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Author Archives: Jeff Aleman

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What is a “means test?”

The two most common forms of personal bankruptcy are Chapter 7 and Chapter 13. In order to determine which one you qualify for, you must pass a “means test.” The means test was instituted in 2005, when the United States changed its bankruptcy laws, in order to prevent wealthy people from declaring bankruptcy and avoiding… Read More »

What are some recent changes to bankruptcy law?

New bankruptcy laws went into effect in 2005, changing the rules substantially.  Under the old rules, most filers could choose the type of bankruptcy for which they wanted to file. This allowed people with higher incomes to file for Chapter 7 bankruptcy, even when they had the means to file for Chapter 13 and pay… Read More »

Can I Buy a Home After Filing for Bankruptcy?

Many people think it’s impossible to buy a home after filing for bankruptcy. Unfortunately, there are many bankruptcy myths. The good news is, this couldn’t be further from the truth. Not only is it possible, but you don’t have to wait ten years, either. Of course, you will have to wait until you can re-establish… Read More »

What Should I Bring to My Meeting With My Bankruptcy Attorney?

In life, it’s absolutely important to be prepared. This is also true when preparing to meet with an attorney. If you are considering filing for bankruptcy, your first meeting with your bankruptcy attorney can end up being a big waste of time if you don’t come to the meeting prepared. Following is a list of… Read More »

What is a Credit Score?

Your credit score can make or break you financially. It determines whether you can get a loan or credit card, it determines whether or not you’ll get a high or low interest rate, and it can even help you get your utilities turned on in your new home or apartment. A credit score is a… Read More »

What Are Some Good Ways To Rebuild My Credit?

One of the biggest concerns we hear from our bankruptcy clients is how they can repair and rebuild their credit after their bankruptcy filing. This is a valid concern, but the reality is your credit will be better post-bankruptcy than pre-bankruptcy. If you are thinking of filing for bankruptcy, you are probably behind on many… Read More »

What is the Fair Credit Reporting Act?

The Fair Credit Reporting Act (FCRA) promotes accuracy and privacy of information in consumer reports. According to this act, you have the right to review your credit report and have any incorrect information rectified. The FCRA was enacted in 1970 and has been substantially amended several times since then. Below is a summary of your… Read More »

What You Should Know about Credit Cards and Bankruptcy

Many myths circulate about bankruptcy.  Some people fear that after they file, they must wait 10 years before applying for a credit card.  Or they may believe that no financial institution would ever agree to issue them a credit card until 10 years after the date they filed bankruptcy. Fair Credit Reporting Act One way… Read More »

Bankruptcy Law Changes and Bankruptcy Alternatives

Despite stricter laws, economic conditions have led to a steady increase in bankruptcy filings over the past few years. And bankruptcy does not seem to carry the same social stigma that it did at one time. The fact remains that many individuals who filed bankruptcy at one point went on to become very successful businessmen,… Read More »

When Do People Lose Their Homes in Bankruptcy?

One of the main concerns about filing bankruptcy is whether or not you can keep your home.  Because there are many different situations and choices of bankruptcy chapters, various factors come into play in determining whether you keep or lose your home.  There is no substitute for discussing your financial circumstances with an experienced bankruptcy… Read More »