Category Archives:Chapter 7

Should I File Bankruptcy If I Just Lost My Job?

There are many frequently asked questions regarding bankruptcy. One that is of great concern is when a person has recently lost his job. Many people, even those with lucrative salaries, live almost paycheck to paycheck and with little savings. They have mortgages, car loans, and credit card debt that can quickly overtake them if they become unemployed, even for a short period. Therefore, today, we are answering the question, “Should I file bankruptcy if I just lost my job?”

Should I File for Divorce or Bankruptcy First?

Unfortunately, all too often, divorce and bankruptcy seem to go hand in hand. Financial problems are one of the commonly cited reasons for breaking up couples and families. Consequently, one of the most frequently asked client questions is, “Should I file for divorce or bankruptcy first?” If you plan ahead, you can ensure both will move more smoothly and be less costly. While the answer is ultimately based on your individual circumstances, it is always better to perform one before the other, rather than trying to file both simultaneously.

Why You Must Review Your Credit Report Before Filing Bankruptcy

Have you seen the television commercials about the importance of reviewing your credit report annually? We live in a world where good credit is a valuable commodity. You need to ensure your information is up to date, the account histories are correct, and no one has falsely opened credit in your name. However, it is also essential to review your credit reports before filing bankruptcy.

Discover 6 Common Bankruptcy Mistakes to Avoid

Harris S. Ammerman, ESQ has filed many bankruptcy cases over the years. This experience has revealed many individuals who, having dealt with less knowledgeable attorneys, suffered unfortunate outcomes. These individuals made significant, but avoidable mistakes. During a bankruptcy, even a small error can have a cost. In order to help you from jeopardizing your outcome, ensure you avoid
these common bankruptcy mistakes.

What Is a Debt Buyer?

Have you received a bill from an unknown company? If you default on a credit balance, creditors have the option to sell that account to a debt buyer. These are not collections agencies. The original creditor has sold your account, often for pennies on the dollar, to another company. Therefore, a debt buyer is not in the business of collecting a debt on behalf of someone else. You now own them the money.

Debt buyers will buy thousands of bundled accounts at one time, well below face value. Their bet is that they can collect enough money to make a profit. So, they will send out notification letters, demand payment, and sometimes seek judgments and wage garnishments. The original creditor no longer has anything to do with the balance and the debt buyer makes all the decisions.