5 Things Bankruptcy Court Won’t Tell You

Part 2 from a 2 part series of articles 10 Things Bankruptcy Court Won’t Tell You 6. Don’t settle with Mom first or fudge the condo in Boca. Many debtors naturally want to pay back friends and family before filing for bankruptcy. Yet that can be a big mistake. Any money repaid to “insiders”—including relatives, friends and […]

4 Ways to Raise Your Credit Score Quickly After Filing Bankruptcy

1. Damage control. Make sure all the accounts you included in your bankruptcy are listed as such, and show $0 balances if you filed Chapter 7. If a creditor continues to report the account as delinquent –which they shouldn’t- your credit score will suffer.

No Money Down Bankruptcy?

No money down bankruptcy? It is not commonly known that, as many as 70% of Chapter 13’s fail. Because of the limited budget allowance demanded by the Bankruptcy code, unforeseen additional setbacks in the debtors finances forces many Bankruptcy filers to either dismiss their case (in which case they end up right back where they […]

Bankruptcy Lawyer Port St Lucie – Top 3 Reason NOT to Reaffirm a Mortgage in Bankruptcy

1. Truth is, if the lender is not going to report to the credit bureau, the debt to income ration should be minimized by not reaffirming the mortgage. 2. Borrower‘s struggling through a Chapter 13 have a hard time making mortgage payments on time; thus the likely hood of negative information is high if reaffirmed. 3. If not reported, the borrower can name the payment here or there, catch up payment, and pay whatever late fees accrue; all without risking a negative trade line on a credit report.

Business Bankruptcies on The Rise Again

Business bankruptcies of all sizes including major corporations, and especially local small Mom and Pop Businesses are failing more and more particularly in the retail areas as the impact of on line shopping hits closer and closer to home. The American Bankruptcy Institute indicates a 40% increase in commercial bankruptcies from May of 2014 to May […]

Don’ts in Preparing to File Bankruptcy (Part 3)

21.  Don’t omit or ‘save” a credit card for after your bankruptcy.22.  Don’t fail to list debt to family or other “insiders”.23.  Don’t write bad checks.24.  Don’t give creditors postdated checks.25.  Don’t borrow money without talking to your attorney first26.  Don’t forget to tell your attorney about liens or unpaid judgments on your home.27.  Don’t make major financial decisions without talking to […]

Don’ts in Preparing to File Bankruptcy (Part 2)

11.  Don’t give of gift property to anyone.12.  Don’t transfer assets to anyone unless it is a genuine sale for fair value.13.  Don’t cash out retirement plans or 401k’s.14.  Don’t gamble.15.  Don’t hide assets or debts.16.  Don’t forget timeshares or co owned property.17.  Don’t omit unfiled legal claims you have.18.  Don’t forget stock options, profit sharing plans, or pension rights.19.  Don’t take out payday […]

4 Ways to Keep Your Stuff

1. Confirm a chapter 11 or chapter 13 plan under §1123 & §1129(a) although both are ride with too many complications to address here. 2. Redeem it.  Special rules apply to certain vehicles but essentially the debtor is entitled to buy the property from the estate at a value determined by the court, Say a debtor owes […]