There is a specific law that says you cannot discriminate against someone because they filed bankruptcy. The law is 11 U.S.C. 525. That doesn't guarantee that a prospective employer wouldn't hold it against you, but they're legally not supposed to that. I think the point at which any prospective employer would care ...
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The Limits of Bankruptcy Discharge (VIDEO)
Filing for bankruptcy protection isn’t anyone’s first choice, but it can be one of the best things you can ever do for yourself when you’re in a seemingly intractable ...
Bernie Kosar (NFL Quaterback)
Former NFL quarterback Bernie Kosar filed for bankruptcy. He was a star at the University of Miami, then played in the NFL for Cleveland, Dallas and Miami. His Chapter 11 filing listed assets between $1 million and $10 million and liabilities of between $10 million and $50 million, including more than $9 million for bad ...
Involuntary Bankruptcy
Most bankruptcy cases are filed by the debtor himself. These are "voluntary" bankruptcies (although few would "volunteer" to be in this position). Not all bankruptcy proceedings are voluntary, however. Under Chapters 7 and 11, creditors also have the option of filing for relief against the debtor, in which case the proceeding is called an "involuntary ...
Getting a Car After Bankruptcy
Even when it's painfully obvious that they need to file bankruptcy, lots of my clients hesitate to file because they are absolutely scared to death about their car. Some worry that they will lose their car if they file bankruptcy (you won't lose it). An even greater number of my clients worry that they'll never ever ...
Documents to have when filing bankruptcy
If you are considering filing for bankruptcy, there are things that you should make sure to save and have available, just in case. If people keep good records, the process is much easier and they can proceed without much difficulty. Many people shred or throw away information, not knowing that they may need it later. ...
Non Bankruptcy Alternatives
Dealing with creditors on your own First, you must realistically determine how much TOTAL you can afford to pay per month toward your debt. To figure this, you must make a budget of what living expenses you incur so that you can figure what, if anything, is left over to apply to the debt. Once you've ...
33 “Don’ts” For Your Dallas Bankruptcy Case
A List of Thirty-Three DON’TS in Preparing to File a Chapter 7 Bankruptcy. If you can adhere to these suggestions, your case will go much more smoothly.
Are You In Foreclosure?
If you have recently been served with written notices in a foreclosure action, your lender has commenced the process to "redeem its collateral." Typically, a foreclosure proceeding takes 20-30 days to complete from the time that you receive a notice. Therefore, it is important to act quickly. Every day that goes by brings you ...
Things to Consider Before Jumping into a New Credit Card
Once your bankruptcy case is over, you’ll get bombarded with new credit card offers. Take one if you want to (it’s a free country, after all) but here are a few things to be thinking about before you pull the trigger.
Automatic Stay Created When Filing Bankruptcy
The automatic stay is one of the most important aspects of the bankruptcy law. Once a petition for bankruptcy is filed by a debtor, the automatic stay is immediately in place. This means all collection activity must stop, and a creditor may be punished for ANY collection activity that occurs, even if they did ...
What is the “Discharge”
A bankruptcy discharge releases the debtor from personal liability for certain specified types of debts. In other words, the debtor is no longer legally required to pay any debts that are discharged. The discharge is a permanent order prohibiting the creditors of the debtor from taking any form of collection action on discharged debts, ...
Credit Reports
A consumer credit report is the type of file most individuals have with the various credit reporting agencies-- Experian, Equifax and TransUnion. It is your personal credit file. It is different than the credit report of a business. The following are the limits on information that may be reported in a consumer credit report. They ...
Higher Rates on ALL Your Cards a Risk if Payments Missed on ANY Card
Don Mitchell was surprised to learn his credit-card company reserved the right to boost his interest rate to nearly 25 percent if he fell behind on payments, not just to it but to any creditor. Buried in the fine print of his Citibank card agreement was a clause saying customers who missed payments to ...
Top Myths About Bankruptcy
1. Bankruptcy relief is no longer available and/or practical. This is absolutely false. The new bankruptcy laws have made the process more burdensome in some cases, and altered eligibility for certain people, but for most people, if they were eligible before, then they are likely eligible now for bankruptcy relief. 2. If I file bankruptcy I ...