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Archive for March, 2010|Monthly archive page

Can I still file for bankruptcy?

In Uncategorized on March 23, 2010 at 9:26 am

Most people have heard about the change to bankruptcy law that went into effect in 2005. Did the law change eliminate bankruptcy? No, it didn’t. The law changed the process for filing for bankruptcy. For most of my clients the law requires they produce more documents before they file. Documents like tax returns and pay stubs. They must complete two hour-long classes on line or by telephone. If they have higher than average income, they must show living expenses that prevent them from paying off their bills.

The law still allows them to protect assets up to a certain amount. In fact, the law allows people to keep more assets than ever before.

So if you hear than you that the law changed and you can no longer file for bankruptcy, don’t believe it.

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Stopping lawsuits

In Uncategorized on March 18, 2010 at 11:08 am

Can you stop a law suit by filing for bankruptcy? You sure can. Filing a bankruptcy case stops all collection law suits and foreclosures. It protects you from your creditors obtaining garnishments and liens. And it does even more. Your creditors cannot contact you and they cannot collect from you. Filing a bankruptcy case is a powerful tool to protect yourself and your assets.

Credit scores can improve after bankruptcy

In Uncategorized on March 8, 2010 at 4:42 pm

Most people have a bad credit when they file bankruptcy. But they can rebuild their credit immediately after bankruptcy. 35% of a credit score is based on payment history. The further people get from missed payemnts, the more their scores improve. The best way to improve credit scores following bankruptcy? Stay current on debt that survive bankruptcy, like vehicle loans and student loans.

New foreclosure initiative limited to five states

In Uncategorized on March 3, 2010 at 9:50 am

President Obama’s newly announced $1.5 billion plan to help distressed homeowners is disappointing for two reasons. First, it is limited to five states and does not include Ohio nor Kentucky. Second, it does nothing to compel mortgage companies to modify loans. We’ve seen that incentive payments are not enough to get lenders to really help homeowners.

Negative Equity On The Rise

In Uncategorized on March 1, 2010 at 5:03 pm

The total number of US households with negative equity is 24% of all residential properties with mortgages. This represents an increase of 1% over the 3rd quarter of 2009. Five million people own homes with a mortgage debts exceeding home value by 25% or more.