All About Credit Score

Yes! Amendments to the Bankruptcy code in 2005 affect which State’s exemption law applies in your bankruptcy case. The law says that if you have not lived in your current State for 730 days or more (2 years), then the exemption law of the State where you lived in the last 180 days prior to moving to y our new State will apply. While this sounds somewhat technical, it basically means that if you have lived in one State, say Arizona, for more than 730 days Arizona law will apply, but if you have not lived in Arizona for the last 730 days then your old State’s law will apply. The important question is HOW can this affect my bankruptcy?

Under bankruptcy law, each State is allowed to create its own exemptions. Exemptions are important because they allow you to protect certain assets from your creditors in bankruptcy up to a certain dollar amount. For

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Tags: Exemption, Exemption Limitations

With Valentine’s Day around the corner, many Americans are likely thinking about ways to treat their loved ones, or considering their options for meeting a romantic partner. And in the age of online dating and connections, the Federal Trade Commission has issued a guide for keeping your personal information (and money) safe from identity thieves while you enjoy all Cupid has to offer.

Here’s a look at some of the FTC’s Valentine-specific warnings.

Know the Warning Signs for Valentine’s Day Scams

• Online dating & social networking: Online venues for meeting and interacting with people have ballooned in popularity in the last several years, but that doesn’t mean they’re always safe. The FTC sug

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Tags: Love, ‘i Love

Are you being sued by a former creditor?

The purpose of filing for bankruptcy is to discharge debt. Protect your discharge by taking action if creditors attempt to collect after bankruptcy.

I received a call yesterday from an old bankruptcy client. Nice guy, retired from the military. He and his wife were quite alarmed to receive a visit from the sheriff serving them with notice of a collections lawsuit on a debt they discharged in bankruptcy. I opened their file to double check that the debt had been included in their filing and sure enough it had been. We surrendered a parcel of vacant land that had dropped precipitously in value to the bank over a year ago. The bank received notice of the filing and the discharge, but now they were suing.

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Tags: Debt, Debt Might

This personal bankruptcy story was posted on the internet in January of 2011 as comments in a bankruptcy discussion: “My father still hasnt filed for bankruptcy and hasnt gained employment. Its really seeming very hopeless on the employment side and his depression/unmotivated attitude is keeping him from proactively searching for jobs. And now on top of it all. He totaled my car that I was storing at his apartment until he had a job so he could insure and drive it. I own the car and its uninsured. The other persons insurance is saying they will come after me since Im the owner. I have nothing and dont really know what to do. Theres a court date next Monday and Im not sure if I should go or not. W

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This personal bankruptcy story was posted on the internet in May of 2010 as a blog in a discussion on bankruptcy: “Due to loss of income (my husband is in construction and work has been very slow, even periods of no work), we have not made payments to credit cards, personal lines of credit, etc. Our total debt is $190,000. We have been issued a court summons from American Express, for $11,000 unpaid balance. Should we file bankruptcy?”

A good rule of thumb for determining if you are bankrupt is to ask yourself whether your current income is enough to pay your current living expenses, plus, is it enough to reduce all your current debts outstanding within a period of five years? If the answer is no, then you are probably bankrupt, and you need to consider looking into filing for bankruptcy protection. In Read full post…

Tags: Bankruptcy, Filing Bankruptcy