Archive for the ‘Bankruptcy Process’ Category

How to Survive on a Tight Budget

12 April 2013 by jacksonwhite  |  Bankruptcy Process, Chapter 11 Bankruptcy, Chapter 12 Bankruptcy, Chapter 13 Bankruptcy, Chapter 7 Bankruptcy, Filing for Bankruptcy, General Bankruptcy, Money Saving Tips, Types of Debt  |  No Comments

Since most people in this world are not drowning in a bunch of extra cash lying around, we have to learn how to save and budget our money.  The following five tips will help you enjoy the pleasures of life while saving some dough. Plan out your life.  Decide what is most important to you.  Do you want to have the latest technology?  A decent amount of toys, such as, boats, cars, and quads?  Or do you want to live in a nice home, located in a safe neighborhood?  Whatever the case, you need to learn to have a balance…

Should I use a credit card after bankruptcy?

5 April 2013 by jacksonwhite  |  Bankruptcy Effects, Bankruptcy Process, Chapter 11 Bankruptcy, Chapter 12 Bankruptcy, Chapter 13 Bankruptcy, Chapter 7 Bankruptcy, Credit Score, Debt Collection Issues, Filing for Bankruptcy, General Bankruptcy, Types of Debt  |  No Comments

You might be thinking it is a bad idea to have a credit card after bankruptcy.  However, even though credit cards could have been your reason for filing bankruptcy, they are essential to use after this process in order to begin restoring your credit. Lenders, landlords, utility companies, insurance companies, and employers can look at your credit score to determine the amount you will be paying for loans. Since bankruptcy can destroy your credit score, it is necessary for debtors to restore their credit score.  If you don’t have a card, it will be impossible for you to score points. There…

Sticking to Your Budget

8 February 2013 by jacksonwhite  |  Bankruptcy Process, General Bankruptcy, Money Saving Tips  |  No Comments

Making a budget can be difficult, but sticking to it can be even harder.  Being able to budget can improve your financial situation, and in turn, help your marriage.  Here are some tips for saving and managing money. Focus on Savings.  Figure out how much of your income you are able to put into savings each month and hold it in a savings account or mutual fund. Use Cash.  Take out cash that you will use on frivolous items one week at a time.  It will be easier to decline a pair of $60 shoes if you don’t have enough…

Avoid loading credit cards before filing bankruptcy

4 February 2013 by jacksonwhite  |  Bankruptcy Process, Chapter 7 Bankruptcy, Filing for Bankruptcy, General Bankruptcy, Types of Debt  |  No Comments

Chapter 7 bankruptcy filings usually remove all credit card debts and other unsecured obligations.  So why not load up on merchandise before filing for bankruptcy?  There are several reasons why this is not the best idea. If you charge more than $1,150 within two months before filing, your trustee and the bankruptcy court may prohibit you from getting rid of that debt—even if it is unsecured—since those moneys appear to the court to be wasteful debt.  However, the court could pardon credit card purchases that were for medical bills or other urgent, nondiscretionary purchases. Try not to hide secured or…

Bankruptcy: Walt Disney

30 January 2013 by jacksonwhite  |  Bankruptcy Process, Business Owners, General Bankruptcy  |  No Comments

Before hitting it big with the Magic Kingdom, Walt Disney was the owner of an animation company called Laugh-O-Gram Studios.  It was located in Kansas City, where he brought animated fairy tales to life in local theaters.  When Laugh-O-Grams became more well-known, Disney had to find a financial backer to support the enterprise.  With the shadow of misfortune, the backing firm went broke and forced Laugh-O-Grams to go bankrupt.  Disney fervently tried to rescue his business by living in his office and eating beans, but that was not enough to save Laugh-O-Grams.  He eventually had to close it down.  However,…

Hardware Store Files for Bankruptcy

23 January 2013 by jacksonwhite  |  Bankruptcy Process, Business Owners, Chapter 11 Bankruptcy, General Bankruptcy  |  No Comments

A Houston-based company, Handy Hardware Wholesale Inc., filed for Chapter 11 bankruptcy after starting a second distribution center during the U.S. recession. The company was founded in 1961 by hardware retailers who wanted to discuss lowering the price of inventory.  Handy Hardware has 1,000 members who own the company completely.  They are over 1,300 outlets which consist of retail hardware stores, lumber yards, and home centers.  The decreased inventory prices made it easier for the members—mainly family owned, independent businesses—to challenge other companies like Home Depot Inc. and Lowe’s Cos. In 2009, Handy Hardware constructed a 460,000 square-foot warehouse in…

Debt Settlement Companies and Bankruptcy

7 December 2012 by jacksonwhite  |  Bankruptcy Process, Debt Collection Issues, Debt Negotiation, Debt Settlement Companies, Filing for Bankruptcy, General Bankruptcy  |  No Comments

When someone is facing hard times financially, they’ll do just about anything to get on top of it, even if it means consulting a debt settlement company. A debt settlement company typically promises to work with your creditors to reduce the amount you owe. A typical debt settlement company charges high fees for their services up front. Even if they can’t reduce your debt, they still get to keep that money. These types of businesses also tend to encourage their clients to stop paying their debts and to stop communicating with their creditors. This is terrible advice. If you stop…

Russell Wasendorf Liquidates all his Assets in Bankruptcy

21 November 2012 by jacksonwhite  |  Arizona Bankruptcy Procedures, Bankruptcy Auction, Bankruptcy Process, Chapter 13 Bankruptcy, Chapter 7 Bankruptcy, Debt Collection Issues, Filing for Bankruptcy, General Bankruptcy  |  No Comments

Chief Executive of Peregrine Financial Group Inc., Russell Wasendorf is auctioning off his assets on December 5th to pay back customers and creditors of his failed brokerage. The court-appointed receiver spent nearly 4 months tracking down all of Wasendorf’s possessions, which include antique cars, snowmobiles, construction equipment, office equipment, restaurant equipment, personal furnishings, and 2,100 bottles of wine valued at $100,000. Bankruptcy offers individuals a chance to eliminate their debt by either liquidating all of their assets, like in Wasendorf’s case, or by reorganizing their debt into a manageable payment plan. Since Wasendorf chose to have all of his assets…

Debtor Education Course

15 November 2012 by jacksonwhite  |  Arizona Bankruptcy Procedures, Bankruptcy Process, Chapter 13 Bankruptcy, Chapter 7 Bankruptcy, Duties of the Debtor, Filing for Bankruptcy, General Bankruptcy  |  No Comments

When you file for bankruptcy, you’re required to complete a debtor education course before the bankruptcy process is finished. The debtor education course is designed to help debtors plan for the future and avoid bankruptcy. The education course is two hours long and consists of discussions regarding budgeting, credit spending, and financial management. Once you’re ready to begin your debtor education course, you’ll need to have this information: Your mother’s maiden name. Your bankruptcy case number. Your bankruptcy Judicial Filing District. Filing for bankruptcy offers debtors a fresh start at life. Two bankruptcy options for debtors include Chapter 7 bankruptcy…

How to Avoid Going Bankrupt

14 November 2012 by jacksonwhite  |  Bankruptcy Process, Debt Negotiation, Filing for Bankruptcy, General Bankruptcy, Mistakes  |  No Comments

Bankruptcy should be a last resort for those who won’t be able to pay off their debt in their lifetime. Sometimes people end up having to file for bankruptcy a second time, because they fall back into the same routines they were in before. There are a few things you can do to avoid going back down the path to bankruptcy. One way to avoid bankruptcy is to set boundaries. You can do this by assessing your income and analyzing where your money is going. If you’re living above your means, then you’ll need to scale back while trying to…

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