One of the main sources of unsecured debts for bankruptcy filers is credit card debt. Since the Bankruptcy Abuse Prevention and Consumer Protection Act (BAPCPA) was passed in 2005, more restrictions have been put in place to making a bankruptcy filing. This is to prevent anyone from simply filing for bankruptcy and getting all their massive debts written off without paying for them. Thus with the enforcement of the BAPCPA in 2005, credit card issuers now have more clout in your bankruptcy. For one thing, credit card issuers can now block your bankruptcy filing.
It is to the best interests of credit card issuers to file a dispute to prevent you from filing bankruptcy so that you are compelled to pay up all your credit card debts. With this new right they have afforded them by the BAPCPA, credit card issuers will find just about any excuse they can think of to block your bankruptcy. So here’s what you can do to stop their actions:
1. Use only one credit card
If you need to make your purchases of necessities like food or gas, try to make them all using only one card. If that is not possible because of credit card limits, try to use as few cards as you can because one of the reasons the bankruptcy court can use to throw out your bankruptcy filing is multiple card usage to jack up your debts. Also make sure you keep your credit card statements and purchase receipts so that you can prove the necessity of your purchases.
2. Get a refund for luxury items purchases
According to the law, you will be scrutinized for your credit card spending for up to 90 days prior to your bankruptcy filing. So if you have made purchases of non-essential luxury items within that time, you may want to consider returning the items to reverse your credit card purchases and reduce your debts.
3. Keep credit card debt to a reasonable limit
Generally the limit at which the credit card issuers dispute your bankruptcy filing is $10,000 of debt. So try as far as possible to keep your credit card debt to under $10,000. Of course, the amount of credit card debt you hold should be as low as possible. And while this is not an absolute figure, it is a good gauge of how much debt is too much in the eyes of credit card issuers. However, take note that credit card issuers can technically file a dispute to your bankruptcy no matter how little or much you owe them.
So take note of these factors when filing for bankruptcy. If you wish to file for bankruptcy, contact us at (813) 200 4133 for a free consultation.
Related Blogs
Filed under Chapter 7 (Tampa) by on Jan 24th, 2012. Comment. 
In 2005, the government implemented a wide range of reforms insofar as bankruptcy was concerned. The Bankruptcy Abuse Prevention and Consumer Protection Act (BAPCPA) and Bankruptcy Abuse Reform Act 2005 were passed by lawmakers aimed at protecting consumers and preventing rampant bankruptcy filings as an easy means to absolve responsibility over debts.
With the enforcement of these Acts, there are several regulations you need to adhere to. Here are the main ones:
• Federal tax returns must be current
Before you are allowed to file a bankruptcy petition, you must have your tax returns current even if you have not been able to pay all your taxes. This means that if you have missed out on submitting your tax returns for certain years, you need to make your submissions are done. This is a prerequisite for the obligatory meeting with creditors (called the 341 meeting). You must submit copies of your tax returns to the bankruptcy court, the bankruptcy trustee and sometimes to certain creditors as well.
• Credit counseling must accompany bankruptcy.
You must complete a course in credit counseling within 180 days before your bankruptcy is discharged. The counseling is conducted by approved credit counseling agencies and can be done in person, over the phone or online. Upon completion of the counseling you should be given a certificate of attendance. This certificate is needed to show you have undergone credit counseling.
• Financial management course is mandatory
You also need to complete a personal financial management course recommended by your bankruptcy trustee. The purpose of this course is to equip you with necessary skills in managing your finance in a more efficient manner.
• Provide pay stubs at least for the last 60 days to the bankruptcy court
• Submit annual statement of income and expenses
For Chapter 13 bankruptcy filings, you’ll have to submit an updated statement of income and expenses every year to the bankruptcy court.
Related Blogs
Filed under Chapter 7 (Tampa) by on Jan 3rd, 2012. Comment.
If you are a homeowner association member filing for bankruptcy, there is an obscure provision in the law you must be aware of. The Bankruptcy Abuse Prevention and Consumer Protection Act (BAPCPA) passed in 2005 allows these associations to impose fees and other costs on you even though you are struggling financially. And since it is quite common for certain home development areas to make it compulsory to join their homeowner associations, this provision in the law directly affects you.
Even if you have filed for bankruptcy protection, the BAPCPA contains an explicit provision that prevents you from escaping any fees that are incurred during the bankruptcy process. Before the law was passed, bankruptcy courts had more freedom to excuse bankrupt homeowners. But the BAPCPA has made such fees “non-dischargeable,” and this means the judge cannot forgive the debt.
Even selling your property and filing for bankruptcy does not absolve you from paying home association fees and other related charges. As long as the ownership of the home is still under your name, you are liable regardless of whether it has been foreclosed or is due for auction. Failure to pay up may result in legal action against you.
