Archive for the ‘Filing for Bankruptcy’ 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…

Save Money on Vacation

29 March 2013 by jacksonwhite  |  Filing for Bankruptcy, General Bankruptcy, Money Saving Tips  |  No Comments

The last thing you want to be thinking on your vacation is: “I’m sinking in an ocean of debt.”  This will only create more anxiety for yourself.  Here are five tips that will help you save money on vacation. Skip the Hotel.  Paying for a hotel or motel is usually the biggest chunk of change you spend on a vacation.  If you will be in the same location for several days or weeks, renting a home or cabin could end up being cheaper than paying the daily rate at a hotel.  It is even more beneficial if you have a…

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…

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…

CSI Star Gary Dourdan Files for Bankruptcy

5 December 2012 by jacksonwhite  |  Chapter 13 Bankruptcy, Chapter 7 Bankruptcy, Filing for Bankruptcy, General Bankruptcy  |  No Comments

Hollywood actor Gary Dourdan has recently filed for bankruptcy. Dourdan has starred in eight seasons of CSI: Crime Scene Investigation, but his disposable income is just $321. Dourdan has roughly $1.8 million in assets, but currently owes $1.73 million to various banks. Dourdan said he makes $14,883 per month, but $14,562 of it goes to bills. Dourdan’s financial issues began in 2010 when he was sued over credit card debt. Dourdan had to file an injunction back in August to stop Wells Fargo from auctioning off his California home. Immediately after he filed the injunction, he filed for bankruptcy. Even…

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…

Medical Bills are the Leading Cause of Bankruptcy

1 November 2012 by jacksonwhite  |  Bankruptcy Process, Chapter 13 Bankruptcy, Chapter 7 Bankruptcy, Debt Collection Issues, Filing for Bankruptcy, General Bankruptcy, Medical Bills  |  No Comments

When most people think of the word bankruptcy, they think of people racking up credit card debt by purchasing unnecessary luxuries that they can’t afford. There may be times where that’s the case, but the typical person filing for bankruptcy is filing because of the medical debt they’ve accumulated. The American Journal of Medicine stated in a 2009 study that medical bills were a main cause in 62 percent of bankruptcy filings. In fact nearly 75 percent of those who file for bankruptcy because of their medical expenses have health insurance. With all of the co-payments and deductibles, a serious…

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