Can a Bank Freeze Your Account After Filing Bankruptcy

Filing bankruptcy does not “stop” or “freeze” your finances. The bankruptcy law recognizes that you have an on-going need to pay for gas, food, the rent, etc. This implies money is available, which can be a problem if the money is in a checking or savings account at a bank where you owes money. When Your Bank is a Creditor …

Filing Tax Return after the Deadline May Lead to Bankruptcy Trap

A troubling trend has now turned into a full-blown minority opinion in the bankruptcy world. Some bankruptcy and appellate courts are reading the Federal Bankruptcy Code to exclude late-filed tax returns from the definition of a “tax return.” It has long been held that recent income tax debts are not dischargeable in bankruptcy, but older tax debts (that otherwise qualify …

Bad Legal Advice Will Not Save Your Bankruptcy Case

When something bad happens in your bankruptcy case, who gets the blame? You do. The responsibility for your bankruptcy case is first and foremost squarely on your own shoulders. Your attorney works on your case. It is not your lawyer’s case – it is your case. Sure, when something goes wrong you can complain about your attorney. You may even …

Many Americans Walking Edge of Financial Ruin

Recently Bankrate.com released a survey suggesting that many American adults are walking the edge of financial disaster. Bankrate surveyed more than 1,000 adults and discovered that 37% had credit card debt that equals or exceeds their emergency savings. Credit card debt is old news to most Americans. According to Federal Reserve statistics from December 2014, Americans owe more than $880 …

Save Money Today

Many families who struggle to make ends meet talk about establishing a family budget and reducing expenses. Some suggest “sacrificing” and “tightening the belt” to save money. While admirable, sometimes it is not necessary to do without in order to save money. Below are three easy ways to immediately save money without changing your lifestyle. Pay TV The entertainment world …

Statute of Limitations and Foreclosure

Every state has a statute of limitations for filing a foreclosure action. A statute of limitations is a state law that tells the lender that a foreclosure must be filed within a certain time after default on a promissory note. If the foreclosure is not filed by that date, it is not valid and may be stopped or dismissed by …

Number of Bankruptcy Cases Drop

The total number of bankruptcy cases filed in the United States fell 14 percent from a year ago, according to a recent press release from Epiq Systems, Inc. Bankruptcy filings in January 2015 totaled 59,037 compared to 68,271 cases filed in January 2104. The number of consumer filings declined 13 percent and commercial filings are down 16 percent. Total commercial …

How Long You Must Stay in Chapter 13 Bankruptcy

The chief feature of a Chapter 13 bankruptcy is the repayment plan. A Chapter 13 bankruptcy gives a debtor time to restructure personal finances through monthly payments. How much time is the subject of today’s post. 100% Repayment In general, a proposed Chapter 13 repayment plan must last between three and five years (36 and 60 months). However, there are …

Contingent, Unliquidated and Disputed Debts, and Why It Matters

During your bankruptcy you will account for your debts on official bankruptcy forms. The bankruptcy code requires you to list all debts and indicate whether the debt is contingent, unliquidated, or disputed. Below is a quick primer on these types of debts and why you should accurately list the debt. Contingent debt A contingent debt is a debt owed to …

1970s Teen Idol Files for Bankruptcy Protection

Is it hard to file bankruptcy? You bet. Is it hard to file bankruptcy when you have sold of 30 million records? Or starred on a hit television show? Or been a teen heartthrob? Or been featured in books, magazines, trading cards, and lunch boxes? Oh, yeah. David Cassidy, former teen idol and star of the ‘70s TV series “The …