Archive for July, 2008
Who Didn’t Need to Go Bankrupt?
Thursday, July 31st, 2008 Bankruptcy levels are almost at their highest levels. Last year, nearly 26,000 battling Australians went bankrupt.Bankruptcy
Thursday, July 31st, 2008I had to file for Bankruptcy in the past due to a separation.
Now I am having financial problems of my own, am I am to file for it again?
Posted from: Nova Scotia
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Thinking of Filing For a Bankruptcy?
Thursday, July 31st, 2008 Do not file for a bankruptcy unless you must! A bankruptcy ruins your credit for up 10 years, and can hamper you in owning anything for next decade.What is Personal Bankruptcy?
Thursday, July 31st, 2008 If you're having trouble paying back debt and you're starting to wonder what your options are, the idea of declaring bankruptcy has probably crossed your mind. Nearly everyone's heard of personal bankruptcy as a means of managing debt problems, but few are clear on exactly what the procedure entails or how it can help. To answer the question "Exactly what is personal bankruptcy?" here's a brief overview of the procedure.Massachusetts Foreclosure Statue Unconstitutional?
Wednesday, July 30th, 2008It is my contention that certain Massachusetts laws regulating foreclosure of homes do not meet the standard set by the due process clause of the 14th and 5th Amendment of the Untied States Constitution. More specifically, M.G.L. 244 ยง 2 is so narrowly tailored that a bank conducting a foreclosure by entry is not required to even provide actual or personal notice to the owners of the property. As a matter of fact, the law is written in such a way as to state all a foreclosing bank needs to do is draft a certificate and file it in the local registry of deeds. The bank never has to so much as send a letter or even place a phone call to the homeowner or any junior lien holders letting them know that the bank intends to foreclose on the home.
By this logic, a home owner or junior lien holder has no way to reasonably know of its right of redemption with out proper notice. The law would seem to create the duty for a junior lien holder to constantly monitor all of its debtors filings at each and every registry of deed where the creditor holds liens. As such, to hold that no personal notice is required to be provided to a holder of a right of redemption is be not only prejudicial, but also unjust and unfair with in the meaning of the Due Process Clause of the United States Constitution.
It would appear that the Massachusetts foreclosure by entry law allows a senior lien holders to withhold notice in an attempt to limit a junior lien holders ability to effectuate its legal rights.
Does it help repair credit?
Wednesday, July 30th, 2008My husband and I filed for bankruptcy in May, but we were able to keep our house because there was no equity in it. Our mortgage payments have always been up to date, and they continue to be. What I`m wondering is will that help to repair our credit after we are discharged? Will lenders look at the fact that our mortgage payments are always up to date? Thanks.
Posted from: New Brunswick
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student loans
Wednesday, July 30th, 2008I have not been in school since 2001, Will my student loan still be in effect? Or will I have to claim bankurupcy first?
Posted from: Alberta
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Chapter 7 and Chapter 13 Bankruptcy, Which Fits You Best?
Wednesday, July 30th, 2008 In the US bankruptcy code you'll find that chapter 7 and chapter 13 deal with individuals and are the most often filed in bankruptcy courts. There are significant differences between the two and if you plan on filing your own petition, meaning without the help of a bankruptcy lawyer, then you need to be aware of these differences and make sure you prepare your bankruptcy petition accordingly, though it is not recommended that you go it alone, it's just too easy to make mistakes and get denied.Chapter 7 Bankruptcy Law - Are You Eligible?
Wednesday, July 30th, 2008 Most people want to file under chapter 7 bankruptcy law if they already have to file bankruptcy. However, not everyone is eligible to apply. Find out how to see if you can apply.Bush Okays Housing Foreclosure Rescue Plan
Wednesday, July 30th, 2008 Despite earlier promises to veto any housing bill that rescued "irresponsible homeowners," President Bush signed into law a massive housing bill that is the largest government intervention in the housing industry in at least a generation, and likely since the New Deal of the 1930s.The bill has a two-pronged approach: it provides guarantees and backing for Fannie Mae and Freddie Mac, two of the nation's largest mortgage security companies (which account for nearly half of the 12 trillion dollar housing industry), and it also provides relief for homeowners facing loss of homes to foreclosure by allowing them to replace their troubled loans with more stable government-backed loans.
