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Category Archives: Bankruptcy Attorneys

Some Tips to Avoid Having Your Car Repossessed

The rate of default on car loans reached an eight-year low of 1.03 percent in May 2012 — but even at that rate, millions of vehicles will be repossessed in the United States this year. Below are some tips to avoid becoming another casualty of the repo man. 1. Communicate. If your personal finances have… Read More »

Excessive Consumer Spending Versus Economic Stimulus

Bankruptcy presents somewhat of a paradox. It is a deterrent to excessive consumer spending but can also serve as an economic stimulus. On a personal level, people understand that spending more than they earn results in financial problems. However, sometimes for a business to get off the ground, some investment risk is necessary. This is… Read More »

Could More Be Done to Bolster a Housing Recovery?

Today, foreclosure and filing for bankruptcy go hand-in-hand for many people. An article published by the National Association of Consumer Bankruptcy Attorneys (NACBA) addressed the need to accelerate the housing recovery. The author echoed the opinion of U.S. Federal Reserve Chairman Ben Bernanke in an address about the housing market that he gave to central… Read More »

How Effective Was the BAPCPA?

In 2005, Congress passed the Bankruptcy Abuse Prevention and Consumer Protection Act (BAPCPA) to reform bankruptcy and in an attempt to make it more difficult for abusive bankruptcy filings to occur. By definition, reform should improve an unsatisfactory condition. Forbes ran an article in 2012 that tax rebates boost bankruptcies. This fact suggests that tax… Read More »

How Does an Automatic Stay Affect IRS Debt?

The automatic stay in a bankruptcy case is a court order that stops creditors from collecting debt. This order also applies to revenue agents from the Internal Revenue Service (IRS). The automatic stay prevents the IRS agents from: Garnishing your wages Filing a lawsuit against you Demanding payment Seizing your assets Issuing tax liens Taking… Read More »

How Unperfected and Perfected Liens Work in Bankruptcy

Liens refer to secured property where the property is used as collateral for loans. To perfect a lien, the lender must file it with the correct legal authority. For example, a car dealership must file the lien with the Department of Motor Vehicles or whichever authority in the dealership’s particular state handles the filing of… Read More »

Filing Bankruptcy After Divorce Is Final

One advantage of filing bankruptcy after the divorce is completed is a shorter divorce than a divorce that proceeds concurrent with bankruptcy. Shorter divorces are generally less expensive. Recent changes from the Bankruptcy Abuse Prevention and Consumer Protection Act (BAPCPA) made it more difficult to discharge divorce-related debts in bankruptcy. You cannot discharge any divorce-related… Read More »

Filing Bankruptcy While a Divorce Is Ongoing

With a Chapter 7 bankruptcy, the process moves rather quickly and bankruptcy closes generally within three to six months of filing. However, when you are in the middle of a divorce and decide to file bankruptcy, the automatic stay puts a stop to divorce proceedings. The only legal actions not affected by an automatic stay… Read More »

How in Debt Are Average Americans?

If you carry a significant amount of debt, you are not alone. In 2009, Visualeconomics, whose information has appeared in BusinessWeek, Business Insider, U.S. News, and The New York Times, reported its analysis that the average American: Over a lifetime will pay more than $600,000 in interest Currently has a total of 13 credit obligations… Read More »

Breaking Down Deficiency Judgments

A deficiency judgment is a court order for debt payment. People most commonly think of a deficiency judgment in relation to a foreclosure. The homeowner owed the lender money on the mortgage, did not pay, and the lender foreclosed. However, the foreclosure sale of the home did not bring in enough proceeds to pay for… Read More »