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Parkland Bankruptcy

How To Get Your Credit Reports For Free

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Unfortunately, many times people seek copies of their credit reports by going to sites like CreditKarma.com or one of the Credit Bureaus first and pay to obtain them. We advise our clients to get their Credit Reports through a website that provides a free annual report from Equifax, TransUnion and Experian and is guaranteed by Federal law. This website is the quickest, easiest way to get your credit reports for FREE!

Use AnnualCreditReport.Com to Get Your Free Annual Credit Report

We recommend to all of our clients that they use AnnualCreditReport.com as it is the official site where they can obtain a free copy of their annual credit reports. The right to obtain a free annual copy of your credit reports is guaranteed by Federal law. You are eligible to get a free copy of your credit report every twelve (12) months from Equifax, TransUnion and Experian.

Don’t be fooled by look-alike sites. Make sure that you go to the right site by clicking the above hyperlink. You can also get there by typing www.AnnualCreditReport.com in your browser address line. You can also cut and past www.AnnualCreditReport.com in your browser address line.

Once you are on www.AnnualCreditReport.com you are able to obtain your free annual copy of your credit report from Equifax, TransUnion and Experian. Obviously, this service is only available once a year. If you have already received a free copy of your annual report you won’t be eligible to get it again for another year. You will have to use a paid method to obtain a copy of your current report from Equifax, TransUnion and Experian.

In these situations where you are not eligible to obtain your current reports through www.AnnualCreditReport.com, you should go directly to each of the Bureaus websites to get your report, they will charge you for a copy, but you will know you are getting the reports directly from their source.

Additionally, it is important to review your credit reports on at least an annual basis. It helps you to catch signs of identity theft and other issues that impact your eligibility to obtain credit. If you are dealing with financial hardship, reviewing your credit reports is vital to the planning of your strategy to deal with your debts. From a Bankruptcy prospective, your credit reports identify all the proper parties that need to be put on notice of your bankruptcy. By putting them on notice, they will be bound by a bankruptcy discharge, should your case be granted one by the court.

Further, it is important to remember that some debts may not appear on your credit reports. It is also important to remember that some debts are reported differently by Equifax, TransUnion, and Experian. As such, it is necessary that you make an independent list of your creditors and confirm what is being shown on the credit reports matches your list. This again will help ensure that all of your creditors are put on notice when your bankruptcy case is filed.

Are you considering filing for bankruptcy?

Lastly, if you are considering filing for bankruptcy, it is important that you speak with a bankruptcy attorney who can help you evaluate your potential homestead exemption and issues that may impact your exemption status in bankruptcy. Every bankruptcy case is different, so what has worked for one debtor may not necessarily work for another. If you are in Miami-Dade County or Broward County, Florida, please feel free to contact us to set up a FREE consultation to discuss your specific situation.

Not ready to speak with a Bankruptcy Attorney, but want to get the answers to questions you have, request a copy of my book by clicking here.

This blog post is made available for educational and informational purposes only and to promote a general understanding of the law, and not to provide specific legal advice. Use of this blog does not create an attorney-client relationship. Reading this post is not a substitute for obtaining legal advice based on the unique facts of your situation from an attorney licensed to practice law in your state. No representation is made regarding the current state of the information contained in this post. Examples that may be provided in this post are merely for illustrative purposes; the results in your case may be different and no results are guaranteed

What is Chapter 13 Bankruptcy?

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What is Chapter 13 Bankruptcy?

Chapter 13 Bankruptcy is a type of bankruptcy that allows you to develop a repayment plan for your debts based upon your disposable income each month. In some Chapter 13 Bankruptcy cases the debtor will pay back 100% of the debts they owe, but on a payment schedule that works better for them. In other cases, the debtor will only pay back a certain percentage of the debts owed. It all depends upon your disposable income and the types of debt you are dealing with. Chapter 13 Bankruptcy is not for everyone, but it is a very powerful option for the right situations and clients.

Is Chapter 13 Bankruptcy Right For Me?

Chapter 13 Bankruptcy may be an option for you, it depends upon what you are trying to accomplish. For example, if you are behind on your mortgage and want to catch it up or you want to try and modify your mortgage, Chapter 13 may be your best option. Another situation where Chapter 13 is a great option is when you do not qualify for a Chapter 7 Bankruptcy. In situations such as this, the ability to develop a plan to repay your creditors based upon your disposable income is a life saver. The important thing to remember is that a Chapter 13 only works if you have actual disposable income to make plan payments, if you don’t have disposable income, Chapter 13 is not going to work. Disposable Income is money left over at the end of each month, after paying all necessary (and allowable) expenses to maintain you and your family. We will leave the discussion of Allowable Expenses for another day.

