What is the Bankruptcy Abuse Reform Act? The Bankruptcy Abuse Reform Act of 2005 was designed to change the bankruptcy in the United States to prevent abuse. To do this they implemented several changes which each person has to comply with in order to complete bankruptcy. These changes are: Within 180 days before your bankruptcy [...]
Getting a Car Loan After Bankruptcy You've had to declare bankruptcy - but that doesn't mean your needs for big-time purchases have been put to an end. If you need to purchase a car - and you have the mark of bankruptcy on your credit score - it's easy to think that a dealer or [...]
Thinking About Filing a Joint Bankruptcy? First, let's be clear that only legally married people can file for joint bankruptcy. Same sex couples are gaining some ground in this arena, but they cannot have a civil union, they too have to have a legal marriage to be able to file joint bankruptcy.While married couples have [...]
Projecting Future Income in Bankruptcy When projecting future income in bankruptcy, debtors must determine what they can reasonably expect to earn in the near future. Below are few income scenarios that bankruptcy debtor's may face: Unemployment If a bankruptcy debtor is unemployed at the time of filing bankruptcy, their only projected income may be unemployment [...]
After filing bankruptcy, there's no denying that you'll need to learn new financial habits, such as smarter saving and spending techniques. You also know that buying much-needed products during a sale will inevitability help to plug up wasteful spending and help you put more money towards your savings. But sales often occur at random times, [...]
Bankruptcy For People With High Income Despite the common misconception that high income earners cannot file Chapter 7 bankruptcy , it is entirely possible that they can. But for a high income earner trying to file Chapter 7 bankruptcy, they must overcome the presumption of abuse and make it clear that they are filing their [...]
Before the deregulation of the debt industry in the 1970s, Americans were limited in how much debt they could take on. If they wanted to take out a mortgage, monthly payments could not be more than 30 percent of their paycheck, while car loans could take up no more than 10 percent of their monthly [...]
Bankrupt securities firm MF Global allegedly transferred millions in missing client funds last week right before filing bankruptcy. If true, the money transfer could cause serious problems in the firm's bankruptcy case: CME's statement suggests that MF Global executives rushed hundreds of millions out of client accounts as bankruptcy loomed. The company acknowledged that the money was missing early Monday morning. [...]
Bankruptcy and Social Security Benefits Debtors receiving or applying for social security benefits are often concerned that filing for bankruptcy will place those benefits at risk. But under provisions in the bankruptcy code and clarification reiterated by Congress, social security benefits and entitlements are not placed in jeopardy when a debtor files for bankruptcy. Social Security [...]
For some people filing a bankruptcy is a very difficult decision and once they've made it and actually filed for bankruptcy and the process is nearing the end they can breathe freely. A Chapter 7 bankruptcy typically goes by much more quickly than a Chapter 13 because of the way the bankruptcy is structured. A Chapter [...]