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Considering Bankruptcy Or Debt Settlement? Here Are Some Things To Consider.

April 24th, 2011

Your credit is trashed right now anyway. Debt settlement will most likely stay on your credit for 7 years after it is settled. If you are not able to settle all your debts immediately, how long will it take before this clock starts ticking? Chapter 13 Bankruptcy stays on your credit report for 7 years from the date of your filling. So the clock starts immediately. Chapter 7 Bankruptcy stays on your credit for 10 years, but you start over with almost no debt in most cases. This is attractive to some lenders. In fact some people have found they start receiving credit offers immediately upon discharge from a chapter 7 bankruptcy.

Our country is in great financial turmoil right now. Families, Friends and Neighbors are hurting right now. If you are considering taking help to settle your debts from your family, or friends, make sure they can really afford to give you that help. They want to help you, but don’t drag them down if it might mean them loosing their retirement, or their home someday. We have some tough days ahead of us yet.

The Tax Man. Debts discharged in a bankruptcy are not taxable, though not all debts are discharged. This is a good thing to discuss with a bankruptcy lawyer. When a creditor “forgives” part of a debt you owe them, they must report this to the IRS. Depending on your situation, you may owe taxes on this “forgiven” debt. Please check with your accountant or tax preparer for more information. Taxes are not usually dischargeable in bankruptcy.

A quick note on things and our emotional attachment to them. Right now you are in a mess. Many people are. You are not alone. Do everything you can to avoid this, but when you reach the end, and you can do no more, let your pride go, and get your family back on a healthy road. If you need to let go of your house to have an affordable life, then let it go. Yes it will hurt. It hurt me and my wife when we let go of ours. It hurt really really bad. But, there is light on the other side. It does get better. Take care of your family.

If you allow your creditors to make this personal for you, you will lose. They plan for losses, that is why they charge outrageous rates. You are in circumstances beyond your control. Get the best deal you can, and move on with your life. Remember that you are only a number to them. Don’t let them get you upset, or push you for more than you can provide. This time will pass, and there will be better days ahead.

Make sure you know all your options. In getting to this point you may not have been paying much attention. This however, is not something you can ignore. For every option you consider ask yourself, “Is this the best course of action for my family? Or is this helping my creditors while dragging me along?” You have to answer these questions in your own way, but you need to know all the details of the different options. Talk to a credit counseling agency. Get information from some different debt settlement firms. Get a free consultation with a bankruptcy lawyer. Make sure your decision is well informed.

We all have rough seasons in our lives. A good way to see the other side is to learn some new skills. These new skills will help you in the mean time, and can help future generations, friends and neighbors if you will share your experience. Decide what skills you need to turn your life to a better path. Do you need new ways to make more money? Do you need to learn better money management? Can you help to teach others to be ready for rainy days and rough seasons? Share your experience and help bring some greater meaning to your rough times.

Are you at the end of your rope? Want to learn from my experience? Visit to learn more. If you are looking for a great bankruptcy lawyer please visit Bankruptcy Attorneys.


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Will you be an April Fool next year,or can a debt settlement firm or bankruptcy attorney save you?

April 17th, 2011

Has there ever been a more appropriate day to talk about our obsession with having everything, our societies push to keep up with the Jones’, and the constant barrage of just buy IT? April Fools is it!! Creditors slowly enslave people and cry foul when they are challenged by a debtor. I played by the rules. I was a perfect customer for years and years and years. Like sharks in tank filled with blood creditors cruise around looking for their next meal. People and families are destroyed by their hunger for higher and higher returns and profits.

They entice you, “Just one little bite, you will love it!!” Then you will want more and more and more!! It’s free for just a little bit every month ;-) . Then, after you have a heavy weight on your back, we will start changing the rules on you. And heaven help you if you stumble in your race to keep up.

