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Posted By Denton Law Group
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24-Dec-2014
How Bankruptcy Can Stop Your Garnishment and Eliminate Your Debt You can generally stop garnishments imposed on you IMMEDIATELY by filing for Bankruptcy Protection! Usually, a wage garnishment is just the tip of the iceberg and once a creditor has a garnishment against you, your options are significantly limited. This is because the creditor has you right where they want you – having your ...
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Posted By Denton Law Group
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19-Dec-2014
How Filing for Bankruptcy Protection Can Stop a Lawsuit and Get You Out Of Debt If you're reading this, chances are you're being sued because of how far you're past due to the creditor. Depending on the specific situation people find themselves in, this scenario prompts many people to consider filing for bankruptcy protection. In California, the lawsuit process begins when you are ...
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Will more Americans fall behind on their credit card debts this year? According to a recent Time article, a report issued by the Federal Reserve Bank of New York said that Americans’ credit card debt rose by $2 billion in the third quarter last year. This rise in credit card debt occurred even though Americans’ total debt dropped. (Much of the drop reflects mortgage debt. Americans ...
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Casey Anthony recently filed for bankruptcy protection in Orlando, Florida. Anthony currently owes approximately $792,000. Most of that amount is owed to her defense attorney, according to a recent news article. Other significant amounts are owed to the Orange County Sheriff's Office, the Internal Revenue Service, the Florida Department of Law Enforcement, and the Metropolitan Bureau of ...
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As a Chula Vista bankruptcy attorney, people come into my office all the time to ask me questions about sketchy things they’ve heard. Often, I can set their fears at ease by letting them know the information they’ve received is inaccurate. Many people put off filing for bankruptcy protection because of something they “know” about the process or because of something a ...
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Struggling with finances—and I mean really struggling, to the point that you’re yelling or crying every day—is no way to live your life. However, when weighing the pros and cons of bankruptcy, many people don’t take into account the emotional and psychological benefits. Take stock of your life and ask yourself if you feel any of the following: If you’re experiencing ...
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Many parents took out PLUS loans or co-signed on private loans to help put their kids through college, grad school, law school, or medical school. Now, many of those graduates cannot find work sufficient to pay their basic bills, let alone help their parents repay those loans. A recent New York Times article explains how these loans are financially crushing millions of parents age 60 and older. As ...
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If you have an expensive monthly car payment you can no longer afford, then Chapter 7 bankruptcy can help by wiping out your debt, including that high car loan, and give you a new start. Here are a couple of things to think about if you’re worried about not having a car after bankruptcy: Get rid of a high car payment and buy a new car post-bankruptcy. Businessweek reported that auto loans in ...
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The truth about bankruptcy these troubled economic times is that most people don’t lose anything except their debt. Most people don’t lose their home, car, jewelry, clothing, furniture, or anything else. The bankruptcy law exemptions mean you get to keep a lot. In California, the law assigns a generous amount for the assets we need to live here, usually including enough for your home, ...
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Most people who are struggling with debt do not lose their homes in bankruptcy. Whether you can save your home in bankruptcy depends on various factors, including the kind of debt you’re carrying and whether you have regular income. You should discuss your situation with an attorney to accurately determine if you can save your house in bankruptcy. To help you get started, though, ask ...
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The looming “fiscal cliff” means more financial worries for families in San Diego and throughout the nation. According to The Wall Street Journal, as many as 90 percent of American households will take a “financial blow” next year from a combination of the tax hikes, spending cuts, and rising unemployment that are expected to come. Families that are already struggling to ...
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I often get questions about the effect bankruptcy will have on a person’s future chances of getting a loan, especially a home loan. Borrowers are often surprised that bankruptcy does not automatically disqualify a person for a home loan. In fact, an FHA mortgage loan may be obtained in as little as one to two years after bankruptcy in many cases. FHA Loans After Bankruptcy An FHA loan is a ...
