You have been paying your bills late. Deciding strategically each month which bills get paid. Then it all catches up with you. Maybe you had to miss extra days of work unexpectedly or lost your job. Whatever the reason, you are no longer able to make the monthly minimums. Then the calls start. First, it is one or two calls a week. Then it is every day, multiple calls each day. You waiver between just putting your phone on silence, afraid to answer the next call, to being scared you will miss an important call regarding a job application, your loved ones, or kids’ school. You wish you could just pay off all your bills and stop the calls. However, unless you win the lottery or get the huge promotion, you know that will not happen soon. Should you change your phone number? Block every call you do not recognize? What can you do to stop the creditors from harassing you? Keep reading for the 5 best ways to get creditors to stop calling you.
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If you are about to lose your home to foreclosure, it is a good reason to start thinking about bankruptcy as a fresh start. Make sure to consult with a qualified bankruptcy attorney immediately. If you wait too long, it may be too late to save your home. Starting the bankruptcy process can halt the foreclosure process, which may give you the necessary time to save your home.
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All of my clients want to know how quickly they can recover their credit score and so here is the answer. If you are proactive you can have a six eighty or six 90 credit score. Two years after we file the bankruptcy petition the way that you do that is you obtain a credit card immediately after we file. You start using the card responsibly and you only charge 50 percent of the limit on the card and you pay that off every single month. If you do that for two years you're going to have a 680 credit score in two years.
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When debtors file Chapter 13, all disposable income is paid into the plan and used by the trustee to offset plan expenses. Only regular income, not considered disposable, is the income used to establish and make plan payments and pay reasonable expenses, such as: housing, food, and transportation. Tax refunds are considered disposable income and, typically, must be paid into the plan.
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There are times during a bankruptcy proceeding where a creditor will decide to challenge the automatic stay. The purpose of challenging the automatic stay is to allow the creditor to move forward with any legal action against you for the debt that you owe them. A preliminary hearing on the request to lift the stay is held within 30 days, followed by a final hearing within 30 days after the preliminary hearing.
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Everything You Need to Know About Divorce and Bankruptcy You have probably heard the commonly-cited statistic that about half of all marriages end in divorce. A sizable number of those whom have experienced divorce will also find themselves in need of bankruptcy protection. Family law and bankruptcy law intertwine in several ways. This post outlines some of the ways marriage, divorce, and bankruptcy laws are connected in Arizona. Community Property Law in Arizona Arizona is one of a handful of states with a...
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When filing a Chapter 7 and 13 you must:
1. Reside, be domiciled, or have property or a place of business in the United States (U.S.). A person does not have to be a U.S. citizen to file, nor live in the U.S., if they have assets in the U.S.
2. You can file if you do not have a prior Chapter 7 discharge or it has been more than 8 years, or 6 years since a Chapter 13 discharge.
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Whether you are only considering bankruptcy, or currently in the middle of one, you are probably already looking ahead to the future. Life after bankruptcy may seem scary, but it is actually pretty great! The feelings of stress and anxiety you felt while drowning in debt will have melted away, and you can begin to focus on planning and preparing for your new life. The primary concern for many people coming out of a bankruptcy is rebuilding and repairing credit. If you are wondering how to begin improving your credit score, this post may provide some insight on establishing a solid credit history post bankruptcy.
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Deciding to file bankruptcy is a really personal decision. But there are a few red flags which probably mean it's a really good option. So if you're considering going into your retirement account and borrowing money to pay off unsecured debts like credit card debts and medical debts, that's a pretty good sign that it might be time to file bankruptcy. Look your retirement funds are earmarked for your retirement. They are 100 percent exempt in bankruptcy. So if we file a bankruptcy for you nobody can touch your retirement account. So why would we take the money out of your retirement account and pay off debts that are dischargeable in bankruptcy. It probably doesn't make sense.
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Can I file? For the most part, when people seek out bankruptcy relief they are seeking the type of relief offered through chapter 7. To file, you must:
• Reside, be domiciled, or have property or a place of business in the United States (U.S.). A person does not have to be a U.S. citizen to file, nor live in the U.S., as long as they have assets in the U.S.
• You are able to file if you do not have a prior Chapter 7 discharge or it has been more than 8 years, or 6 years since a Chapter 13 discharge.
• Within 180 days before filing the bankruptcy petition, you must receive credit counseling briefing from one of the approved nonprofit agency that focuses on budget and counseling.
• Be subject to a means test to determine how your income compares to Arizona’s median income and whether or not you qualify to file under Chapter 7.
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