Bankruptcy Information

While most of us may be inclined to look ahead as we plot out our goals for the new year, it may be a useful money-saving strategy to look back a few years. How, you say? Read on.

Spend Less on Paper

If you use paper towels, paper napkins, tissues and disposable cleaning cloths, you may be shelling out more than you realize on stuff you throw away. The solution? Do what your grandmother did:

• Use rags: Not long ago, I was about to toss an old tee shirt that had seen better days (much better days), but then I decided to use it as a household rag. This isn’t a new idea, but many of us have abandoned it for the convenience of disposable cleaning items. Now I scrub with old clothes and drop them in the wash when I’m finished.
• Go fancy: It’s ironic that cloth napkins seem like a luxury item when, in fact, they can save us money. You don’t need to buy expensive, high-thread count versions to get the most from this everyday staple.
• Consider a hankie: My father has always carried a handkerchief around, and I never realized how practical it was until I started tearing through boxes of tissues (and paying for them myself). A multi

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Tags: Back, Back Clock

That would be a problem, but it’s even worse because during that time Willie and his wife were in Chapter 13 bankruptcy. Under the rules of the bankruptcy court system, you’ve got to disclose all of your income from all sources. Period.

Now Willie has struck a plea deal which calls for a maximum of five years in prison plus payment of restitution of $39,939 – the amount he received from the state after switching to Chapter 7 bankruptcy.

Willie’s wife has entered a “not guilty” plea and is apparently fighting the charges.

Oh, in case you’re wondering – after he gets out of jail WIllie will likely still be in debt.

If he’d disclosed the income and worked through the bankruptcy system honestly the chances are very good that he wouldn’t be going to jail for bankruptcy fraud.

Word to the wise.

The original article can be found here.

Tags: Disclose, Disclose Income

Consider this – there are nine types of bankruptcy.

Nine.

Reed Allmand, in his Texas bankruptcy blog, outlines each of the nine types of bankruptcy in list format. They are:

Chapter 7 Bankruptcy; often referred to as a liquidation.  In this type of personal bankruptcy, assets can be sold off, or liquidated, in order to repay debts.  An individual will have to undergo a “means test” to file this type of bankruptcy.

Chapter 9 Bankruptcy; this type of bankruptcy has to do with cities or towns. This ty

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Tags: Bankruptcy, Bankruptcy New

The U.S. Department of Commerce released data this week on personal income for November, and the numbers look modestly positive, with a 0.4 percent increase in personal income last month. Further, the numbers show that:

• Real disposable personal income rose 0.2 percent
• Wages and salaries increased by $16.1 billion
• Real personal consumption expenditures rose 0.2 percent
• The saving rate remained steady at 4.7 percent

These numbers show a different situation than a year ago, when personal income was on the decline, but many economists have cautioned that they may not be enough cause for celebration. To fully recover from the recession, it seems, more substantial increases are needed.

The Commerce Department also reported this week that consumer spending rose by 0.5 percent (0.2 percent after adjustments for inflation) last month, likely a byproduct of the slight bump in income.

New Home Sales Fall

On a less positive note, data from the Census Bureau show that single-family home sales plummeted last month to 355,000, which represents an 11.3 percent drop from October and the lowest rate in seven months.

The combination of these indicators has some analysts worried about the ability of the U.S.

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Tags: November, Personal Income

In a nutshell:

• Even when the debt buyer did respond to a demand for proof that the consumer owed the debt, its own documentation often proved the opposite.
• In many instances debt buyers sued consumers when they clearly had no legitimate claims. Debt buyers sued in cases of identity theft and mistaken identity, when their records did not reflect payments by the defendant, and when the debt was beyond the statute of limitations.
• In 27% of the cases surveyed, consumers only learned of the lawsuit after their salary was garnished or bank account restrained.

What’s the upshot here? Pretty simple, at least to me:

• Debt buyers sue people who don’t owe them any money
• Debt buyers don’t typically bother with “technicalities” such as proving that the debt is owed before rushing into court
• Debt buyers hope that the consumer will just roll over rather than fight the case

And the biggie …

If you fight back, chances are very good that you’ll win the case.

Want to read the report? Click here fo

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Tags: Debt Buyers, Prove