Homeowner associations assess fees to finance amenities, and typically establish rules on home maintenance and related matters. And they impose monthly fees on every homeowner member. When the BAPCPA was drafted in 2005, some lobbyists in Washington must have spoken up for homeowner associations, which explains the provision in the law to protect their interests.
The best way to preempt this type of situation is for you to consult an experienced bankruptcy lawyer before filing for bankruptcy. More often than not, careful planning of a bankruptcy filing can help you overcome the problems related to homeowner association fees.
Jeanne Ketley, president of the nonprofit advocacy group Maryland Homeowners’ Association (MHA) said, “It’s a story that needs to be told as a warning to homeowners. The terrible thing about it is that it is all legal.” Although the homeowner associations have the legal right to press charges for its dues, it also has the discretion whether to initiate a lawsuit or negotiate other means of settlement with the homeowner. The MHA advocates for the rights of individual homeowners against the overbearing homeowner associations, but does not involved itself in bankruptcy cases.
If you want to consult a bankruptcy attorney on filing for bankruptcy or to discuss homeowner fees in your situation, call us at (813) 200 4133 for a free consultation.association member filing for bankruptcy, there is an obscure provision in the law you must be aware of. The Bankruptcy Abuse Prevention and Consumer Protection Act (BAPCPA) passed in 2005 allows these associations to impose fees and other costs on you even though you are struggling financially. And since it is quite common for certain home development areas to make it compulsory to join their homeowner associations, this provision in the law directly affects you.
Even if you have filed for bankruptcy protection, the BAPCPA contains an explicit provision that prevents you from escaping any fees that are incurred during the bankruptcy process. Before the law was passed, bankruptcy courts had more freedom to excuse bankrupt homeowners. But the BAPCPA has made such fees “non-dischargeable,” and this means the judge cannot forgive the debt.
Even selling your property and filing for bankruptcy does not absolve you from paying home association fees and other related charges. As long as the ownership of the home is still under your name, you are liable regardless of whether it has been foreclosed or is due for auction. Failure to pay up may result in legal action against you.
Homeowner associations assess fees to finance amenities, and typically establish rules on home maintenance and related matters. And they impose monthly fees on every homeowner member. When the BAPCPA was drafted in 2005, some lobbyists in Washington must have spoken up for homeowner associations, which explains the provision in the law to protect their interests.
The best way to preempt this type of situation is for you to consult an experienced bankruptcy lawyer before filing for bankruptcy. More often than not, careful planning of a bankruptcy filing can help you overcome the problems related to homeowner association fees.
Jeanne Ketley, president of the nonprofit advocacy group Maryland Homeowners’ Association (MHA) said, “It’s a story that needs to be told as a warning to homeowners. The terrible thing about it is that it is all legal.” Although the homeowner associations have the legal right to press charges for its dues, it also has the discretion whether to initiate a lawsuit or negotiate other means of settlement with the homeowner. The MHA advocates for the rights of individual homeowners against the overbearing homeowner associations, but does not involved itself in bankruptcy cases.
If you want to consult a bankruptcy attorney on filing for bankruptcy or to discuss homeowner fees in your situation, call us at (813) 200 4133 for a free consultation.
Related Blogs
Related Blogs
Filed under Chapter 7 (Tampa) by on Oct 12th, 2011. Comment.
Related Blogs
Filed under Chapter 7 (Tampa) by on Jan 31st, 2011. Comment.
Related Blogs
- MissInfo.tv » New Music: Wiz Khalifa “Stoned”, plus Pac Div, Yung …
- Pac Div- Your Fucking Song | It's A Rap
- periodic table history,letest periodic table ,online periodic …
- 3CX VoIP blog » Redirecting an MSN number to a FAX machine / ISDN …
- BAPCPA Credit Counseling Exemptions
- US Road to Bankruptcy Runs Parallel to France
- Chapter 7 Bankruptcy and Car Financing? | Ancient secrets of the …
- Small Business PBX Phone : : Business phone number
- Pac Div – Your F*cking Song (Prod. By Blended Babies)
- The Simple Dollar » Some Notes on Filing for Bankruptcy
- Tips for Filing your Tax Return
- Speeds up Filing Time for W2's and 1099's with ezW2 Software Fast …
- Q&A: Where can i find Myspace Div Overlay Template Psds? | http …
- Current List of Replacement Number Plates in Northern Ireland …
- Did Google Just Steal Yelp's Business?
- 7 Small Business Scams To Watch Out For | SMALL BUSINESS CEO
- The Future Of E-Commerce And Online Business | Search Engine Journal
- Opinion analysis: Car ownership deduction limited to debtors …
- Chrome?????????id=_mcePaste??| ?????
- Audio: Pac Div “Your F*cking Song”
Filed under Chapter 7 (Tampa) by on Jan 4th, 2011. 1 Comment.
