How do I get out of debt

Tax Mistakes to Avoid While Filing for Bankruptcy

Liquidation can frankly be quite overwhelming and confusing for an average person. Filing for taxes while considering bankruptcy (either Chapter 7 or Chapter 13) is double trouble. In case you are confused regarding tax filing during the trying times of bankruptcy filing, you can call bankruptcy attorneys at 888-297-6023 to find out about your options. Out of the two possible chapters under which individuals can file for bankruptcy is Chapter 7. This results in the discharge of all unsecured debts like a credit card, medical and even income tax debt in rare cases. Under Chapter 13, you are [...]

2021-12-07T09:13:00+00:00
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Criminalizing Private Debts

There are criminal proceedings on defaulters on the debts that they owe to creditors. Let’s take a scenario where the debtor has fallen sick and has missed out on the payments that he/ she regularly makes. The notices about missed payments have just been ignored since the debtor is away on treatment. The piled up debt now invites court hearings – the intimations of these too have not been attended to and this eventually turns out to issuing of warrants for the arrest of the debtor for the failed payments. This is not a surreal scenario and can [...]

2023-03-07T09:43:28+00:00
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What is Corporate Bankruptcy?

The Security and Exchange Commission may emphasize a lot about the principles of Corporate Bankruptcy for the benefit of the people in the states of California and Texas. A company or firm will be out of business completely if it files for Chapter 7 bankruptcy. In this scenario, the investors of this company will also lose their money. The only parties who can get some value could be the people who hold bonds with such companies. But it solely depends on the priority of the corporate companies’ debts and the value of assets that is available for the [...]

2023-01-12T08:59:10+00:00
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Will Filing for Bankruptcy Get Rid of Your Medical Debt?

Medical debt is one of the most common debt which the American citizens face today. In fact, you will be surprised to know that approximately 72 million Americans are struggling to pay off their medical debt. This actually means, more than 40% of the working citizens are struggling with medical debts today! Of course, there are multiple reasons why people fall in a debt, but surprisingly, medical debts is one of the most common one so far. In fact, as per the statistics and reports, the millennials are the one who are falling under the medical debt faster [...]

2023-01-12T08:10:32+00:00
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Payday Loans: Myths & Facts

Payday loans or cash advance loans are small loans which are taken by a person against their wages and can be paid off at the time of their next paycheque. For people who have been facing financial issues for some time, payday loans are a common feature. Many of them who have been contemplating bankruptcy as a way of getting out of such problems had taken payday loans in their past. Getting a payday loan is not difficult. The borrower can ask for a payday loan from a lender in the form of a post-dated cheque by showing [...]

2023-03-22T08:10:05+00:00
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Motions to Dismiss Denied in FDCPA/FCRA Case

Recently, the Eastern Division of the U.S. District Court Northern District of Illinois passed a judgment by denying all the attempts made by the defendant to dismiss the counts against them. In this FDCPA/FCRA case, the accused –Bayview Loan Servicing, LLC has failed to correct the error in lieu of the plaintiff’s mortgage obligation after filing for a bankruptcy discharge. Facts of the Above case: Before the merger between Countrywide Home Loans and Bank of America in September 2012, the plaintiff had carried out 2 mortgage loans with Countrywide Home Loans. After the merger, his loans were under [...]

2019-06-21T11:30:12+00:00
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The Decline in Chapter 11 Filings

There is certainly a vivid decline in the rate of filed bankruptcies for business across the entire United States. Bankruptcies are commonly filed by only small businesses that have annual revenue of 2.5 million or less. These small business organizations generally approach the courts for their tougher conditions towards the business operations. Only a few states such as Illinois witnessed Chapter 11 filings demonstrating a gain in 2014. The increase was close to 6 percent at the end of the first quarter of 2014. This increase has been majorly contributed by large casinos in Illinois such as Harrahs, [...]

2023-03-07T10:42:39+00:00
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Deals & Holidays – Important Financial Lessons for You

When holidays approach, Every group is frenzied with the thoughts of buying several things for themselves as well for the family. According to the National Retail Federation, Families are expected to spend close to $1000 for gifts, non-gift purchases (like Black Friday deals) and on holiday food. While everyone is easily moved about the season, Holidays are also times that one needs to watch out for cautious spending as this affects the financial status of an individual or a family for the rest of the year. Here is a list of careful moves or important lessons that can [...]

2019-06-14T12:23:10+00:00
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Can a Litigant Who has filed for Bankruptcy be harassed by Financial Servicing Company?

A plaintiff who had executed a mortgage loan from Bank of America, N.A. on April 16, 2007, was unable to make adequate payments to the bank. This resulted in the bank filing a foreclosure complaint against the plaintiff. Post this, the plaintiff filed for bankruptcy under Chapter 13 in January 2013, which resulted in automatic stay affording protection against any collection actions. In June 2013, a modification was made in Chapter 13 bankruptcy by the plaintiff, wherein they proposed to surrender the home to Bank of America, N.A. against their claims. This modified plan was confirmed in June [...]

2021-12-08T04:35:42+00:00
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Debtor’s Rights – The Right Knowledge

Persistent calls for dues to be paid out and continuous prompting by the collection agents for the payments waiting to be collected can be very frustrating. But as a debtor, it will be important to know your rights when it comes to handling these situations with the debt collectors Right to protection – Debt collectors are mandated to follow practices put forward by the Fair Debt Collection Practices Act (FDCPA). These standards have been enforced to prevent harassment and any other extreme measure affecting the debtor Restrict the call time window – As a person, you are entitled to your life and time. Hence restrict the duration and the call time window. Be affirmative that [...]

2023-03-21T08:16:28+00:00
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