Posts Tagged With 'Bankruptcy'

Bankruptcy: What You Need to Know

By Oliver Dalrymple  Jun, 11, 2011  

Filing personal bankruptcy is becoming more common, especially in this tough economy. Some of the stigma associated with bankruptcy has disappeared over time. People use it to wipe out debts, stave off foreclosure or just start over. Still, while it’s nothing to be ashamed of if you feel it’s your best option, you need to be aware of the ramifications of filing. It affects your credit report for 7-10 years and can negatively impact interest rates on credit cards and loans and even insurance premiums. Bankruptcy can negatively influence prospective employers. It also usually won’t eliminate child support, most student loans or taxes owed.

Bankruptcy is a Serious Undertaking

Something this important to your financial future should not be taken lightly, and one of the biggest players in this undertaking will be your bankruptcy attorney. Accor

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Another Way To Protect Your Income Tax Refund When You File Chapter 7 Bankruptcy

By Jasmine Pinschof  Jan, 24, 2011  

At this time of year, many people filing Chapter 7 bankruptcy lose their not-yet-received income tax refund to the bankruptcy trustee.

The generally applied rule here in eastern Oklahoma is that if a person files his income tax return, then files Chapter 7 bankruptcy before he receives his income tax refund, the Chapter 7 trustee will likely demand turn over of the refund (except for any portion due to the earned income credit) when the debtor receives it if the refund is of a significant amount (generally $1,500 or more).

This is why I always make sure that my clients who expect to receive an income tax refund know that they need to get their refund in hand and spend it on reasonable and necessary expenses before filing their bankruptcy case.

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Bankruptcy Effects to Your Credit Score

By Michael McConachy  Sep, 15, 2010  

   Generally, a bankruptcy is the least desirable choice for you when you finances have gotten out of control. However, if your financial standing has been going down for a while, your credit score is likely so bad that filing a bankruptcy does not do much to make it worse. Bankruptcy could offer relief in a way that it puts a stop to the never-ending demand letters and telephone calls from creditors and collection agents. Its effect on your credit standing depends in part on the type of bankruptcy you will file. The Chapter 13 bankruptcy is also known as reorganization. It lets you keep certain property like a car or a mortgaged home that you might have lose otherwise. Reorganization lets you pay off your default in a three year or five year time rather than surrendering your property. I Read more…

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Should You File for Bankruptcy?

By Jasmine Pinschof  Jul, 31, 2010  

Filing for bankruptcy is one of the worst entries that can be found on your credit report. It can very ruin your credit score and cripples the potential for borrowing credit in the future. A bankruptcy filing can continue to affect your credit long after it has all of your credit report which will typically take 7 to 10 years since most of the creditors are liable to ask you if you have ever filed for bankruptcy in the past. The law requires every consumer to answer truthfully to the questions of the creditor and failing to do so makes you guilty of fraud which can lead to prosecution. It is always better to pay off your debt and avoid bankruptcy. Filing for bankruptcy can also have an effect on the self-esteem of a person as it may lead to a feeling of being a failure even years after filing.

It is definitely better to avoid bankruptcy if you can.

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