What is a Means Test Under Chapter 7 Bankruptcy
Wednesday, July 30th, 2008 2005 bankruptcy law has significantly changed Chapter 7. Find out what a "means test" is, and what other requirements you must fulfill in order to be eligible to file for Chapter 13 bankruptcy.Bankruptcy Law - Chapter 7 Advantages
Wednesday, July 30th, 2008 Bankruptcy law chapter 7, also often called straight bankruptcy is basically a liquidation process. You as a debtor must hand over all your property (except the exempt one) to the trustee who is appointed by the court. Trustee then sells of or changes that property in cash that is returned back to your creditors.Which Bankruptcy Debts Can Be Cleared
Wednesday, July 30th, 2008 Bankruptcy discharge is a lawful term which means that all your obligations towards the creditors have been cleared and you no longer have to payback certain kind of debts. Your creditors no longer have the right to try and collect debts from you. How fast can bankruptcy be discharged?New Bankruptcy Laws - 2005 Bankruptcy Law Changes
Wednesday, July 30th, 2008 The point behind the new bankruptcy laws is to make it hard to file for convenience bankruptcy. Credit card companies and other creditors that have been pushing for it, claim that most cases of consumer bankruptcy involved careless people that have spent their money irresponsibly and are now looking for an easy way out. New bankruptcy laws should make it more difficult for people with debt problem to file for bankruptcy, legislators claim that this way much more bills will be paid, the creditors will save huge amounts of money, and that will in turn cause...Travelling which in consumer proposal
Wednesday, July 30th, 2008Can I still travel - one trip per year - if I file for consumer proposal?
Posted from: Newfoundland and Labrador
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bankruptcy question
Wednesday, July 30th, 2008I currently have a few student loans that are in collection, my pay is being garnished for the government ones and haven`t received my income taX refunds for a few years because of these. As well my pay is being garnished for a mortgage foreclosure. The house has been sold as well as a vehicle that was also on this loan and may pay is being garnished for this. At this rate it would take me the better part of my life to pay off and never get back on track because I`m loosing so much money monthly due to garnishees. This mortgage loan is in both my name and my husbands, is it possible for just me to file bankruptcy or would we both have to?
Posted from: Ontario
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Bankruptcy and Retirement Savings
Wednesday, July 30th, 2008 While there is no typical age at which to file for bankruptcy, people frequently run into cash flow problems later in life, after they have established retirement savings plans. Unfortunately, many people liquidate their 401(k) or other retirement savings fund in an effort to pay off their creditors. Not only are there frequently insufficient funds to cover the amount of debt but the debtors also incur huge tax penalties and burdens from liquidating a large retirement fund. Another problem with this approach to getting out of debt is that it leaves the person completely unprepared for retirement.Student loan
Tuesday, July 29th, 2008Could i get a student loan after my bankruptcy, as i would have a bad credit?
Posted from: Ontario
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Bankruptcy annulment
Tuesday, July 29th, 2008I filed for bankruptcy for a third time, two years ago. (mainly business debts) Right after I went into bankruptcy, I separated, could not find suitable employment and could not afford much. (even a place to live)Due to a very stressful situation, I have not kept in touch with my trustee or anyone else for that matter. However I am starting to get things together again. But today I received a notice from my trustee that he filed a annulment. What are my options now? Can the creditors now come back to collect and start over or do I file another bankruptcy?
Posted from: Nova Scotia
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Consumer Proposal and how it affects assests jointly owned
Tuesday, July 29th, 2008I am married and have found that I have accumalated a debt of 45,000 in my name with out my husbands knowledge. Can I ask for Consumer Proposal myself or does my husband have to be involved. I don`t want to risk losing our home and other assests.
Posted from: Ontario
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tax exempt income and bankruptcy
Tuesday, July 29th, 2008If my spouse is earning tax exempt income and is not bankrupting do we have to claim that income monthly on the forms. Our trustee is airing on the side of caution but this is not income in any other government paper work? Is this something a lawyer should answer?
Posted from: British Columbia
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What does 7 years mean?
Tuesday, July 29th, 2008If a person HAD been out of school for a 7 year stretch but is now back in school with no further loans, would the new laws still apply?
Posted from: Newfoundland and Labrador
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Countrywide Settles Claims of Improper Collections from Bankruptcy Filers
Tuesday, July 29th, 2008 Countrywide Home Loans, one of the nation's largest subprime lenders over the past several years, has agreed to a settlement to resolve allegations that the company collected a host of improper fees and payments from debtors filing Chapter 13 bankruptcy.The settlement recipient was a Chapter 13 bankruptcy trustee named Ronda J. Winnecour, who sought the loan histories for 293 bankruptcy cases in which she suspected violations of the U.S. bankruptcy code by Countrywide. Specifically, she alleged that Countrywide "lost" or "misplaced" payment checks made by debtors in foreclosure purposefully, in an attempt to skirt protections offered by the U.S. bankruptcy code.
Despite denials by the company that the errors made were "systematic," Countrywide will pay Winnecour $325,000 in the settlement.
bankruptcy and local debtors in a small town
Tuesday, July 29th, 2008When filing for bankruptcy I include debtors/personal loans. Now I understand that you cannot pay them back while in bankruptcy. If I choose to pay them back I may do so after I am discharged? Also before going bankrupt or while I am in bankruptcy may I tell them when I am discharged I want to pay them back?
Thanks from
Totally stressed out
Posted from: Ontario
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