Credit Score Magic

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

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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

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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

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Bankruptcy is covered under a federal bankruptcy act so you would imagine that each state would treat bankruptcy situations exactly the same.  Unfortunately, it doesn’t work that way. The federal bankruptcy act allows states to modify the act to suit their local conditions. The only proviso is that it mustn’t reduce the entitlements allowable under federal law.  Because each state is different, some may appear to be more attractive than others. However, don’t be fooled into thinking you can change states to take advantage of those differences.

The federal bankruptcy act states that you must have lived in that state for at least two years (370 days to be exact) prior to filing. If you have not lived in a particular state for the required number of days, then you must file in the state in which you lived for the preceding 180 days. This can make a huge difference to the final outcome of your bankruptcy hearings.

This can severely affect your final outcome when it comes to which assets you may keep. Some states, for example, have very good homestead deductions while others are not so good. In Ariz

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One of the major causes behind bankruptcy petitions is credit card debt. There are many petitioners who receive a rather rude surprise when they find that one or more of their credit card debts are not going to be discharged through the bankruptcy process. This leaves the debtor still obligated for these debts and the creditor able, at a later date, to seek a judgement against the debtor.

Why are credit card debts not discharged through bankruptcy? The major reason is suspect use, and this can happen under a number of situations. If you become unemployed and unable to pay credit card debts, then any transactions that appear on your credit card will be viewed with suspicion. In some states, this can date back for two years.  If you can prove that your credit card use was for essential living expenses, then you may succeed in having those debts discharged, however, you shouldn’t count on it.

Transactions that will raise flags include large cash withdrawals, and payments for non-essentials such as holidays, jewelry, or electronics. If

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Bankruptcy can be a terribly intrusive process to go through. You have to reveal every  source of income, every expense, and every asset. Your credit cards will be scoured for any inappropriate transactions as will your bank accounts. You will even have to provide records of accounts such as PayPal, and perhaps a history of any trading through outlets like eBay or Craigslist.

There is always a temptation to leave something out. Grandma’s old engagement ring, a PayPal account, a valuable coin or stamp collection – you name it, bankruptcy attorneys have seen it all before. The problem is, and let’s use PayPal as an example, you will leave footprints. Your bank account may show a transfer of funds from your PayPal account, or to your PayPal account.

Those tracks will automatically raise questions, and while you may have closed your PayPal account, you will need to show some sort of proof. A coin or stamp (or any other collection) may also leave footprints. For example, a purchase through a collectors specialist store may appear on your credit card. The bo

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