Debunking Bankruptcy Myths that Keep People from Filing

Ever wonder why bankruptcy laws exist? You may be surprised to learn the basic principle of bankruptcy, or debt forgiveness, was mentioned as a basic right in the Old Testament (Deuteronomy 15:2). With few exceptions, bankruptcy continues to be a financial tool that every U.S. citizen is fully entitled to exercise.

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Debunking Bankruptcy Myths that Keep People from Filing


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    Financial Red Flags: Signs Your Finances are in Trouble

    Living beyond your means is easy, particularly in these times of increased taxes and an ever-shrinking dollar. What is not so easy is coming to the realization that you are living beyond your means. Identifying money problems before they escalate is the best way to stay solvent during this difficult financial climate.

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      Is Your FICO Making You Fat?

      Financial struggles can cause severe stress on a person. Many of today’s young people have college degrees and are business smart. But they do not know how to handle their own personal finances. If you want to be financially successful then you should watch and learn what wealthy people do with their money. Having less stress in your life will lower your cortisol level and help you lose weight.

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        Bankruptcy and Disconnected Utilities

        Were you unable to consistently pay your bills and now experiencing a gas or utility disconnection because of it? If so, then you might consider filing for bankruptcy to help you reconnect those services that just cut off. But you have to remember that you are required to list all your outstanding debt including utility payments that led to the disconnection of the service when you’re going to file bankruptcy. There are a few things that you should keep in mind during the process even if there would be many cases that you get your services restored.

        Apart from reconnecting the disconnected utility services due to nonpayment, you might also be able to prevent disconnection of utility services if you haven’t been disconnected yet through bankruptcy’s automatic stay. The debt associated would be eligible for discharged in the event of services being disconnected. According to the bankruptcy law, a utility company cannot discriminate a customer just because a customer chose to file for protection. Utility companies may not refuse services related to unpaid debt that is likely to be eliminated or discharged during the filing.

        You may not need to pay a deposit when it comes to reconnecting services unless the outstanding amount was fully paid by the debtor after the utility was cut-off. There might be some cases that a utility company might reconnect their service if part of the outstanding balance is paid. Some companies might also require you to pay a reconnection fee to get the service reconnected again.

        So in case you are currently having the same problem such as your utility services has been cut-off or that it is soon to happen, you should consider bankruptcy as your option. Try to discuss your situation with a qualified bankruptcy attorney to guide you with your case.

        If you wish to file for bankruptcy, call us at (813) 200 4133 for a free consultation.

        Today In Bankruptcy – 02-26-2013

        Allmand Law gives people the most up to date news regarding bankruptcy. The Ormet company has filed for chapter 11 bankruptcy. Also, the Hialeah sugar firm Banah files for bankruptcy. The sugar processing company moved to Hialeah and operated out of a 300,000 sf space and promised to hire 300 people. Now, the company has only fifteen employees and many angry creditors.

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          4 Ways to Keep Your Money Safe

          Credit Karma website has suggestions to keep your money safe. Secure your online accounts by keeping the passwords in a place no one can find. Check all your accounts regularly for fraudulent activity. Shop online only on websites that can be trusted with your information. Use credit over debit cards because you are only liable for $50 for fraudulent credit card use. You could be liable for more if you use debit cards.

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            Winning the Jackpot during Bankruptcy

            A lot of people have been dreaming to win the lottery because of the huge jackpot amount. Millions of people are hoping to win at least a piece of the prize if they were not lucky enough to get it entirely. A lot of people’s dream would finally come true with the jackpot amounts that is reaching historical heights. It could change one life dramatically. But what happens if you were able to win the lottery after you have filed for bankruptcy?

            The lottery win will be considered in the bankruptcy process as a windfall; a good fortune or a personal gain that you have received unexpectedly. The winnings become a part of the bankruptcy estate. It is viewed as receiving something similar to a valuable gift including inheritance or other payouts such as insurance or compensation. A lot of people actually assumes that if your bankruptcy case isn’t completed, then you will lose your winnings. However, this might not be entirely true.

            You should report right away to your trustee or to your bankruptcy attorney upon learning of your windfall. Although it would have been unexpected for you to win the lottery, you still had an interest in it before your case was actually filed. The amount of your proceeds will be compared against outstanding debt obligations related to your case. All the options will be reviewed and your situation will be assessed as well. Paying what you owe wouldn’t make a big dent in your proceeds if you only owe thousands while you were able to win millions. Arrangements can be made to pay off creditors if you have a similar case.

            If you are considering filing for bankruptcy, call us at (813) 200 4133 for a free consultation.

            What’s worse for my credit scores…missing a payment on a mortgage or on a credit card?

            When a person misses a payment to their lender and is more than thirty days late, the lender can report it to the credit bureaus. It does not matter whether it is a credit card payment or a mortgage payment that is missed, they both hurt the same amount. But since you can lose your house by not paying mortgage payments, you should pay the mortgage if you can only pay one item.

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            What’s worse for my credit scores…missing a payment on a mortgage or on a credit card?


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