April 3rd, 2012 by Reed Allmand 
TaxMasters, the Houston-based company that claimed to offer tax relief, is seeking its own relief through bankruptcy. The company filed for Chapter 11 bankruptcy over the weekend while facing claims of allegedly deceiving consumers when it comes to their tax relief services. The company founder is,Patrick Cox, the bushy-beard late night pitchman seen in dozens [...]
More...March 6th, 2012 by Reed Allmand
The National Association for Consumer Bankruptcy Attorneys (NACBA) is pushing to have the bankruptcy code revised to change the way student loans are being treated according to a recent report by Reuters. The bankruptcy group feels that college graduates should be allowed to get student loans discharged; an argument that is being presented to Congress [...]
More...December 19th, 2011 by Reed Allmand
Bankruptcy is one of the most powerful tools available to businesses facing financially difficult times; but how does an owner know if their company can survive the bankruptcy process? Below are a few characteristics your company needs to survive bankruptcy: Flexibility Your company and core stakeholders are flexible and prepared to change – radically change. [...]
More...December 1st, 2011 by Reed Allmand
Student loan defaults increased from 7 percent to 8.8 percent in 2010 according to a report released by the U.S. Department of Education. And many of those student loan borrowers who have fallen into default are filing bankruptcy hoping to receive some type of debt relief. In 2010 13.6 percent of debtors filing bankruptcy held [...]
More...November 30th, 2011 by Reed Allmand
Filing for Chapter 11 bankruptcy might seem like a cut-and-dried decision. After all, if you’re swimming under a pile of debt and can’t seem to make your payments work, then it might seem like your next logical step is to file for Chapter 11 bankruptcy and wipe the proverbial financial slate clean. But for some [...]
More...November 30th, 2011 by Reed Allmand
Not everyone is required to take the bankruptcy means test. If a debtor has primarily business debts or their household income is below their state’s median household income level, then they don’t need to take the means test. What Are Business Debts? Business debts are debts which were incurred due to business expenses. For example, [...]
More...November 29th, 2011 by Reed Allmand
The Federal Trade Commission has announced that the number of complaints against debt collectors has experienced a spike since the 2008. The Federal Trade Commission reports that the number of complaints about debt collectors rose from 104,766 a year in 2008 to 140,036 in 2010, says Tom Pahl, assistant director of the FTC’s division of [...]
More...November 24th, 2011 by Reed Allmand
Your credit card has been lying to you to prevent you from declaring bankruptcy. That’s right – that piece of plastic in your wallet or purse wants you to think that it’s a simple financial tool that requires little thought to use. After all, what’s so complicated about a credit card: all you have to [...]
More...November 2nd, 2011 by Reed Allmand
U.S. Rep. Hansen Clarke has spent much of his political career fighting the grip that debt can have on Americans. But when President Obama announced he would offer more relief to student loan debtors struggling to pay their bills, the congressman said that it was a good first step; but that it wasn’t enough. “I [...]
More...October 25th, 2011 by Reed Allmand
It comes as no surprise that the onslaught of the recession – coupled with exposure of some pretty nasty lending practices – has brought on more than a few changes in the financial world. From mortgage to loans and everything in between, consumers are starting to notice a significant change in the way that banks [...]
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If you have been unemployed for a while, you may be thinking about making a career change or seeking self-unemployment. Keep in mind, some state programs are not eligible for those who are self-employed but some states may allow you to collect unemployment benefits while working toward self-employment. You’ll have to review rules and requirements [...]
An offer in compromise lets taxpayers settle tax debt for less than the original amount that is due. While the paperwork for the process can be obtained by the taxpayer who is seeking to apply, it has been recommended to work with a tax expert during the process. There are rules and requirements that need [...]
The bankruptcy process may seem challenging depending on personal circumstances and which chapter is filed. It is often wondered what happens when a co-signer files for bankruptcy protection. In many cases, a co-signer situation makes both parties responsible for outstanding debt. If the account in question goes into default, either party can be pursued by [...]
When we modify your bankruptcy plan we are changing your plan payments. This means that we have to get with your employer and change the terms and amount of your wage order. The only way we can do that is by filling out a new wage order form.
Learn MoreIf the bankruptcy stay terminates on your home that means that even though your in bankruptcy, your creditor can pursue all there legal remedies they can pursue if you were not in bankruptcy. This includes foreclosure, and having your house sold and evicting you from your house.
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