Credit Score Magic

As part of the ever growing blawgosphere, we here at National Bankruptcy Forum come in contact with marketing savvy bankruptcy attorneys everyday. Many of our tech savvy members actively advertise their law firms on television and Youtube, so we thought wed have a little fun and highlight some of the best performances by bankruptcy attorneys on TV and online.

What better way to start than with the Debt Relief legal Clinic in San Diego, CA. Currently run by John C. Colwell, the Debt Relief Legal Clinic has been helping San Diego residents get out of debt since the 1970s. John Colwell is not only one of the original contributors to NBF, hes also responsible for some of the best damn lawyer TV ads of all time. Undoubtedly, well hear from John again in this series, but for now, sit back and enjoy the often imitated, but never duplicated, Bankruptcy is Scary spot.

Read more…

Whether you are filing for bankruptcy pro se (without an attorney), or filing with a bankruptcy attorney’s assistance, you should have a current copy of your credit report. Everyone is entitled to one free credit report from all reporting agencies in any twelve-month period. There are three credit reporting agencies and you can request a report from each agency individually, or from all three at once. There are pluses and minuses to each of those options.

In most cases, each credit reporting agency will report similar information. By having all three at once you can compare the contents to ensure they each do have the right information. However, you cannot then obtain another copy for at least twelve months (unless you pay). Alternatively, you can obtain a credit report every four months by staggering your request from each reporting agency. By staggering these reports, you can pick up on any new information as it is added. Which option is best? It really depends on how complex your credit history has been. If you have a simple history, then staggering allows you to keep up to date. I

Read more…

Chapter 7 is known as the fresh start case. It doesnt mean everything on the Chapter 7 bankruptcy is going to be eliminated, but the overwhelming reason for filing a bankruptcy Chapter 7 is someone who doesnt have a lot in terms of money, doesnt make a lot of money, and doesn’t have a lot in terms of property. It doesnt mean that they cant have a house or a car. It just means that they dont have a lot of equity or ownership in the property. They might have $10,000 in equity or $20,000 in equity. Very importantly, equity is the difference between what the market value is in what they owe. So if a house is worth $200,000, and they owe $150,000 to pay it off, their equity, their ownership portion is $50,000. Thats going to be an important consideration later when you are determining whether or not they should do a 7 because they can protect a certain amount of property and everything and still do a 7. Thats why you hear people say oh, I did a Chapter 7 and I kept my house and I kept my car, I kept all of my furniture, I kept my 401(k). Yeah, thats because those items did not have significant equity. I

Read more…

One of the biggest problems that lawmakers face is trying to keep pace with our changing society. While bankruptcy laws have been modified over the years to deal with various financial catastrophes, it hasn’t kept pace with our relationship habits. There are millions of couples who are cohabiting outside the formalities of marriage, and unfortunately they are not entitled to file joint petitions for bankruptcy. When it comes to same sex couples, a legal marriage has not made the situation any easier – until now.

Earlier this month federal officials decided to cease filing objections to bankruptcy petitions filed by legally married same sex couples. This places these couples on the same legal footing as traditional married couples. They will no longer need to file separate petitions, and, more importantly, will not need to divide up their assets when doing so. These couples will also be able to save money as they will only pay the one filing fee and will only need to pay the one set of legal fees. Thos

Read more…

Parking fines are the bane of many a driver and you would be surprised at how much is owed annually in outstanding parking fines.  When filing for bankruptcy, one of the more common questions relates to parking fines and whether or not they too can be discharged with other unsecured debts. While the question may sound simple enough, the answer is not and this topic is one where a local specialist bankruptcy lawyer is ideal to best advise you.

Why is the issue of parking fines difficult? Whether these fines are discharged or not depends on a number of issues.  Generally speaking, any government fine, whether criminal or civil,  will not be discharged through a Chapter 7 bankruptcy petition.  In fact, section 523(a)(7) of the Bankruptcy Code specifically states that:

fines and penalties owed to or for the benefit of governmental units are non-dischargeable

However, when it comes to a Chapter 13 petition for bankruptcy, the Bankruptcy Code is a little different. Thi

Read more…

Bankruptcy can be very effective when it comes to clearing unsecured debts. However, bankruptcy will not clear secured debts and your creditors will still be able to seize any assets that you have used as security for those debts. The two most obvious secured debts are car loans and home mortgages. It is possible to save those assets from seizure, but you are at the mercy of your creditors.

Your first option to saving these assets is very straightforward – you can continue to meet your payments. If you are behind in your payments, then hopefully you can catch up before the creditor decides to take action. For those with a lot of unsecured debt and little in the way of secured debt, this may be a good option. However, it is not the only option, and often, not the best option.

A second option is to negotiate a settlement with your creditor. You will be surprised how often they will agree to renegotiate that sales contract, especially if you have commenced, or you are considering bankruptcy action. A

Read more…