Needless to say, Chapter 13 Bankruptcy can be a very powerful option for you to use to gain control of your financial situation. If the Bankruptcy Court confirms your Chapter 13 Plan, your creditors have to abide by it, even if they are not paid back 100% of what you owe them. Chapter 13 Bankruptcy is not something to be entered into lightly, it is important to consult with an attorney so that you can make an informed decision about the process. It is not something you want to do without the advice and assistance of an experienced Bankruptcy Attorney. There are way too many pitfalls and traps that you can fall into.

Are you considering filing for bankruptcy?

If you are considering filing for bankruptcy, it is important that you speak with a bankruptcy attorney who can help you evaluate your potential homestead exemption and issues that may impact your exemption status in bankruptcy. Every bankruptcy case is different, so what has worked for one debtor may not necessarily work for another. If you are in Miami-Dade County or Broward County, Florida, please feel free to contact us to set up a FREE consultation to discuss your specific situation.

This blog post is made available for educational and informational purposes only and to promote a general understanding of the law, and not to provide specific legal advice. Use of this blog does not create an attorney-client relationship. Reading this post is not a substitute for obtaining legal advice based on the unique facts of your situation from an attorney licensed to practice law in your state. No representation is made regarding the current state of the information contained in this post. Examples that may be provided in this post are merely for illustrative purposes; the results in your case may be different and no results are guaranteed

Bankruptcy Question – What is a Reaffirmation Agreement?

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What is a Reaffirmation Agreement?

A Reaffirmation Agreement is an agreement between you and one of your creditors holding a security interest in property that is part of your Chapter 7 bankruptcy. Typically, the property in question is car. The Reaffirmation Agreement is made when you want to retain the car and continue to make your monthly payments. It takes a debt that would otherwise be dischargeable and removes it from the bankruptcy proceeding.  As to that specific debt, it is as if it was never part of your bankruptcy.

Why would you want to Reaffirm a debt?

The quick answer is that you want to keep your car or other securitized property (meaning the creditor holds a security interest in the property). By entering into a Reaffirmation Agreement you also get the benefit of the creditor to continue to report to the credit bureaus that you are making your payments on time and this will help you rebuild your credit after bankruptcy.

It is very important to understand that you need to continue to make timely monthly payments for the Reaffirmation Agreement to be of any benefit to you. If you are late or miss payments you are defeating the purpose. If you fail to make payments, you also run the risk of repossession and a lawsuit for potential deficiency caused by your failure to pay. Remember, at that point the Bankruptcy Discharge does not protect you. So it is important that you carefully consider whether or not a Reaffirmation Agreement is in your best interests. This is where an experienced Bankruptcy Attorney can help you evaluate your specific situation and help you make an informed decision.

Are you considering filing for bankruptcy?

If you are considering filing for bankruptcy, it is important that you speak with a bankruptcy attorney who can help you evaluate your potential homestead exemption and issues that may impact your exemption status in bankruptcy. Every bankruptcy case is different, so what has worked for one debtor may not necessarily work for another. If you are in Miami-Dade County or Broward County, Florida, please feel free to contact us to set up a FREE consultation to discuss your specific situation.

This blog post is made available for educational and informational purposes only and to promote a general understanding of the law, and not to provide specific legal advice. Use of this blog does not create an attorney-client relationship. Reading this post is not a substitute for obtaining legal advice based on the unique facts of your situation from an attorney licensed to practice law in your state. No representation is made regarding the current state of the information contained in this post. Examples that may be provided in this post are merely for illustrative purposes; the results in your case may be different and no results are guaranteed.

Abby Lee Miller of Dance Moms has been charged with Bankruptcy Fraud

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What Is Bankruptcy Fraud?

Bankruptcy Fraud typically happens when a debtor tries to conceal assets to avoid having to forfeit them in a bankruptcy proceeding. Additionally, Bankruptcy Fraud can occur when a debtor intentionally files false or misleading and/or incomplete bankruptcy forms with the Bankruptcy Court.  In the event that Bankruptcy Fraud is suspected a debtor can be charged by Federal Prosecutor with fraud and if proven can be sentenced to prison for five (5) years and/or fined up to $250,000.00.

