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How Can Identity Theft Complicate a Bankruptcy Claim?
We all know that identity theft is a growing problem: the IRS is actively warning American taxpayers about fraudulent phone calls and letters, and subscriptions to credit monitoring services are on the increase as people try to guard against being victimized. In many cases, identity theft may be linked to bankruptcy filings. Examples include: When one person in a family uses another family member’s name or Social Security Number to file for bankruptcy in order to have their debts discharged. When an identity thief uses another person’s name or Social Security Number to apply for credit and incur debt, and …Read More ➡
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How are Debts Divided in the Event of a Contested Divorce?
Going through a divorce is rarely a “feel-good” process, but some situations are more challenging than others. When the two parties involved in a divorce are unable to reach an agreement about issues such as the division of assets, child support and custody, or even whether to get a divorce at all, it is referred to as a contested divorce. The points of contention in contested divorces generally require intervention through the court system. The division of a couple’s debts is one of the most difficult discussions in a contested divorce. Money issues are frequently a contributing factor in a …Read More ➡
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What’s the Best Way to Pay Down my Debt?
Being in debt is more than just a financial issue: it’s also a highly emotional one. When you’re in debt, it’s easy to feel hopeless, and hard to see a light at the end of the tunnel. A good deal of research has gone into finding the best way to pay down debt. Two frequently discussed options are the “avalanche method” and the “snowball method.” Let’s see what the research shows, and which works best for you. Both methods start with paying your minimum monthly payment on each bill to avoid paying fees. But after that, using the snowball method …Read More ➡
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Small Business Bankruptcy versus Personal Bankruptcy
Bankruptcy is a legal tool that helps individuals and entities get out of intractable debt and get a fresh start. But despite the fact that bankruptcy is available both for personal debt and business debt, there is a big difference in the rules between the two, as well as the outcomes. Let’s look at the shared terminology, and the differences, between the two. Chapter 7 Bankruptcy Whether you are filing for personal bankruptcy or a business bankruptcy, when there’s no hope of debts being repaid, the bankruptcy filing falls under Chapter 7. When an individual files for bankruptcy, they must …Read More ➡
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How to Protect Your Business Assets During a Divorce
Many happily married people will shake their head in wonder at the notion of working with their spouse, but there are many who have successfully pursued that type of partnership – and of course, there are others for whom the shared interest in a business was the final nail in the coffin of their marriage. Whether your business dealings contributed to a divorce decision or not, you still need to protect your business assets as you dissolve your marriage. Here are some important things you need to know. Your Business May or May Not Be a Marital Asset An important …Read More ➡
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How is a 401(k) Account Divided in a Divorce?
When a couple makes the decision to end their marriage, there are a number of steps that must be taken. If the couple has children, then issues of custody need to be addressed, and so does the matter of child support. In all cases, couples need to go through the steps of dividing their marital property equitably or in adherence to a prenuptial agreement. One of the more intricate processes involved in this equitable distribution involves splitting a 401(k) retirement account. A 401(k) is a specific type of employer-sponsored retirement savings plan. It provides an employee with the ability to …Read More ➡
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Can You Dispute the Amount of a Wage Garnishment?
Have you been hit with a wage garnishment by a creditor? Wage garnishment is not only an embarrassment (after all, now your employer has been involved and knows that you’ve accrued debt that you haven’t repaid), it also represents a court-imposed financial hit that you may not feel able to afford. One way to counter a wage garnishment is to file for bankruptcy, but you do have other options. Here are just a few: Stop a wage garnishment before it starts. In most cases, your creditor would prefer to come up with a payment plan without having to go to …Read More ➡
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Can You Still Buy a Home or Car after You’ve Filed for Bankruptcy?
One of the most anxiety-provoking aspects of filing for bankruptcy is the uncertainty about what will come afterward. As clear as it may be that you can’t continue in the way that you are — with bills piling up and creditors knocking on the door, — it’s also obvious that you will still need transportation to be able to get to and from work, and will always want to have a roof over your head. The question is if you’ve filed for bankruptcy, will you still be able to buy a home or car when you need one? And do …Read More ➡
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Can You Afford to Get a Divorce?
It is one of the greatest frustrations unhappy spouses can face. The absolute knowledge that their marriage is not a good situation for them, combined with the financial uncertainty of what a divorce will cost them, and whether they’ll be economically secure after their marriage has ended. The truth is that there’s no amount of money that makes it worthwhile to stay inside of a toxic marriage. The longer you stay in an unhappy situation, the worse it is likely to get. The risk of domestic violence increases, the impact of depression becomes more significant, and the marital assets are …Read More ➡
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Do Divorce Rates Really Go Up After the Holidays?
With the holiday season ending and the start of a New Year, many family law practices are readying themselves for a strange phenomenon that occurs every year in March, and again in August. As strange as it may sound, there is an obvious increase in the number of divorces that are filed during those months, immediately after the winter holidays and summer vacation seasons. Though there are some who believe that it’s a myth, there is scientific evidence that more people divorce after the holidays than at any other time of year. A study conducted at the University of Washington …Read More ➡
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