Articles Posted in Bankruptcy

Between four and five million Americans have security clearances, but recent data suggest that security-cleared employees are less in demand as they used to be. Still, jobs requiring security clearances continue to command higher compensation and remain very highly sought-after in the Washington, D.C. area. Many factors affect the approval or recertification of a security clearance.…

Starting a business takes moxy, guts. Business owners can offset the risk of failure with feasibility planning and hard work. But many businesses fail, and our economy must not doom entrepreneurs to complete ruin. The truth is that failure is an inexorable characteristic of business. In a way, the availability of bankruptcy promotes entrepreneurship. Only one in…

An adversary proceeding is a lawsuit filed within a bankruptcy case. Creditors, bankruptcy trustees, and other interested parties can file adversary proceedings in a bankruptcy, as can the bankruptcy filer. Bankruptcy offers both debtors and creditors finality in the adjudication of debts. An adversary proceeding is litigation in bankruptcy court to resolve the obligations of…

Attorneys fees used toward bankruptcy are exempt from distribution. In most cases, your entire tax refund can be protected in bankruptcy. But if you are considering filing for bankruptcy, you should also consider how much it will cost to file. If you are ready to start rebuilding your credit and need a fresh start, you…

The Chapter 7 “means test” determines whether your income qualifies you for a Chapter 7 bankruptcy. Otherwise known as the Chapter 7 Statement of Your Current Monthly Income, the means test prevents debtors with higher-than-median income from filing Chapter 7 bankruptcy. The interaction of student loans and the means test often requires careful consideration to…

The top 4 tax problems in bankruptcy are not particularly easy to avoid. For those facing money problems, taxes are often an afterthought. After all, paying taxes means less money in your paycheck. But the tax problems that most frequently occur in bankruptcy are actually violations of intuitive rules. Tax Problems in Bankruptcy: Chapter 7…

If you’re facing foreclosure proceedings, bankruptcy may be the last thing on your mind. But you should consider bankruptcy both your first option — and your last — if you are in foreclosure. One question I get asked all the time: Can Foreclosure Be Stopped Without Filing for Bankruptcy? Bankruptcy Stops Foreclosure Proceedings Chapter 13…

Last week, Donald Trump declared that the “FAKE NEWS media . . . is the enemy of the American People!” There’s a lot of fake news flying around today. Here’s some of the fake news about bankruptcy. FAKE NEWS: President Donald Trump has declared bankruptcy multiple times. FACT: Donald Trump has never declared personal bankruptcy. If you…

The cost of debt settlement companies is steep, too steep. Debt settlement companies trash your credit and increase your tax liability. And in most cases, debt settlement companies will fail to settle a single debt on your behalf. Here’s why I believe debt settlement companies are a very poor choice for most people. The Cash Cost…

Your credit score is calculated using the “FICO Five” factors: payment history, credit balances, length of history, credit mix, and new credit. Instead of having a single credit score, however, you actually have three. Each of the the three major credit bureaus (Experian, Equifax and TransUnion) compile their own separate credit scores. Yet every credit…