Abby Lee Miller from Lifetime’s Dance Moms was charged with Bankruptcy Fraud

Apparently in 2010 Ms. Miller filed a bankruptcy to reorganize her dance studio. Usually, these reorganization bankruptcy cases take a few years to work through the Bankruptcy Court. Typically, there is a plan approved by creditors that allows the business to continue with the hopes that the reorganization allows it to get back on better financial footing. As part of the at process, the debtor is required to provide monthly statements to the court and U.S. Trustee showing income and expenses. Based upon the information available, it appears that Ms. Miller is being accused of not providing a full and complete disclosure of income generated by her dance studio. The federal prosecutor is claiming that she hid $755,492.85 from the Bankruptcy Trustee and creditors. To see a copy of the Federal Prosecutor’s statement on this case, click here.

Bankruptcy Fraud, It’s Just Not Worth It!

It is important to remember that Ms. Miller is innocent until proven guilty. From everything I have read, Ms. Miller had a very successful show on Lifetime (I have never seen her show, only commercials). She was clearly making a good income from all of the activities associated with the show. She ran into hard times in 2010 and needed Bankruptcy to save her business. It appears that instead of embracing the opportunity to rebuild her business, she decided to try and game the system.  Now she is facing criminal charges and all of the expenses and embarrassment associated with them. If found guilty she will lose a lot more than she is accused of concealing.  It will be interesting to see if her show survives.

The lesson her situation teaches is that Bankruptcy Fraud is not worth it! 

Are you considering filing for bankruptcy?

If you are considering filing for bankruptcy, it is important that you speak with a bankruptcy attorney who can help you evaluate your potential homestead exemption and issues that may impact your exemption status in bankruptcy. Every bankruptcy case is different, so what has worked for one debtor may not necessarily work for another. If you are in Miami-Dade County or Broward County, Florida, please feel free to contact us to set up a FREE consultation to discuss your specific situation.

This blog post is made available for educational and informational purposes only and to promote a general understanding of the law, and not to provide specific legal advice. Use of this blog does not create an attorney-client relationship. Reading this post is not a substitute for obtaining legal advice based on the unique facts of your situation from an attorney licensed to practice law in your state. No representation is made regarding the current state of the information contained in this post. Examples that may be provided in this post are merely for illustrative purposes; the results in your case may be different and no results are guaranteed.

 

Bankruptcy vs Minimum Monthly Payments

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Bankruptcy May Be A Better Option vs Minimum Monthly Payments

The premise behind this post will most likely cause a little controversy. Many families are struggling maintaining their minimum monthly payments to credit cards. They make their monthly payments, yet they barely make a dent in the overall balance owed. Basically they are treading water.  If you have 5-6 credit cards with balances, you could easily end up making minimum monthly payments in the neighborhood of $1,500.00 to 2,000.00 a month!  That is a lot of money spent each month to tread water financially.

Something to think about

Lets say for example you had approximately $60,000.00 in credit card debt and your minimum monthly payments were around $1,300.00 a month. How long will it take you to pay off that debt just paying minimum monthly payments? The answer is easy to find, just look at your next credit card statement, usually towards the end of it is an analysis that tells you how long it will take to pay off that credit card just paying minimum monthly payments. The ones that I have reviewed recently with clients usually range from 18 to 34 years! That assumes that you are not continuing to make charges on the account! That is no way to live.

Chapter 13 Bankruptcy May Offer A Better Option

There is another option, you may be able to file a chapter 13 bankruptcy and get rid of your debt within 60 months! The Chapter 13 Bankruptcy would typically freeze the balance owed on the subject accounts to the amount that was owed at the time the bankruptcy was filed. That means no continuing interest, no more treading water. I filed a case for a client where she was paying approximately $1,300.00 a month in minimum monthly payments and going nowhere in reducing the balances. We designed a chapter 13 bankruptcy plan that was confirmed by the court that lowered her payment $958.98 a month! This changed her life.

Her case and outcome are specific to her situation and your situation may be different, but isn’t it worth exploring an alternative to being tapped in the minimum monthly payment cycle? Think about it, if you are only paying minimum monthly payments, who are you working for? Yourself and your family or for your creditors?

Are you considering filing for bankruptcy?

If you are considering filing for bankruptcy, it is important that you speak with a bankruptcy attorney who can help you evaluate your potential homestead exemption and issues that may impact your exemption status in bankruptcy. Every bankruptcy case is different, so what has worked for one debtor may not necessarily work for another. If you are in Miami-Dade County or Broward County, Florida, please feel free to contact us to set up a FREE consultation to discuss your specific situation.

This blog post is made available for educational and informational purposes only and to promote a general understanding of the law, and not to provide specific legal advice. Use of this blog does not create an attorney-client relationship. Reading this post is not a substitute for obtaining legal advice based on the unique facts of your situation from an attorney licensed to practice law in your state. No representation is made regarding the current state of the information contained in this post. Examples that may be provided in this post are merely for illustrative purposes; the results in your case may be different and no results are guaranteed.