In 2005 the Federal Bankruptcy Guidelines were changed, and today in 2012 those guidelines still remain. The guidelines were put in place to weed out those consumers that might try to file bankruptcy even though they could afford to pay their creditors. Of course these laws were backed by credit card companies and banks that […]

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Deciding to file bankruptcy can be intimidating, especially if you believe your creditors can take all of your belongings. Luckily, the bankruptcy code recognizes that you will need certain things to continue living your life, such as a place to live, clothing to wear, a car to get to your job, and furniture. Typically personal […]

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When you sign a reaffirmation agreement, you make a promise to your creditors to pay your debt that would normally be discharged in a chapter 7 bankruptcy filing. The most common circumstances, in which a reaffirmation agreement is negotiated, are for vehicle loans. If you want to keep your vehicle and continue to make payments […]

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Retirement accounts are protected by the Employee Retirement Income Security Act (ERISA) both in a bankruptcy filing Chapter 7 or 13 and are therefore not considered a collateral when creditors come after your assets. Specific exemptions for IRS qualified plans fall in this category: Pensions, 401(k) and 403 (b) are exempt regardless of its value […]

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