And if you should fall or be knocked over by fate, then not only do you have your own problems and concerns to deal with, you have a great many new friends who want to talk to you everyday at the most inconvenient times. They want to tell you how you owe them your blood and your life. It does not matter that they changed the rules on you. You know, that set of rules they change more and more to their favor every year when they send out those interesting notices in copy you can’t possible read. Their lawyers create a new version for them to twist you in new and deceiving ways. They can hire lawyers you see, they are making great returns off of you. You must still have some blood in you somewhere they can squeeze out. You knew better, but now they own you.

April fools if you think the government will help you!!

Teach your children how to handle and manage money. Let’s dig out of this hole we are in as a country. Things do not bring happiness more than a short while. People and families do matter. Let’s start taking care of them and nourishing them again.

For now, it’s time to admit your mistake, face the consequences, and move on with your life. Everyone makes mistakes. I did. Take your life back. Talk to a credit counseling agency. Talk to a bankruptcy lawyer. Talk to a debt settlement company. Get all the facts, and make a decision. You spent time getting here, now commit the time to get back. Your creditors have lawyers lined up against you. If you need a bankruptcy attorney or debt settlement lawyer to protect you and your family then April Fools on them and good for you. You matter!! Your family matters!!

Looking to find more information on bankruptcy, then visit www.bankruptsc.com to find the best advice on bankruptcy attorneys .


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Top Advice On How To File Personal Bankruptcy For Someone

November 9th, 2010

Filing for personal bankruptcy is a large step that should be given serious thought prior to initiating the process. It is a good idea to have a lawyer involved to help fill out and file all the paperwork, but also to help make the final decision on filing or not. These are the steps for an individual on how to file personal bankruptcy.

Bankruptcy is a legal procedure that someone will take to help them when they are mired in debt that they are unable to pay. By filing bankruptcy a person has the opportunity to remove the debt that they had accumulated but there will be a major impact on their credit report from it.

Standard personal bankruptcy is made up of two common types, Chapter 13 and Chapter 7. The two filings are similar to each other but the differences on how each deals with debt repayment and assets make it important for someone to hire a lawyer to assist them in understanding the differences and how they will work in their particular situation.

Over the past few years the economic turmoil that is going on around the world has led to more bankruptcy filings. In 2007 413,294 people filed Chapter 7 and 276,449 filed Chapter 13 bankruptcies. In 2009 those numbers were significantly higher with 819,262 filing for Chapter 7 and 370,875 filing for Chapter 13 bankruptcies. Hiring a lawyer to sift through the amount of paperwork required to file bankruptcy will pay large dividends, especially with the number of filings up and any inaccuracies can lead to large delays.

The most common type of bankruptcy filing in the United States is Chapter 7. This type of filing occurs when someone has a tremendous amount of debt but not many assets. When Chapter 7 is filed then an individual would use any assets they have to pay creditors. Although many debts will be written off, student loans, income taxes from the past three years, and child or spousal support cannot be taken away.

If a person is behind in mortgage or car payments, among other things, then the person would, likely, file Chapter 13 bankruptcy. To file this type someone would still need regular income because the creditors would be assigned a part of the person’s future income. So, whereas Chapter 7 provides a person full debt relief Chapter 13 almost renegotiates the terms of repayment.

With the major differences between the two most common types of bankruptcy filings it is important for someone to have a lawyer help them through the decision making and filing process. For many people it will come down to weighing the advantages and disadvantages of each as far as debt and assets are concerned.

The filing process for either Chapter 7 or Chapter 13 is a long, detail oriented process. If paperwork is not filled out correctly or not turned in the process will be delayed or, possibly, denied. Having a bankruptcy lawyer that is aware of the filing requirements will pay great dividends.

With the economic turmoil taking place in the world today many people are facing possible bankruptcy filing. There are two most common types of filings and it is important to make the right decision on which one to file. Having a bankruptcy lawyer available to help with the process will help anyone better understand how to file personal bankruptcy.

Not sure how to file personal bankruptcy ? Get inside info now in our complete guide to the best bankruptcy lawyer .


