Credit Score Magic

Bankruptcy legislation is a double-edged sword that tries to walk a fine line between creditors and debtors. The legislation is designed to give debtors relief from their debts while ensuring creditors get every cent possible from a debtor. To achieve this, the bankruptcy court doesn’t just look at your current finances. They also look back over the preceding 90 days. If you have made any significant payments (generally over $600) to any single entity, this is considered a preferential payment, and the court will examine this payment closely.

As a general rule, if you are in financial difficulties and feel that bankruptcy is a distinct possibility, then you shouldn’t make any ‘preferential payments’. If you need to, then clearly document the circumstances around that payment. Under n

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This post is especially for you shopaholics out there who feel guilty about putting so many unneeded purchases on your credit cards – and I’m not just talking to women. Men, you know you’ve purchased the latest gizmo or the best seats at the game when cash wasn’t necessarily available.

I want to make sure you know about the upcoming shopping season. Memorial Day sales are coming. Those new shoes, that to-die-for bathing suit, the new sofa you need for the living room, and that flat screen TV – they’ll all be on sale. Shortly after that, we’ll have Fourth of July sales, then back to school shopping. Computers will be a good deal then. And what about all the concerts and sporting events that take place during the summer? Shopaholics – the sky is the limit for you in the next few months.

And it’s my job to tell you to go ahead and spend. You may be getting those credit card balances up there, and it may even be a little difficult to make all the payments, but think what you’re doing for the economy and the greater good. Things won’t get be

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Filing chapter 7 bankruptcy allows you eliminate your financial problems by reselling the non-exempt property and using the money to repay the debt amounts. According to chapter 7 laws, you need to handover your non-exempt asset to the court appointed trustee. Then the trustee trades these assets to pay the money you owe.

For filing chapter 7 bankruptcy, you need to be eligible to register for it. Here is the eligibility for filing chapter 7:

• You must be a citizen of the US
• The debtors earnings should be under the states average

Not all the debts can be discharged through chapter 7 bankruptcy. Few debts that can be discharged include:

• Unsecured debts
• Credit card debts
• Car injury claims
• Foreclosure
• Business financial debts

Call toll free at 877.301.7005 today to schedule a Free Consultation. If you have any queries, ask our chapter 7 bankruptcy attorney.

Introduction

Last week, Visteon Corporation began filing preference complaints against hundreds of current and former creditors of the company. This post will look briefly at the nature of Visteon’s business, why the company filed for bankruptcy, as well some of the likely “next steps” now that the company has filed its preference complaints.

The Bankruptcy Filing

On May 28, 2009, Visteon filed for bankruptcy in the United States Bankruptcy Court for the District of Delaware. At the time Visteon filed for bankruptcy, the company was one of the largest suppliers of automotive components to original equipment manufacturers (“OEM”) worldwide. See Visteon’s Declaration in Support of First Day Motions (the “Declaration”). Going in to bankruptcy, Visteon operated manufacturing and engineering facilities in 27 countries with annual sales reaching $9.54 billion in 2008.

Events Leading to Bankruptcy

In 2000, Visteon spun-off from Ford Motor Company after decades as a parts division of Ford. By 20

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The markets have nearly rebounded to the historic highs reached in 2000, but investors have not forgotten the emotional confusion of the tech bubble burst and its aftermath. History tells us the markets will cycle down once more eventually; we just don’t know exactly when. When that downturn comes, a financial plan, an investment strategy (how you get to the big picture) and a trusted financial professional can make the difference between staying the course and bailing out too soon.

Not surprisingly, researchers have found that the human brain wants to be happy and will in fact bend our perceptions of reality to that end. Faced with evidence that we have made a mistake in judgment, our brain denies, rationalizes, blames and defends, because admitting mistakes ruins our self esteem and makes us unhappy.

Faced with investment decisions, our brain seeks for ways to support its chase for happiness. We stuff ourselves with information – from the media, from the stock ticker, from cocktail party conversations – and take on a sense of achievement that we have superior knowledge. Read more…

One of the problems associated with a Chapter 13 petition for bankruptcy is that of time. A petitioner must commit to a repayment plan that is scheduled for at least three years, and three years can be a long time when it comes to the world of finance – just look at our economy over the last three or so years. What looks to many to be a safe and secure job today could turn to dust within a year, leaving a well-intentioned petitioner unable to continue making those repayments.

The court has long recognized that circumstances can and do change. For that reason, they have made the transition from one Chapter of bankruptcy to another fairly smooth. In fact, a debtor simply needs to file a Motion to Convert or a Notice of Conversion to the bankruptcy court and the conversion is done. Naturally, a debtor must be eligible for a Chapter 7 bankruptcy by way of meeting the means test. They will also need to include an updated list of creditors and income.

It is not unusual for a bankruptcy court trustee to initiate a conversion from a Chapter 13 to a Chapter 7. This

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