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Monthly Archives: April 2010

playing around with Windows Movie Maker

21 April 2010
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commercial draft 1.1You Tube Bankruptcy Video = ROUGH DRAFTThis is a REALLY rough draft of me playing around with Windows Movie Maker…. 

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Fraud in bankruptcy

20 April 2010
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Once you’ve made the decision to file for bankruptcy, any credit card use after that point becomes highly scrutinized and very suspect.  This should be obvious.  After all, if someone decides that they are seeking to eliminate their credit card debt through bankruptcy, then incurring additional credit card debt can be considered fraudulent.

 If a credit card company learns that a debtor used a card without any intention of making full payment, then the credit card company has the right to object to the debtor’s discharge of that particular debt. 

 What’s more, if the case trustee or United States Trustee learns that the debtor intentionally “charged up” his or her cards before filing, then the either trustee can seek to have the debtor’s discharge denied or case dismissed.  There is also the possibility that the debtor can be found to have engaged in bankruptcy fraud — a criminal offense.

 Bankruptcy is a very powerful consumer protection tool that can enable you to eliminate all credit card debts and get a fresh new financial start.  Don’t jeopardize your ability to take advantage of the federal bankruptcy laws by being greedy or foolish.   Don’t create unnecessary red flags that can expose your case to additional review.  So don’t use your credit cards once you’ve decided to file bankruptcy.

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Buying a home after bankruptcy

15 April 2010
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Buying a home after bankruptcy is difficult after filing Chapter 7 or Chapter13 bankruptcy . However, it’s not impossible, even if it is hard to get a real estate loan.

Bankruptcy and Your Credit
First, you need to face the realities of the effects that bankruptcy will have on your credit and your ability to buy a house. No matter how much work you do to build up your credit, you’ll still be paying a higher interest rate than a borrower with good credit. The bankruptcy will show up on your credit report for 7 to 10 years. You’ll need to concentrate on the other factors that determine whether or not a lender will fund a real estate loan: your income and your down payment.

Rebuilding Your Credit
Wait at least two years after a bankruptcy to start looking for a home loan. This will allow you to start re-establishing your credit and build up your savings so you can pay a significant down payment. Start to build your credit by looking for some small balance credit cards. These are normally heavily marketed to people with poor credit, so look for offers in your mail after you file, or search online. These credit cards have small balance limits of $200 to $300. They also have slightly higher interest rates than normal.

Although it seems unusual that you should take out more credit cards after filing for bankruptcy, these credit cards serve a purpose. You will be using them to prove your credit worthiness. Don’t use these credit cards as an excuse to go shopping for fun. Choose one monthly expense, like your gas or grocery bill, and pay using a credit card. Keep track of your balance, and then pay it off each and every month. This way you’ll be building up a positive credit report with regular payments.

Work on reducing your other expenses so that you can put as much money as possible into savings. The common recommendation for your down payment is at least 10 percent of the total cost of your home. Since you have a bankruptcy on your record, you may want to save a 15 to 20 percent down payment. If you can pay 20 percent for your down payment, you’ll be better off since you won’t need private mortgage insurance (PMI) or a piggyback loan to cover any loan over 80 percent of the cost of the home.

With planning and prudent financial management, you can overcome having a bankruptcy on your record. If you put this bankruptcy advice to good use, owning your own home is not too far out of your reach.

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How often can I file a chapter 7 bankruptcy?

12 April 2010
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The technical answer is that you can file as often as you like, but you may not get the result you want, especially because of the post-October 17, 2005 changes in the bankruptcy law.

A debtor cannot obtain a discharge in a Chapter 7 case if the debtor obtained a discharge in (a) a Chapter 7 case filed within the past 8 years, or (b) a Chapter 13 case filed within the past 6 years. The time periods in either case are measured from the commencement dates of the respective cases. The dates of discharge have no bearing on the disqualification.

A debtor cannot obtain a discharge in a Chapter 13 case if the debtor obtained a discharge in (a) a Chapter 7 case filed within the past 4 years, or (b) a Chapter 13 case filed within the past 2 years. The time periods in either case are measured from the commencement dates of the respective cases. The dates of discharge have no bearing on the disqualification.

In addition to these changes in how often a debtor can obtain a discharge in bankruptcy, Congress also enacted changes intended to reduce or eliminate the effect of the bankruptcy stay for serial filers. To oversimplify the changes, the stay will last for just 30 days if a bankruptcy case of the debtor was pending within the preceding year but was dismissed. The stay will simply not come into existence at all if two or more cases were pending within the preceding year but were dismissed. If a Chapter 7 case is dismissed for abuse and the debtor files under a new chapter (such as Chapter 13), however, the stay has its normal duration.

Notwithstanding the above, you can be barred from filing a new case for 180 days after a case is dismissed, if the dismissal (a) is because you willfully failed to abide by an order of the court or to properly prosecute the case, or (b) was at your request after a creditor requested relief from the automatic stay.

If you are in California and ready to file your Chapter 7 bankruptcy click here to contact  attorney Chirnese Liverpool.

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How often can I file a chapter 7 bankruptcy? How often can I file a chapter 7 bankruptcy? How often can I file a chapter 7 bankruptcy? How often can I file a chapter 7 bankruptcy? How often can I file a chapter 7 bankruptcy?

its TAX time

11 April 2010
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Its that time of the year where uncle Sam wants you to file your tax returns. 

I wanted to remind those considering filing for bankruptcy  that generally, taxes are non-dischargeable.  For more information on this topic, click here.

 So, don’t forget to get your taxes e-filed or postmarked by April 15, 2010.

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