If you’re feeling overwhelmed by your debts, filing for bankruptcy can help you obtain a fresh financial start. Families, businesses, and individual clients come to the Dantzman & Dantzman Law office for relief from their serious financial problems. Our goal is to help you achieve a fresh financial start so you can begin moving forward with a realistic plan to help you become debt and worry-free. [Read more…]
How to Reestablish Credit after Bankruptcy
There are many myths which hold that it takes anywhere from 3-5 years to reestablish credit after discharging debt under Ch. 7 of the bankruptcy code. These same myths hold that you won’t be able to purchase a new car or house, and that credit card companies will not find you credit worthy for several years. While this myth may hold true in some very rare circumstances, it is generally a false statement that should be ignored by most consumers. [Read more…]
What Goes On When You File For Chapter 7 Bankruptcy?
The very first and the most immediate thing that happens when you file for bankruptcy is the stay order comes into effect. As such, if your home was going to be foreclosed or if you were going to be sued, Chapter 7 bankruptcy filing is going to put a stop to all of these. None of the creditors and the collection agencies can pursue you for collection or call you for the payments. Nobody can go on garnishing your wages or bank accounts, even if you were a defaulter and there was a judgment against you. Because bankruptcy is a legal proceeding, it is not only you but the creditors and lenders too who will be required to follow the laws with regard to bankruptcy.
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Facts About Bankruptcy and Divorce – Things You Should Know
Bankruptcy and Divorce
Divorce can be difficult in itself, but adding the stress of debt and bankruptcy can make it unbearable. It isn’t uncommon for one or both spouses to declare bankruptcy before or after a divorce. Debts and assets are divided and sometimes it can be too much for one partner or both to handle.
One thing to remember about divorce and assigning debt is that it’s a court-ordered judgment. When you file for divorce or enter into a separation agreement, stipulation or settlement of divorce, and one party agrees to pay off the marital debts, it is not likely to be removed by bankruptcy, at least in chapter 7. Chapter 13 can still provide a way to discharge these obligations. Creditors have no interest in how or who pays the debts, so even in bankruptcy they can go after the other spouse if the debt is co-signed to that person also.
The Truth About Debt Management Plans and Why They Fail – Part 1
Many consumers who struggle with unpaid bills have come across an offer that seems too good to be true. The offer comes in the form of Debt Management Plans (“DMP”) from a debt settlement company and it may go something like this:
“For a fee, a professional debt management company will help you get rid of your debt for as little as half the amount of debt you owe.”
Most people will admit that offer of debt management plans to settle all your debt for half of what is owed is a tempting offer to consider. This is especially true when facing financial distress.
Sound Like a scam? The answer is that DMPs are legal solutions for consumers. However, hiring a debt settlement company is fraught with risk and there are things that consumers should know before entering into an agreement with a debt settlement company.
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