We have been conditioned by stores and banks that we “have” to purchase gifts, and expensive gifts at that, for friends and relatives for every possible occasion: Christmas, New Year, birthdays, anniversaries, weddings, baby showers, Mother’s Day, Father’s Day, reunions, retirements, graduations, housewarmings and more. The gift-giving expenses snowball, and …
Can you file bankruptcy if you filed before?
Yes, as long as the previous case has been closed. However, you many not have the full benefits of bankruptcy protection and bankruptcy discharge, depending on how long ago you filed previously, how many previous cases you had, whether the previous case was Chapter 7 or Chapter 13, and whether …
What happens to joint or co-signed loans or leases when you file bankruptcy?
If you have any any joint or co-signed loans or leases, typically your liability for them will be cleared when you file bankruptcy, if the debt is of type that can be discharged. For example, if you co-signed a student loan, your liability for the student loan will not be …
How long will bankruptcy stay on your credit report?
According to a report by Fair Issaac, a company that issues FICO credit scores, Chapter 7 bankruptcy remains on a person’s credit report for up to 10 years from the date the case was filed. In contrast, completed Chapter 13 bankruptcies typically get removed faster from the credit report – …
Will the bankruptcy trustee watch your YouTube videos and check out your Facebook posts?
Maybe. The bankruptcy trustee‘s job is to make sure that he examines your financial situation carefully to see if your creditors should be paid – and if yes, how much. The trustee will prepare a report with his recommendations and give it to the judge. In most cases, the judge …
Can we live without credit cards?
Yes. Really, we can. This is a question prospective clients often ask in one form or another. After all, if you file a bankruptcy petition, your credit cards would usually be cancelled by the banks, and you would have very limited access to credit while the case is open. Banks …