LIBRARY

1. First Case Scenario: You own your vehicle outright and there is no loan on your car:You need to purchase insurance as it is required by the state you live in.2. Second Case Scenario: Your vehicle is secured by a loan:The insurance requirement depends on the district in which you file your bankruptcy case is. […]

The discharge and automatic stay The most important effect of filing for bankruptcy is the automatic stay. The automatic stay goes into effect when a bankruptcy case is filed. However, if you had a bankruptcy dismissed within one year prior to filing, the automatic stay is in effect for only 30 days. In these cases, […]

Once you have added up your assets and liabilities as well as your income and expenses, you will have a much better idea of your overall financial picture – and along with this, a better idea of where you may be headed financially in the near future as well.  You now have the ability to […]

With easy financing over the past several years, many people have fallen into the trap of “buying now, paying later.” Unfortunately, the value of the assets we purchase with credit rarely hold their value – and may end up costing us hundreds or even thousands of dollars more than the original purchase price.  Like assets, […]

Expenses is an area that many people do not like to talk about. Before considering bankruptcy, let’s look at your expenses first. It is, however, an area where even the smallest changes can make a huge difference in your life. If you find yourself in a situation where you have more month left than money, […]

Assets are basically what you own. Before thinking about bankruptcy, let’s look at your assets. Assets can include your home, your car, and even your savings account. Regardless of whether or not you owe any money on the item, it will still be considered an asset. Adding up all of your assets can truly be […]

In today’s harsh economy, more people than ever before are considering filing bankruptcy. Oftentimes, people simply do not know where else to turn – especially when the bills come in faster than the income. Although it seems like there is no way out, there are some things to consider prior to taking the next steps […]

The Means Test, simply stated, is an examination of an individual’s finances to determine if he or she is eligible for government assistance. This test was used during the Great Depression to determine a family’s eligibility for Home Relief. In the 1960s it was used to issue food stamps. In 2005, the Bankruptcy Abuse Prevention […]

No one enjoys repeated phone calls from mysterious numbers with voice messages containing the following: “we are calling to discuss an important business matter concerning [you!]” . There are a few things to know when speaking to a debt collector that can help you understand your rights and their motivations. 1. Debt collectors are not […]

Yes, you must include all of your creditors in your bankruptcy schedules. A creditor is defined inthe Bankruptcy Code as “an entity that has a claim against the debtor that arose at the time ofor before the order for relief concerning the debtor.” This means that anyone you owe money toat the time your bankruptcy […]