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Are There Any Reasons NOT to File Chapter 7 Bankruptcy? Part 1 – It May Affect Your Credit Score »

Your Credit Score can be an important asset.  It determines your ability to get credit, and the cost.  It could be a factor in your getting a job, renting an apartment, and purchasing a house or a car.  When you file a Chapter 7 bankruptcy, your credit score will be affected.  In some cases, however, it’s [...]

How To Become A Former Client Of A Bankruptcy Attorney »

Rachel Lynn Foley, my esteemed colleague in Missouri, wrote today on “How Not To Be Selected As A Client” from her perspective as a bankruptcy attorney.   I also wrote a blog this past week on ”My Bankruptcy Attorney Doesn’t Return My Phone Calls, “ explaining that sometimes attorneys prioritize the calls back to clients or wait for [...]

Should I Stop Paying my Credit Card Debt if I Plan to File Bankruptcy »

As credit card debt underlies many bankruptcy filings, it is not surprising that prospective bankruptcy filers want to know if they should stop paying credit card debt if they plan to file for bankruptcy.
At first blush, the answer to this question should be obvious - why should anyone “throw good money after bad?”  However, I [...]

Statistics: Utah sees 56% increase in bankruptcy »

Consumers in Utah filed bankruptcy in the first three months of 2009 at a rate 56% higher than the previous year.  The bulk of filings, 1395 in March, represent a 73% jump over March 2008 filings.  US Bankruptcy Clerk David Sime told Salt Lake City’s Deseret News it was the biggest increase seen in a [...]

Can I Keep My Favorite Credit Cards Off My Bankruptcy? »

“No, you are required to include all of your debt, including credit cards, when you file bankruptcy”, says Illinois Bankruptcy Attorney Andy Miofsky.  Some clients ask whether they have to list one or two of their favorite credit cards.  They want to know whether they can keep using those cards after they file.  That does not work [...]

How Much Is a Trillion? »

President Obama’s proposed budget calls for a deficit of over One Trillion Dollars. How much is a trillion?
One Trillion Dollars can pay the rent for every renter in the US for three years…
One Trillion Dollars can pay the mortgages for every homeowner in the US for 14 months…
One Trillion Dollars can buy all the homes [...]

Can I get credit after bankruptcy? »

You can get credit after bankruptcy. But you must act responsibly.

I Co-Signed An Account–What Happens If I File Bankruptcy? »

People who co-signed an account and have to file bankruptcy are understandably concerned whether their bankruptcy filing will be reported on the other person’s credit report.  The answer to this question is that it won’t.
Many times when someone talks with a bankruptcy lawyer, he or she is concerned that an account that was co-signed will affect [...]

Why “Show Me The Note” Matters »

More bankruptcy courts are demanding mortgage servicers prove they are entitled to collect on a mortgage loan note before foreclosing.  The fight over standing to appear in court runs deeper than technicalities and tactics to stall a lender.  It is a matter of fundamental rights.
A Missouri state appellate court recently joined the chorus of tribunals [...]

Banks’ Future Woes in One Word: Plastic »

So read the headling in this CNN-Money story. As this article noted:
Just last month, Bank of America CEO Ken Lewis warned lawmakers at a high-profile Congressional hearing on the government’s $700 billion rescue plan that he had no doubts 2009 would be an “awful year” for the credit card industry.
Unfortunately for Lewis and his peers, [...]