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Today’s topic involves a reoccurring issue about items on your credit report. The misconception is that filing a bankruptcy ‘gets rid” of negative credit events, such as missed payments. (The technical term for this is a ‘derogatory’.) But a credit report is a factual history of your credit affairs. Legitimate credit events that have not […]
One issue that comes up periodically – especially during the federal tax season – is the payment of money to friends or relatives. When people are in financial distress they often borrow money from family or friends. And when they receive a large tax refund they often pay them back. The problem with this is that […]
An important transaction in a Ch.7 filing is the reaffirmation agreement. These are typically issued for car loans. Nearly everyone can keep the vehicle they have through a bankruptcy because the lender doesn’t want the car – they want the value of the car loan. Your car loan (i.e. promissory note) is eliminated when you […]
How have the Bankruptcy laws changed? The reforms enacted in October of 2005 were designed primarily to prevent abuses. For the vast majority of Chapter 7 filers (liquidation of debt) these changes will not affect their ability to gain a fresh start. What is the difference between Chapter 7 and Chapter 13 bankruptcy? Chapter 7 is […]
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