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Manos Legal Services > Our Blog (Page 26)

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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What is the Automatic Stay and Who Does it Protect?

[ad_1] The Automatic Stay is an order entered by the federal bankruptcy court directing that all debt collection actions against a debtor that has filed for bankruptcy protection stop.  In most bankruptcies, the stay ordered is entered automatically by the court clerk when the case is filed.  There are some statutory exceptions that apply in the event of repeat filings. The automatic stay is authorized by 11 USC §362, a section of the bankruptcy code that details its provisions.  This important statute prevents the taking of just about any type of action that improves or advances the position of a creditor...

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Are We Seeing a Return to Debtors’ Prisons?

[ad_1] Some time ago, I posted a video on my YouTube channel posing the question “Can I Go to Jail for Not Paying Credit Card Debt?” The answer to this question is “no” – if you don’t pay your credit card bill, the lender bank can sue you for money damages, but they have not power to throw you in jail. Only the state or federal government has the power to incarcerate you for not paying debts and the type of debts that could result in jail time include unpaid such obligations as past tax debt, fines due to governmental units,...

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When Consumers Get Notices About A Business’s Bankruptcy — When You Are Suddenly A Creditor.

[ad_1] My community was recently rocked by two businesses who were suddenly in Chapter 7 bankruptcy with unhappy clients and customers.   Chapter 7 bankruptcy for business is a very different process than when people file for Chapter 7 bankruptcy.   A business in Chapter 7 no longer is able to conduct business and any assets are subject to liquidation by the appointed Chapter 7 trustee. Questions and letters to the editor followed regarding the bankruptcies as community members wondered what could be done.   One business was a car sales lot and the other was a funeral home.   In each case, allegations of...

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The Stigma of Child Support Modification

[ad_1] When child support is calculated, it is based on the state’s guidelines and how they interact with the parents’ income, the number of children involved, and the percentage of time each party has with the children. These parameters provide the court with the necessary information to make informed decisions regarding what can be paid within the means of the paying parent. However, the details regarding how much each parent makes in a given calendar year can change over time, causing the need for child support to be reassessed. This can result in a dispute between the paying parent who sees the...

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