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Bankruptcy

Manos Legal Services > Bankruptcy (Page 8)

How to Patch Up a Leaky Budget

[ad_1] Do you consider yourself a financially responsible young adult? Personally, I like to think that my finances are mostly in order. Rent, student loans, car payments—everything big is blocked off nicely. If the math works out right, I have a bit left over every paycheck to go into your savings or retirement account, and a little on the side to have some fun. At least, that’s what should happen. Recently, I looked over my bank statement and noticed a bit less money than I’d planned for and this prompted me to think that a thorough checkup was in order. I hadn’t...

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How to Spot and Avoid the Most Common Travel Scams [Video]

[ad_1] [youtube https://www.youtube.com/watch?v=3RFSSPoMp38?enablejsapi=1&autoplay=0&cc_load_policy=0&iv_load_policy=1&loop=0&modestbranding=0&rel=1&showinfo=1&theme=dark&color=red&autohide=2&controls=2&playsinline=1&&w=480&h=270]While travel brings new adventures and an exuberant happiness you thought was only possible on television sitcoms, it can also be ruined quite easily by falling for a travel scam. It’s human nature to think that we are smart enough to avoid getting ripped off. But, the truth is, it happens to the best of us. Including me! From being overcharged in taxi cabs to connecting to fraudulent wifi networks, travel scams exist in one form or another all over the world. But fear not, if you educate yourself on them before you take off you can avoid even...

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How Cognitive Biases Can Drive You Into Bankruptcy

[ad_1] Are you familiar with the term cognitive bias? A cognitive bias represents an error in reasoning or decision making when you disregard accurate information in favor of your subjective preferences and beliefs. In other words, you exhibit a cognitive bias when you “go with your gut” rather than more objective information. Taken to an extreme, cognitive biases can lead you into bankruptcy, or can prompt bad choices when you are in bankruptcy. Here are some examples. Have You Fallen Victim to the Sunk Cost Fallacy? One cognitive bias I see frequently in my bankruptcy practice is the sunk cost fallacy. It usually takes...

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Can I Lower My Car Payment in Bankruptcy?

[ad_1] If you’re having trouble paying your monthly bills—especially that steep car loan— you might be wondering if filing for bankruptcy will lower your existing car payment. It depends on which type of bankruptcy you file, but bankruptcy could potentially lower your car payment. Here are basic descriptions of the two types of bankruptcy that you can file: A Chapter 7 bankruptcy, or “liquidation” bankruptcy, will discharge most of your unsecured debt. A trustee will attempt to sell any significant property to pay your creditors. A Chapter 13 bankruptcy, or “wage earners” bankruptcy, will reorganize your debts so that you can repay some...

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Why I Prefer Chapter 7 Bankruptcy to Chapter 13 Debt Consolidation

[ad_1] Most folks considering bankruptcy will consider two options – Chapter 7 and Chapter 13. Sometimes, you have the option of choosing either type of bankruptcy, whereas in other situations you would only be eligible to file either a Chapter 7 or a Chapter 13. When I meet with a client, I always start with the question of how can I fit this person into Chapter 7. It is not always possible, but, in my experience my Chapter 7 just works better – my clients get their discharge that wipes out debt completely, their cases are over in about 5 months,...

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How Bankruptcy Can Solve Your “Too Expensive Car” Problem

[ad_1] Next to home mortgages, motor vehicle loans are often your most expensive purchase. According to USA Today, the average transaction cost of a new car or truck sold in the U.S. was around $33,500. Lenders are now extending vehicle purchase loans to 6 years or longer, and when interest rates are factored in, you can easily find yourself responsible for $40,000, $50,000 or more. Unlike real estate purchases, motor vehicles are depreciating assets. If you finance your car or truck over 4 to 6 years, there is a good chance that you will owe more on your vehicle until year...

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Yes You Can Refile Your Chapter 13 Case, But Should You?

[ad_1] If you are facing a foreclosure, vehicle repossession, wage garnishment or other financial crisis, Chapter 13 bankruptcy can be a great tool to stop the chaos.  As the type of bankruptcy that includes a repayment plan, Chapter 13 can empower you to reduce your monthly payments, eliminate accruing interest on credit card debt, reduce your total indebtedness – all while protecting your real and personal property from creditor actions.If you are facing a foreclosure, vehicle repossession, wage garnishment or other financial crisis, Chapter 13 bankruptcy can be a great tool to stop the chaos.  As the type of bankruptcy...

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Student Loans and the Elderly: How to Stop Student Loan Collectors and Social Security Garnishment

[ad_1] An increasing number of our senior citizens are faced with the same problems faced by many of our young adults: student loans. A recent PBS story, “More older Americans than ever are struggling with student debt,” highlights an issue that many bankruptcy attorneys have seen in recent years. As the article notes, ” The number of Americans age 60 and older with student loan debt quadrupled between 2005 and 2015 to nearly 3 million. And the average amount they owe has nearly doubled from 12-thousand dollars to almost 24-thousand.” That’s a lot of debt–my cheap calculator doesn’t have enough digits...

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How Bankruptcy Exemptions Work

[ad_1] Did you ever wonder if you will lose your property if you file bankruptcy?  Can you keep your home, your car, your household goods?  What about your clothes and jewelry? [youtube https://www.youtube.com/watch?v=mlz5cNqERTE&w=560&h=315] The part of bankruptcy law that tells us what you can keep while using bankruptcy to get rid of debts are the bankruptcy exemption laws that apply in your case.  Exemptions are a strange part of bankruptcy law in that different rules apply depending on where you file your case.  Your state may have its own exemption statute, or it may use the federal statute, or it may allow...

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Why Surrendering Your Car or House in a Chapter 13 May Create Unexpected Problems

[ad_1] One of the more powerful tools available to you when you file a personal bankruptcy has to do with your option to cancel an installment contract and surrender secured collateral. This applies to all forms of secured collateral, including such things as houses, motor vehicles, furniture, and jewelry. In a Chapter 7, your surrender of secured collateral will usually mean an end to your obligation to the secured creditor. Any remaining debt owed to the creditor for a deficiency balance will be treated as unsecured debt and unsecured debt is generally going to be eliminated with your Chapter 7 discharge. In...

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