Category: Bankruptcy Issues Archive
Cosigning a Loan: It’s Risky Business
Justin Harelik
July 28, 2014
Cosigning a loan is risky business. Most experts will agree that it’s never a good idea. According to the FTC, as many as 3 out of 4 primary borrowers default on their financial obligations as set down in the loan agreement leaving the cosigner responsible for payment. This shouldn’t be ...
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Identity Theft is One of the Leading Causes of Bankruptcy
Justin Harelik
July 17, 2014
Identity theft can lead to bankruptcy. It’s one of the leading causes of financial stress. As an ever-growing problem all around the world, individuals are finding it harder and harder to protect themselves against identity thieves who are somehow able to obtain personal information in order to open fraudulent bank ...
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California Bankruptcy: Playing Favorites with Your Creditors
Justin Harelik
July 16, 2014
Many individuals in today’s society are far too reliant on their credit cards. At the very least, they view them as their emergency option. When declaring bankruptcy, the credit card safety net too many of us rely on is traded in for a complete discharge of the debt. It’s well ...
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Remove a Judgment Lien in Bankruptcy
Justin Harelik
July 15, 2014
When judgment creditors attempt to collect a judgment, one of the first steps they often take is to place a lien on the judgment debtor’s home. Creditors in California are required to create a lien by recording an Abstract of Judgment at the county recorder’s office. It’s a serious matter, ...
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Chapter 13 Lien Stripping: Stripping the Additional Mortgages from Your Home
Justin Harelik
July 10, 2014
petitioners have the option of “lien stripping.” The drastic drop in the value of homes in many regions throughout the nation in recent years has left many homeowners “upside down” in their homes. This well known saying means that the homeowner owes far more on the house than it is ...
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Will Filing for Business Bankruptcy Hurt My Personal Credit Score?
Justin Harelik
July 9, 2014
If you are a small business owner who has decided that it’s time to close your doors permanently due to debt, you may find yourself wondering how filing for business bankruptcy will affect your personal credit. It’s a question that keeps many struggling business owners struggling against insurmountable debt far ...
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Debt Collectors: Seizing Wages and Savings
Justin Harelik
June 30, 2014
When the bills are past due, the phones start ringing. Many consumers with past due bills will attest to the fact that it quickly escalates from friendly reminders to harassing telephone calls, emails, snail mail, and even, in severe cases, potentially scary in person visits to collect on a debt. ...
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Protecting Assets in Bankruptcy with California Exemptions
Justin Harelik
June 25, 2014
Many assume that when declaring bankruptcy, all assets are lost to creditors. That’s simply not true. In many bankruptcy cases, debtors are able to keep everything and lose nothing (other than their overwhelming debt). Some or all of the filer’s assets are exempt. Exemption means that the specified property cannot ...
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Parents of College Age Students Struggling with Cost of Tuition and Turning to Bankruptcy
Justin Harelik
June 24, 2014
While college graduates have a harder and harder time finding gainful employment post-graduation, and median household incomes decline…college tuition is on the rise with no end in sight. Regardless of controversies on the subject, many parents still believe wholeheartedly that helping their kids through college is the single most important ...
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Study Indicates that Boomers are Drowning in Credit Card Debt
Justin Harelik
June 23, 2014
A study conducted by Demos, a research organization based out of New York, found that Americans over 50 are the demographic most likely to struggle with credit card debt. It’s blowing stereotypes out of the water: irresponsible teenagers and young twenty-somethings wasting their days spending money they don’t have and ...
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