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Yes, You Can File Bankruptcy Again!

November 3rd, 2010

I, like many other Orlando bankruptcy attorneys, do not like repeat customers. Referrals are the backbone of my business, but a repeat customer is someone who, after receiving bankruptcy relief once, has met with financial troubles again. While I’m sorry to see them back in a difficult situation, I am happy to say, I can usually help my client get debt relief again.

Many people believe that bankruptcy is a “once-in-a-lifetime” deal. In other words, they think that once you have filed, you cannot file again. This is simply not the case. When a previous client calls me about possibly filing bankruptcy a second, or even a third time, I explain the following:

Since life can be “unfair” and it is impossible to predict a future financial disaster, bankruptcy laws do not prohibit you from receiving debt relief by filing bankruptcy again. In light of the recent economic downturns, people have lost their jobs, incurred medical bills or other unforeseen emergencies that put them in a position in which they again feel their best solution is to file bankruptcy.

So, let’s break it down. First, you may file a Chapter 7 bankruptcy once every 8 years. Section 727(a)(8) of the Code says as much.

If your last case was a Chapter 7, and you are within the 8 year window and cannot file another Chapter 7, then you may file a Chapter 13 bankruptcy if 4 years have passed from the time you filed the Chapter 7. See Section 1328(f)(1) for that one.

If your last case was a Chapter 13, then you must wait 6 years from the time you filed the Chapter 13 before you can file a Chapter 7. However, you can still get a Discharge from a Chapter 7 case filed within the 6 years from filing the previous case if the Chapter 13 payment plan paid either 100 percent of all allowed unsecured claims or paid 70 percent of such claims, was proposed in good faith, and represented your best efforts. Section 727(a)(9) is where to go for this.

If two years have passed since your last Chapter 13 case, you may file another Chapter 13 bankruptcy.

There are exceptions to the 2 year rule for Chapter 13 bankruptcies. In general, multiple filings occur in conjunction with avoiding home foreclosure. If you can show your circumstances have changed and that you could continue to make payments resulting in a successful outcome of your case and that the Judge rules in your favor, you may file a new Chapter 13 within the 2 years.

Navigating the timelines involved in these cases can be tricky and it is a good idea to talk to experienced Orlando bankruptcy attorneys about your specific situation before making a decision on whether you can file bankruptcy or not.


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Losing Your Health Care Can Be The Most Damaging Part Of Losing Your Job

October 30th, 2010

Losing your job is a very stressful prospect but not unusual in this economy. In Chicago unemployment is at 9.9%, just slightly higher than the 9.6% national average. Both numbers are as reported in September 2010.

Not having medical insurance is expensive. Paying for your own health coverage costs a fortune. Additionally if someone in your family is involved in a major accident the resulting medical bills can be enormous and detrimental to your finances.

Some people didn’t lose their job but lost their insurance. This can happen when a business is trying to keep from firing employees so they cut costs in other areas instead.

There are some major warning signs that your medical bills may be getting the best of you. First, you want to avoid putting your expensive medications on a credit card with a high interest rate that you will not be able to pay off at the end of the month. Another big mistake that people are making is taking out a loan against their house to pay off their medical bills. This is a reasonable idea in theory because your interest rate will be lower but the current real estate market does not make this a wise decision and puts your home in danger.

If you don’t have health insurance anymore it is a good idea to take some preventative measures. Change your diet and start an exercise program. Adding more fruits and vegetables and cutting down on fats and sugars is a great start. Adding a daily walk or trip to the gym can make a big improvement on your physical health.

If it’s too late to make changes for you and your medical bills are skyrocketing you need a good bankruptcy lawyer. Someone who knows a lot about bankruptcy law and can advise you on the differences between chapter 13 an chapter 7.

Looking to find the best bankruptcy lawyer, then visit www.changandcarlin.com to find the best advice on bankruptcy law for you.


