All About Credit Score

Bill consolidation is an actual topic today as more and more average consumers continue to seek ways to better manage and lower debt. Loans are one of the best tools to finance your emergency needs. The bill consolidation market is filled with a large number of consolidation options that are designed to meet the diverse needs of borrowers.

Loans can become a lifesaver if you have them put to good use and pay on time. But if you have defaulted on loan or missed a payment by credit card, your report will be marked as bad credit. While bill consolidation can help you manage your debts effectively, when you are looking for a way to debt freedom.

First, you must understand that you are not the only one that has debt problems. Read full post…

Tags: bill consolidation

Your Current Monthly Income Affects Eligibility for Chapter 7 Bankruptcy

The term “current monthly income” (CMI) is an important concept in bankruptcy that courts use in several “bankruptcy tests”. For example, your “current monthly income” is important because it can effect whether you are eligible to file in a Chapter 7 bankruptcy, and in a Chapter 13 bankruptcy, whether you are considered an above median or below median income debtor. Being classified as an above or below median income debtor in Chapter 13 has important implications for the length of your plan and how much you must pay.

How is Current Monthly Income Determined?

In Chapter 7, “current monthly income” is determined by looking at your average monthly income from all sources during the last 6 months before your file bankruptcy. In Chapter 7 “c

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Tags: Bankruptcy

Can you protect your inheritance that your receive after filing for bankruptcy?  This is kind of an interesting circumstance. If you know or if the debtor knows that they are going to inherit something coming up pretty soon, it could be subject to being taken by the trustee. Up to six months after filing, if the debtor comes into some kind of big inheritance, they technically have to let the trustee know. So, if somebody has an ailing parent who has a terminal illness and theyre going to leave a big estate behind, we dont want to file the case. It almost never happens, but Im just letting you all know. Every once in a while something will happen in between the filing of the case and the time that the debtor attends the 341 meeting of creditors.

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Tags: Bankruptcy, Inheritances Bankruptcy

Federal Position Shifts on Same-Sex Joint Bankruptcy Filings

The Associated Press published an article July 8, 2011 stating “Federal officials no longer plan to contest joint bankruptcy pleadings brought by legally married same-sex couples…” the article then goes on to explain the position shift and the story of the married men in California that were the subject of the case that brought the issue.

What are the Implications?

So what does this mean practically? Nothing unless you’re a legally married same-sex couple in financial distress. If you are a legally married same-sex couple in financial distress then it means that the bankruptcy process just got a little bit easier for you. Instead of filing a petition each, you can file one (with only one filing fee) together. You don

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Tags: Bankruptcy, Joint Bankruptcy

According to a University of Michigan Law School study, bankruptcy among seniors nationwide has doubled in the past eight years, from 3.5% to 7%. The study pointed out inflation, savings, and health issues are the main causes for the dramatic rise in bankruptcies among the elderly. The study dealt mainly with seniors 65 years of age and older.

Many seniors have difficulty finding employment again, and with their capacity to earn additional money to help them against inflation, they get behind fast. To compensate for their inabilities, the seniors are no different than their younger counterparts. They will use their credit cards to make ends meet, making credit card abuse another factor in driving seniors to bankruptcy.

Another alarming statistic is found in the demographic group of citizens nearing the magic retirement age of 65, the 55-64 year old age group.

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Tags: Bankruptcies Double, Double