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You may feel stressed out of you have reached the max on your credit card bills and do not have enough money to pay them. You may even feel like if you can not get your finances under control then you may have to file for a Bankruptcy. There are some things you can do to avoid having to file bankruptcy and they will get you finances back on track and eliminate your debt. Even though you may be frustrated you need to take action and do something about your current situation so that you can get rid of your debt and sleep better at night.

It is always a good idea to only use your credit cards when you know that you can pay them off at the end of… Continue reading

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The bankruptcy abuse and protection act was passed in April of 2005 with the initial goal of making it harder for consumers to get released from their debt under Chapter 7 and making people qualify under Chapter 13. With the intent of the 2005 act to make it harder for consumers to file bankruptcy, the actual result has not been much different. Many consumers are still able to qualify under Chapter 7 - close to 85%, because they can pass the “means test”. A “means test” was created to screen consumers for their income levels and a large percentage of people have been able to pass this test and continue on to file bankruptcy under Chapter 7.

The means test is based on the gross income of the filer over the… Continue reading

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Bankruptcy is the hottest topic for you as an individual, for the state you live in and for the entire nation. We, as a country, have fallen prey to the government and its failure to protect us. For the last 3 years the number of bankruptcy filings has increased substantially. So, now you’ve filed your bankruptcy. What should you do to improve your finances? It’s time to get back up and start over. There is a way for you to start all over after bankruptcy.

But first, just so you know you’re not alone, in the past twelve months there were almost one million bankruptcies filed. Bankruptcy has become an epidemic. Now it’s time for you to make a fresh start.

First thing you should do is review your spending habits. Since… Continue reading

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Declaring bankruptcy is the last method that you can use to solve the tax problem. But proper care must be taken if you are going for this method because if IRS finds that you have cheated them then severe actions will be taken against you. So, before choosing this method, consult a tax relief professional to see if this is the best choice for you.

In order to get the tax benefits under the bankruptcy then you must file a petition for bankruptcy in the bankruptcy court. Once this petition is filed, a bankruptcy estate will be created. It includes all the assets and properties of the person who files the bankruptcy petition. In order to create a separate taxable entity the petition must be filed under chapter 11 or chapter… Continue reading

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There are some important steps you should take to prevent the foreclosure of your home prior to filing for bankruptcy. For example, one of the first things you should do is reach out to your bank and determine if there is room to negotiate the total value of your mortgage. If you can find a way to reduce your monthly mortgage payment you may be able to avoid foreclosure and stave off bankruptcy.

If your home mortgage is your must crushing source of debt, you should exhaust all your options to either A) Sell the house or B) Renegotiate your mortgage. It doesn’t hurt to talk to many different professionals - real estate agents, lawyers, credit counselors - but try to get free advice first. There are also a large number… Continue reading

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If you’ve recently come of out of bankruptcy and successfully discharged your debts, it’s time to start looking for credit. It’s important to be very cautious when applying for new credit cards as you will be surprised how many offers will accept you even though you’ve just recently gone through bankruptcy. To improve your credit score you should take on a couple credit cards with a decent balance of say $1,000 to $2,000 and only charge what you can afford to pay off each month.

Your bankruptcy will most likely have dealt a pretty rough blow to your raw credit score - it could possibly be in the 400 to 500 range immediately after your debts are discharged. Stay disciplined and live beneath your means and you could find yourself quickly… Continue reading

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