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Use These Tips To Help You Choose A Chicago Chapter 7 Bankruptcy Attorney

October 28th, 2010

No one who is filing for chapter 7 bankruptcy wants to pay for the help of an expensive bankruptcy attorney. Stressful finances does not make a lawyer bill easy to swallow.

Use the steps below to find a great attorney who will stand with you through the chapter 7 bankruptcy filing.

1. Start Researching – You don’t want to wait until the last minute to find yourself a good lawyer. Giving them as much time as possible will allow your lawyer to better prepare your case. Starting your search early gives you time to talk with a few different lawyers so that you have a choice.

2. Find Free Services – Many law firms will offer free legal evaluations. This means you can meet with the lawyer and make sure that they can help you and that they are a good fit for your needs. It also gives you a chance to ask all of your questions.

3. Utilize Your Time – Use the time given to you in your free legal evaluation to ask all the questions you may have about filing for bankruptcy as well as financial and basic business practices of your lawyer. Now is the time to ask.

4. Weigh Costs- The reason your lawyer can give you a free consultation is that they stand to make a good amount of money if they are chosen to represent you. However you probably don’t want to hire the least expensive lawyer you can find. You want a local attorney who is well versed in bankruptcy law. If you’re concerned about prices get fees explained to you up front.

5. Educate Yourself – It is worth your time to sit in on a bankruptcy case in court. Not only will you get a better idea about the process but it will help you determine what you’re looking for in an attorney.

6. Get Recommendations – There are a lot of bankruptcy lawyers in Chicago. A personal recommendation goes a long way.

Once you have done your research sleep on your decision. Choose someone with great credentials that you feel comfortable with.

Want to find out more about chapter 7 bankruptcy, then visit David Chang’s site on how to choose the best attorney for your needs.


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Are You A Contender For A Miami Bankruptcy?

September 23rd, 2010

A visit with a Miami bankruptcy lawyer should be the last alternative for anyone in a financial bind. Once you file for bankruptcy, it can take up to ten years for it to be removed from your credit record. This means it will be challenging for you to get any new loans or credit. In addition, it will show up anytime you try to secure a new home, apartment, or job. If you are considering bankruptcy, be sure to consult with a bankruptcy lawyer and consider the following information to determine if bankruptcy is needed in your particular situation:

Does your outgoing exceed your incoming? No matter what you do, there is never enough money at the end of the month, especially if you or your loved one has lost a job. If you take two steps forward, and three steps back, you may want to consult with a bankruptcy attorney.

Is there a possibility of cutting back on current expenditures in your household? When you and your Miami bankruptcy lawyer discuss your situation, you’ll want to consider your current expenditures and look for ways to cut back so you can put more money towards debt. However, if you’re doing all you can, then you and the bankruptcy lawyer can review additional options listed here to prevent bankruptcy.

Have you finally tried to speak with a credit counselor? Getting a handle on your financial situation is what credit counselling services are for. They can help with debt consolidation, which will lower your monthly payments and allow you to breathe a little easier. This is a good source if your debt is not large enough for a bankruptcy.

You may consider filing a Miami bankruptcy depending on your personal situation and who else may be impacted. Another factor to consider when you’re looking into bankruptcy is your personal situation. Do you have a family? Will taking a hit on your credit impact your spouse or children in the long run? Is it just you, and the risk of bankruptcy only impacts you?

However, if none of these options are feasible for you, then you and your Miami bankruptcy lawyer may agree bankruptcy is the best option for you. You want to make sure you’re confident and comfortable with your attorney’s recommendations when it comes to filing for bankruptcy, as well. If you’re not, then it might not hurt to get a second or third opinion from other bankruptcy attorneys. After all, this is your credibility and livelihood we’re talking about, so you want to make the right decision for you and your family.

Want to find out more about bankruptcy, then visit Mike Lewis’s site on how to choose the best lawyer for your needs.


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Can I Keep A Credit Card When I File For Bankruptcy?

