Despite all the hoopla about loan modifications in the past, our experience has been borrowers were led to believe they would receive a loan modification, and most were simply not given one. The loan modification process was frustrating and left stressed out borrowers in a worse position. We have many clients in Chapter 13 bankruptcy [...]
Author Archives: Carol Cross Stone
Filing Bankruptcy Without Losing Your Tax Refund
This time of year, people who are considering filing bankruptcy worry about whether they will lose their income tax refund if they file bankruptcy. The short answer is: no, you do not have to give up your tax refund in bankruptcy – as long as you do some planning. Many people deliberately overwithhold on their [...]
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Bankruptcy Planning in Unstable Economy
Face Your Fear The gloom and doom headlines are scary. Many families are behind on their home mortgages, and foreclosures are increasing. The “invisible bread line” of people on food stamps grows longer each day. Unemployment continues to soar. Worry and even fear is natural in these times. But worry or fear never helps. Looking [...]
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Living with Student Loan Debt
With the declining economy and lack of jobs, more people are going back to school. They hope more education will qualify them for a higher paying job. They live on student loans and borrow to pay all expenses. Unfortunately, more education is no longer a guarantee of a higher paying job or even a job. [...]
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Filing Bankruptcy Without Your Spouse
Occasionally, a person who is married wants to file bankruptcy without his or her spouse. There can be various reasons for this, such as the debt was made only by one person; the couple is concerned about obtaining new credit in the immediate future; or perhaps the other spouse simply does not want to file. [...]
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Getting Rid of Delinquent Taxes
Not one of the lucky people waiting on a tax refund? One of the most stressful types of debt for people to have is tax debt. While it is true that the IRS has powerful collection tools, coming up with a game plan to get rid of delinquent taxes is possible. Many times, people who [...]
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Worried About Losing Property in Bankruptcy?
Many people struggling with overwhelming debt do not consider bankruptcy because they believe if they file bankruptcy, they will lose property. This is not true. According to the National Association of Chapter 7 Trustees, 90% of the people who file bankruptcy are “no asset” cases. Does this mean 90% of the people filing bankruptcy don’t [...]
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A Fresh Start in 2011
As we near the New Year, we look back to our mistakes and forward with a renewed hope of change and doing better. The essence of bankruptcy is a fresh start.
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Tips for People Struggling with Debt Who have Social Security Income
Social security benefits are not counted as “income” for purposes of the means test. Because of this, your eligibility for a Chapter 7 is more likely. In addition, it is not counted in determining “current monthly income” in a Chapter 13, which can make your Chapter 13 payment lower. In other words, if you receive [...]
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