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Written by: leonora | Published on: October 4th, 2010
Why going to the “99 Cent” store type attorney may not be your best option. You are not looking for a bankruptcy attorney when you have a ton of money at your disposal to spend on legal fees to do a bankruptcy you are not sure you need. You are looking for an attorney, because you don’t have the money and need legal advice. You know better than to try to do your bankruptcy and frankly you wouldn’t know where to begin. I like a bargain as much as the next girl. Trust me. This weekend I was exited about [...]
Written by: leonora | Published on: August 2nd, 2010
If you are considering bankruptcy, have filed for bankruptcy or discussed it with an attorney or a friend, you have probably heard that a creditors’ meeting or 341(a) hearing takes place soon after the bankruptcy case is filed. While it sounds like a scary meeting where you stand in front of the judge and all your creditors and justify your reasons for filing bankruptcy, it is anything but that. What is this “meeting of creditors” then? If you file for Chapter 7, most likely you will never even meet the bankruptcy judge, but you will meet the Bankruptcy Trustee. In Los [...]
Written by: leonora | Published on: July 12th, 2010
I heard income taxes do not go away in bankruptcy. Is that true? It depends. I know you like to hear that, but that is unfortunately the correct answer. You can discharge taxes (make them go away) in Chapter 7 bankruptcy if you meet the following requirements. 1. Tax return was due more than 3 years ago. – If we were filing today, 7/12/10, then the year for which taxes are dischargeable would have to be not later than 2006. Why? Because taxes are due April 15. So count back, 2007 taxes would not be due until April 15, [...]
Written by: leonora | Published on: March 15th, 2010
If you are living abroad, but have accumulated debt in US that you would like to discharge through bankruptcy, can you file and if so where? The specific question is where will the venue be proper? Assuming that you don’t have a US domicile, residence, principal place of business, you can still file where you have principal assets for a longer portion of one-hundred-eighty-day period. You can file in any district where you have majority of US assets. 28 U.S.C. Section 1408 provides in relevant part that “…a case under title 11 may be commenced in the district court for the district….(1) in which principal assets in [...]
Written by: leonora | Published on: March 12th, 2010
You are having trouble sleeping due to financial troubles, especially worries over debt. You are borrowing from one credit card to pay another card. You are about to withdraw money from 401(k) to repay debt. Your wages are about to be or are being garnished. The calls from creditors are relentless. You are unable to save money for retirement or emergency fund and depleting your savings paying credit card debts without making any headway in the balances. You are not likely to repay your current debt within the next 5 years. Your credit is already very bad and you would [...]
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