September 12th, 2010

The bankruptcy law is designed with the purpose of giving an honest debtor a financial fresh start by discharging his debts.

So, if you are filing bankruptcy, why would you want to hold on to one of your credit cards?

I think the question is rooted in the fear many people have that, without access to a credit card, “What will I do in case of an emergency?” I remember when I was an impressionable, naive, 18 year old freshman in college, I asked my parents if it would be a good idea to get a credit card. After all, It came with a free t-shirt! They said “Sure, you can use it for emergencies”. Well, I found that there were plenty of situations, that, in my mind, qualified as an emergency, and therefore would allow me to employ the services of the trusty credit card.

While my “emergencies” may not have qualified, there is no question there are real emergencies in life, and it is always good to have a backup plan to get you through those dilemmas. However, wouldn’t it be satisfying, if, instead of relying on that credit card to bail you out, to be able to do it yourself? This is returns us to the financial fresh start intended by the bankruptcy law. Once you have liberated yourself from the burden of your debts, you can concentrate on building your savings. After filing bankruptcy, take that $100/month you were devoting to credit card payments and pay it to your savings account instead. Now you can apply yourself to rebuilding your credit without the worry of getting caught in the same trap.

Within a surprisingly short amount of time, you can create an impressive emergency fund. Get a flat tire? You’re covered. Tooth starts aching and need to run to the dentist? No need to pay for that trip to the dentist for a year after your tooth is fixed if you have an emergency fund available to cover the cost.

Filing bankruptcy requires that the Debtor list all of his or her creditors in the bankruptcy petition. This is something I advise all of my clients to do, and that everyone who files for Chapter 7 or Chapter 13 declares under penalty of perjury has been done. I’m not as naive as I was in college, so I know that not all of my clients listen to my advice and adhere to it.

I know, for example, that some clients have tried to keep a credit card out of their bankruptcy in the hopes that they could use it. Problem is, even if you don’t list a credit card in your bankruptcy petition, your creditors will know you’ve filed (they subscribe to services that flag accounts of their customers who file for bankruptcy) and they will deactivate the account. Then, you’ve got no credit card and no disclosure of the debt in your bankruptcy. Not good.

Why not take control of your financial life by rethinking the notion that you need a credit card to help you out in an emergency and depend instead on your own emergency fund that will don’t have to get into debt to have access to.

Learn more about bankruptcy. Stop by K. Hunter Goff’s site where you can find out all about this bankruptcy lawyer and what he can do for you.


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Filing Bankruptcy: 5 Do’s And Don’ts

September 11th, 2010

It is surprising how often, as an Orlando bankruptcy lawyer, I wind up advising clients NOT to do something they planned to do before they came to see me about filing bankruptcy. Many times, they had a feeling they shouldn’t do whatever it was in the first place, but were coming to see me for clarification and certainty. Some of these plans, if seen through, could seriously jeopardize their bankruptcy case. I’ve put together a quick list of 5 things you should or should not do when filing bankruptcy.

1. DO: Disclose all of your assets and all of your creditors in your Petition

Your bankruptcy petition is the paperwork they you fill out and your bankruptcy lawyer later files with the Court. The Debtor, the person filing bankruptcy, must reveal all of their assets and all of their debts in this petition. This is one of the main prerequisites when filing bankruptcy. In other words, you have to list everyone who you owe money to (including friends and family) and all of your possessions (even that old motorcycle your dad gave you).

2. DON’T: Contact the Trustee’s office if you have an attorney.

At a recent luncheon held by the Orlando Chapter 13 trustee, she made it abundantly clear to all the bankruptcy lawyers present that she did not want to hear from our clients, and, if she did, good would not come of it. She instructed the attorneys present to make sure our clients DID NOT call her office. When the Trustee’s office receives a call from a Debtor, they have to stop whatever they are doing and bring up that Debtor’s file. As they review the file, they look very closely to see if anything has been missed. Do they have all your tax returns and have you sent the refund to them? Is the Plan payment late?

