accounts that you can open, it is imperative that you know what the different types are and what features they have to end up with one that would suit your needs.

Personal Checking Accounts

This is the most common type of cash account which is normally opened by individuals who are looking for a more convenient way to pay bills or goods and services from different merchants. There are two categories of personal checking accounts and they would be basic checking accounts and free checking accounts. Basic personal checking accounts would be those which have limitations on the number of checks which can be written every month. They also usually charge a maintenance fee that needs to be paid on a monthly basis. Read full post…

Tags: Checking Accounts
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Happy Memorial Day!

Posted by Jim Karlson on May 31st, 2011

Memorial Day, originally called Decoration Day, is a day of remembrance for those who have died in our nation’s service. As we remember those who have died for our freedoms and those who continue to serve our nation, let’s remember that we have the freedom to be DEBT FREE!

You have a biblical right to absolve yourself of your debts according to the bible. Remembering our service men and women who have also made the ultimate sacrifice of their lives so that we are FREE should inspire us all to take action in our lives to live as free people.  Free from being a slave to debts by filing bankruptcy would be an honor. E

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Tags: Day, Memorial Day
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Personal Bankruptcy Myths Revealed

Posted by Jim Karlson on May 29th, 2011

I see it every day. Potential clients who have spent their savings and borrowed against their retirement accounts because they’re told that,

“Bankruptcy is the worst thing for your credit,”

“It’s rarely the best option,” etc.

The shame and guilt that go into financial problems compounds the negative stigma that bankruptcy holds and by the time my clients come to my office, they have nothing left to protect.

I like this article by Angie Mohr over at Financial Edge, but she is incorrect in saying that bankruptcy is “rarely” the best option.  The problem with that statement is that people will hesitate to even consult with a bankruptcy lawyer to determine whether filing is right for them. With the economy still flat-lining and California unemployment holding steady at 12%, we cannot afford to maintain our current way of life for much longer.  What I did like about Ms. Mo

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Tags: Bankruptcy, Bankruptcy Myths
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Pre-Bankruptcy Credit Counseling Requirement

Posted by Oswald Goldstein on May 29th, 2011

Individuals are required receive credit counseling from an approved agency within 180 days before the bankruptcy filing date. This requirement was enacted in 2005 as part of the Bankruptcy Abuse Prevention and Consumer Protection Act, and is meant to encourage debtors to pursue non-bankruptcy alternatives. In reality, pre-bankruptcy credit counseling has no impact on the number of bankruptcy cases filed.

In a few limited circumstances credit counseling is not required. These circumstances are identified by the federal law as:

(1) incapacity where the person is so impaired by reason of mental illness or deficiency that the individual is incapable of making rational decisions; (2) disability where the person is so physically impaired that the individual is unable, after reasonable effort, to participate in an in person, telephone, or Internet briefing session; or (3) active military duty in a military combat zone (currently Arabian Peninsula Areas, Kosovo area, and Afghanistan).

The law allows individuals to receive credit counseling after the bankruptcy filing under the following conditions:

(1) exigent circumstances exist that merit a waiver; (2) the individual requested credit counseling services from an approved nonprofit budget and credit counseling agency, but was unable to obtain the services during the 5-day period before filing bankruptcy; and (3) the request and explanation is satisfactory to the court.

Note that procrastination, inability to pay for the counseling, incarceration, etc.

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Tags: Counseling, Credit Counseling
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Stealing home with a HomePath mortgage

Posted by Nancy Prew on May 26th, 2011

If your past contains bad credit, mortgage lenders aren’t exactly beating down doors to lend you money. However, the Fannie Mae Homepath program does allow home loans for people with sort of bad credit–scores as low as 620–when they buy Fannie Mae foreclosure homes. This program is called HomePath, and it permits things that other Fannie Mae loans don’t.

  • 3 percent down payment minimum with 660 credit score
  • Fannie Mae condo requirements relaxed
  • Some bad credit okay (no 60-day mortgage late payments in last 12 months)
  • High debt to income allowed (45 to 50 percent)
  • No mortgage insurance or funding fee required

Finding a HomePath property and making an offer

Someone’s loss can be your gain. Fannie Mae foreclosure homes can be bargains, and the HomePath website lets you search easily for homes by area.

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Tags: Mortgage
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Atheism Good for Business? Why I Love the United States.

Posted by Oswald Goldstein on May 21st, 2011

One thing about people in the United States: even though we’re knee-deep in a depression, with bankruptcy cases to the right of us and the left of us, we’re looking hard for the next business niche that promises brisk business.

On the one hand, it’s made me a little nervous that Costco has been selling lots of survival food (did everyone get the memo but me?) to people who are concerned that our just-in-time inventory system is especially bad at handling disruptions.

But a recent news article told me that we would, as a country, go down swinging, and maybe even survive.

This story takes a moment for the set-up, but it’s worth the wait.

See, the vast majority of folks in the United States are Christians of some flavor or another, according to the CIA Factbook. Read full post…

Tags: States, United States
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Improving Means Test Results By Incurring Car Debt

Posted by Jim Karlson on May 20th, 2011

When a debtor calculates a Chapter 7 means test analysis he is entitled to deduct from income transportation expenses associated with ownership of a car. All Florida debtors can deduct from income a general transportation expense which is approximately $250. There is another deduction associated with the expense of owning a car known as the “ownership expense.” The ownership expense is calculated using the debtor’s car payment and a fixed allowance of about $500. Based upon a recent court ruling, debtors who own a car free and clear of any liens are not eligible to take any ownership expense despite the obvious costs associated with owning a car in Florida. The car ownership deduction is limited to people with car debt.

This past week I provided legal services to a woman who is a bankruptcy paralegal in a high-volume bankruptcy office located in Illinois. We discussed how her office handles car expenses in the means test. The attorney she works for recommends that prospective debtors who own cars outright get a very small car loan in order that the debtor qualifies for the car ownership allowance.

In Florida, for example, debtors get a $1,000 base car exemption. Most

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Tags: Debt, Means Test
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The Tough File Bankruptcy

Posted by Oswald Goldstein on May 20th, 2011

 Joseph P. Kennedy, Sr., patriarch of the Kennedy clan, was fond of saying, “When the going gets tough, the tough get going.” If you are struggling with overwhelming debt, the kind that keeps getting tougher and tougher, isn’t it time to “get tough” and “get going” on solving your financial problems?

Taking control of financial trouble is always good advice, and bankruptcy can be a useful tool in managing debt. Last year over 1.5 million individuals took control and filed bankruptcy, according to the National Bankruptcy Research Center. In fact, a recent survey concluded that one in eight American adults has either filed or contemplated filing for bankruptcy. Findlaw.com, an internet legal site, conducted this telephone survey of 1,000 adults and found that 13% of the responses have considered bankruptcy to remedy their financial difficulties.

When you file a bankruptcy case, you shift the balance of power from creditors and bill collectors to your side. The federal bankruptcy laws stop collection activity dead in its tracks. While your ban

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Tags: Tough, Tough File
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