If you have agreed to co-sign on a debt with a friend, partner, relative, or ex-spouse you may be in an unfortunate situation if the other person has stopped paying on the debt. When you co-sign for a loan you are as liable for the resulting debt as the person you are helping out. The…
Tag Archive: debt relief
Can I file a Chapter 7 Bankruptcy?
The two chapters of bankruptcy utilized by most consumers are chapter 7 or chapter 13. A case filed under chapter 7 will be a shorter case, where the trustee assigned is looking for nonexempt property to sell for the benefit of the creditors. A case filed under chapter 13 will be open for 3-5 years,…
What are the different Chapters of Bankruptcy?
There are several different Chapters of Bankruptcy. Part of the Bankruptcy Information Sheet provided by U.S. Trustee Program explains each as follows: Chapter 7 – A trustee is appointed to take over your property. Any property of value will be sold or turned into money to pay your creditors. You may be able to keep…
What Debts Can I Get Rid Of In Bankruptcy?
The U.S. Trustee Program provides a Bankruptcy Information Sheet which gives general information about will happen in a bankruptcy case. In Kansas City, during your 341 meeting of creditors, your Trustee will ask if you have reviewed this sheet. Below is the information they provide regarding: What Is a Bankruptcy Discharge and How Does It…
Feel Guilty About Considering Bankruptcy?
So many times we see our bankruptcy clients in anguish over the thought of wiping out their debt. They feel guilty about walking away from their creditors. In some cases the dilemma is obvious; the small town doctor who agreed to bill you for your office visits – resulting in a small debt or the…
Consumers Beware of Scam for Rental Late Fees
Most consumers remember to lock their doors and windows at night, it is just as important for consumers to protect themselves from fraud. Criminals can defraud unsuspecting consumers in a moment through mail, email, internet, or the telephone. It is crucial that consumers remember to safeguard their information and money. The Kansas Attorney General is…
Is it Time to File for Bankruptcy?
“Many people look forward to the new year for a new start on old habits.” Author Unknown. We rang in the New Year about two weeks ago toasting family and friends with hopes of following through on those pesky New Year resolutions. There is an abundance of advice on how to stick with those resolutions…
Retirement and Bankruptcy
Filing bankruptcy in retirement may not be such a bad idea by Cindy Perman, CNBC.com, is a good read for today’s retired population and their families. The article discusses the financial struggles retirees are experiencing due to poor insurance coverage, rising medical expenses, and inadequate living adjustments in Social Security, pensions, and retirement accounts. Family…
Why is Bankruptcy a Dirty Word?
A local news channel, KCTV 5, was interviewing a woman who had filed bankruptcy in a piece titled Bankruptcy a Blessing? The woman stated, “Bankruptcy is a dirty word. But, it saved our lives, it really did.” I was amazed that this woman was so relieved, yet refused to have her face shown during the…