3. DO: Always keep your bankruptcy lawyer informed of any income increases or decreases throughout your Chapter 13 bankruptcy.

When you enter into a Chapter 13 bankruptcy, it can go on for up to 5 years. Think of a Chapter 13 as a partnership between you and your bankruptcy lawyer. To reach the intended successful outcome, each party must perform their duties. One of the obligations of a person filing bankruptcy under Chapter 13 is to ensure their bankruptcy lawyer is aware of any changes in their income, whether an increase, or decrease, during the entire case. While you may be hesitant to let your bankruptcy lawyer know about an income increase, you must keep in mind that it does not always result in an increased plan payment.

4. DON’T: Give away or remove your name from expensive assets you own before filing bankruptcy.

This is a BIG Don’t. It just doesn’t sound right when you say it out loud does it? Go ahead, re-read out loud what comes after the “Don’t” above, I’ll wait. There, see? It doesn’t sound right because it’s not. In fact, the law has a name for the act of transferring property a Debtor owns to someone else prior to filing a bankruptcy: FRAUD. Don’t do it, no matter what trusted friend or relative is advising you to do so.

5. DO: Disclose everything!

If there is one thing that every experienced bankruptcy lawyer tells their clients, and that is to disclose everything. In other words, if you are not sure whether or not you should list something in your bankruptcy petition, list it. It could be that it was not important and nothing is lost by disclosing it. Alternatively, what if you don’t list it and the Trustee uncovers it and believes you were trying to get away with something shady and misleading. If the second, you could be in a lot of trouble. So what you should take away from this DO: inform your bankruptcy lawyer about everything.

There are definitely a lot more Do’s and Don’ts when filing bankruptcy, if you are considering filing bankruptcy, these 5 will get you started on your way to a successfully Discharged case.

Looking for help with filing bankruptcy? Then visit www.khuntergoffpa.com to find the best Orlando bankruptcy lawyer for you.


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In Chapter 13 Bankruptcy, What’s The Plan?

September 4th, 2010

It helps to have a plan. In life. In business. In relationships. Plans are good things. So to, in Chapter 13 bankruptcy, having a plan is not only a good idea, it’s the law!

As an Orlando bankruptcy lawyer, I help my clients formulate a Chapter 13 payment plan to accomplish their financial goals. Depending on my client’s situation, through their payment plan, which can usually last anywhere from 36 to 60 months, I can help them catch up a mortgage payment, eliminate a second mortgage altogether, wipe out credit card debt, save money on a car loan, or handle IRS debt.

The Debtor, the person filing the Chapter 13 bankruptcy, has to file a payment plan at the outset of the case. The plan’s job is to tell everyone what goals the Debtor wants to achieve during the time the Debtor is in bankruptcy. The plan also instructs creditors how they will be dealt with, and tells the Chapter 13 Trustee who to pay and how much to pay each creditor.

The Debtor has several options to choose from when creating a chapter 13 plan. Too often in Court I see folks try to develop a plan with no idea how to express what they want to do in the plan in a way that can be understood by anyone. The result is that the plan gets objected to, or the Debtor’s case gets dismissed by the Trustee. This is bad because then the Debtor has filed bankruptcy and got nothing from it.

If you want a good result from your Chapter 13 case, hiring an experienced Orlando bankruptcy lawyer is a great place to start. In almost all of my cases, so long as my client keeps up with the Trustee payment during the plan, my client will never see the inside of the Bankruptcy Court. Even better, my clients will have met all of the goals they wanted to achieve when their case was filed.

In Chapter 13 cases, it’s all about having a plan. A plan that gets you through the Chapter 13 process and wipes out your debt is even better.

Learn more about Chapter 13 bankruptcy. Stop by K. Hunter Goff’s site where you can find an experienced Orlando bankruptcy lawyer and learn how he can help you.


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