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When evaluating whether to give a borrower a loan after bankruptcy, lenders look to the “Four C’s of Credit” — Credit history, Capacity to repay, Cash to close, and Collateral. Credit history: Bankruptcy will obviously be a factor in your credit history, but a lender will also look at your overall credit history (before and after the bankruptcy) rather than focusing on a ...
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Bankruptcy will affect your credit score. But, let's face it, your credit probably isn't that great right now anyways. However, you can immediately start rebuilding your credit after bankruptcy and increase your FICO score over time. I read an article recently in The New York Times discussing the fact that people with high FICO scores have one important thing in common: They have low ...
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When facing bankruptcy, one of the biggest worries clients have is that they’ll never get credit again—or at least not for the 10 years during which bankruptcy shows on their credit report. When I tell clients it won’t be as difficult as they fear, I usually hear a sigh of relief. Bankruptcy will affect your credit score in the beginning, but you will be able to get credit again ...
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Learning about the intricacies of bankruptcy is certainly not an enjoyable task, nor is it an easy one. There’s a lot of information out there to wade through because so many people today are being forced to contemplate the possibility. To make it a little simpler, let’s pare it down to the basics. For most people in financial straits, Chapter 7 bankruptcy is going to be the most ...
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Confused about whether filing Chapter 7 bankruptcy or Chapter 13 bankruptcy would be better for you? Take a look at this handy chart to compare the most common scenarios for these two types of bankruptcy cases : CHAPTER 7 CHAPTER 13 “STRAIGHT BANKRUTPCY” “CONSOLIDATION” /REPAYMENT PLAN You can no longer keep up with your monthly credit balances, your income is less than ...
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Most people do not lose their home or their car because of bankruptcy. Here is a brief rundown of the top ways to save these assets during bankruptcy: Stop foreclosure: If you’re behind on your mortgage payments, filing bankruptcy will stop foreclosure (at least temporarily). In Chapter 13 bankruptcy, you can even catch up on missed payments and pay the arrears over time. Homestead ...
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One of the most common questions I hear from clients who are considering bankruptcy is whether they will be able to keep their home and their car. The good news is that California law offers some pretty good exemptions for your home and car so that when you file bankruptcy, you don’t lose everything. If you’re like many homeowners in San Diego and Chula Vista with underwater mortgages ...
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For all too many people today, it doesn’t take much to upset the delicate financial balance in life. When something unexpected happens, such as losing a job or being injured in an accident, a lot of well-intentioned people turn to credit cards as a temporary solution to pay their bills, only to find themselves drowning in debt they can’t repay later. This often creates a cycle of debt ...
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Sadly, thousands of families in San Diego and Chula Vista are still struggling to recover from the economic downturn. There have been more than 20,000 bankruptcy filings in San Diego alone in a recent 12-month period, and millions more Americans are expected to file in the next year. One of the biggest myths about bankruptcy is that only irresponsible people file. This is far from the truth. The ...
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If you’re experiencing financial difficulty, the sooner you contact a bankruptcy attorney the better, because you might not be aware of all the debt relief options available to you. If you wait too long or try services like debt settlement or debt consolidation first, you’ll probably end up in a worse situation than the one you were in to begin with. You’ve probably seen ads ...
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With the troubled economy, more and more of us are facing mounting debt we never imagined. Inevitably, debt relief companies have emerged to take advantage of financially distressed consumers. These companies falsely promise consumers that they can settle a consumer’s debts for pennies on the dollar or substantially reduce monthly payments through low interest rate consolidation loans. What ...
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In our last library article, we discussed how declaring bankruptcy will often have a significant and adverse effect on your credit score – but also how being in debt and missing payments can badly harm your credit history. If you decide to petition for bankruptcy in California, you should know that there are several steps you can take after filing that can help get your credit score back on ...
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When is it better to tackle your debts on your own, and when is it better to file for bankruptcy and get a fresh start? Unfortunately, there is no straight answer. The best choice for you depends on a number of factors, including how much you owe, what kind of debt you have, and what your future financial plans are. You may want to consider paying off your debts if: • You have a regular ...
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