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bankruptcy divorceBankruptcy and Divorce can go hand in hand. The timing of which to do first can be a difficult decision and can have a major impact on your finances going forward. In this post we will discuss things to consider when deciding whether to file bankruptcy or divorce first.

Do I File for Divorce or Bankruptcy First?

Are you ready to file for bankruptcy? Is a divorce filing also looming on the horizon? Getting this right all comes down to timing. This critical factor will play a role in whether you file bankruptcy or divorce first. Please continue reading to find out if you should file for divorce before or after a bankruptcy filing.

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Posted by on in Bankruptcy Law

TheMlnariklawgroup car loanOne of the contributing factors to the housing market crash in 2008 was the prevalence of “subprime” mortgage loans. These loans were extended to borrowers with less favorable credit and a high risk of default. Typically, these loans had adjustable rates that were simply impossible for these borrowers to repay. In the case of a mortgage, if a borrower is delinquent in making timely payments to the loan servicer, the lender may take possession of the property through foreclosure.

Although our economy has gradually recovered from the crisis in 2008, subprime loans are on the rise again—but this time, lenders are targeting consumers purchasing new vehicles. As bankruptcy practitioners, we at the Mlnarik Law Group have seen a rise in these unfavorable loans amongst our clients.

Since 2010, the percentage of auto loans considered “deep subprime” has risen to 32.5 percent from 5.1 percent. “Deep subprime” in this context means loans extended to borrowers with a credit score of 550 or less. These loans may have interest rates between 15-20 percent or higher, and include other restrictive terms about repayment, resale of the vehicle and even a consumer’s ability to relocate across state lines. Some loans allow repayment for a term of up to 84 months, greatly increasing the amount of interest and fees a borrower will pay.

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Posted by on in Bankruptcy Law

b2ap3_thumbnail_chapter-13-bankruptcy.jpgMany people know that bankruptcy can affect their credit, but aren’t sure exactly how. This article focuses on your credit report after bankruptcy and the steps you can take to ensure that you are rebuilding your credit after you complete your bankruptcy case.

Most individuals file either Chapter 7 or Chapter 13 bankruptcy. Chapter 7 bankruptcy takes about three months to complete, while Chapter 13 takes between three and five years. Once a discharge is entered, no creditor who was listed in the bankruptcy schedules can thereafter try to collect the debt (unless the debt was non dischargeable, such as a mortgage or tax debt). While the bankruptcy notation stays on your credit report for ten years after entry of discharge, it becomes increasingly insignificant in the decision to grant new credit with every year that passes.

Following your case, you are entitled to have the balance of each discharged debt shown as zero on your credit report. We suggest you order a credit report about a month after your discharge is entered in order to ensure that no discharged debts are still showing a balance due. Your goal in rebuilding your credit after bankruptcy is to ensure that current, positive information is reported.

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b2ap3_thumbnail_download-1_20160802-183137_1.jpgMany individuals who file bankruptcy file under the specific chapter that they qualify for. If they are not eligible for one filing, they explore the other. However, some people fall into multiple eligibilities and determine which bankruptcy filing will better suit their needs.

Chapter 7 Process

Chapter 7 bankruptcy is a liquidation bankruptcy. Its main benefit is being able to eliminate unsecured debts like credit card debt and medical bills. During a Chapter 7 filing, a bankruptcy trustee is appointed to administer the case, including acquiring and selling the debtor’s property that is not exempt. The funds from these sales are then sent to creditors.

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b2ap3_thumbnail_bankruptcy-lawyer-newnan.jpgMillions of underwater debtors including individuals and businesses have turned to bankruptcy for relief. While bankruptcy is a powerful way to shield debtors from further debt collection efforts, it does not solve all financial problems. Additionally, there are different things that bankruptcy can accomplish based on the type of bankruptcy that is filed.

Can Do

Bankruptcy can do a lot for debtors, including:

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When you think about filing bankruptcy you really want to understand all your options. This is the quick overview of bankruptcy vs other other options. If you are considering whether bankruptcy is right for you, solid information is needed before making a decision. You may be considering doing nothing, debt consolidation, or even litigating with creditors. Today, we are going to compare bankruptcy with other options.b2ap3_thumbnail_home-bankruptcy.jpg Bankruptcy vs Doing Nothing

If you are in debt and it is bad enough to start research on the internet, doing nothing is not the best option for you to consider. Not really knowing about what your options is never a good idea Consider if you were sick, you would get an opinion about the outcome.The same goes for bankruptcy. At some point with money problems there is only so much you can do yourself. This applies to all of us. Money is difficult for most of us to manage. Sometimes you are going to need advice about the pros and the cons of your specific situation. If you are starting to get harassed by the creditors and debt collection agencies, you can leave yourself open to a lawsuit. If you are sued for whatever reasons you have just a few weeks to determine how you are going to respond. Doing nothing means that assets that you can protect go unprotected.Not protecting your 401k or the equity in your homes to try desperately to pay off bills has a devastating on your retirement . You need to start with getting some advice before, due to lack of information, you can make a bad thing worse.

Bankruptcy vs Debt Consolidation

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b2ap3_thumbnail_16.jpgChild custody cases can be some of the most contentious. They can also be complex, and the way that they are decided varies from each state and region. To better prepare for a custody dispute, parents may retain the services of family law lawyers to help advise them of the process entailed in a child custody case.

What Is the Difference in Sole Custody and Joint Custody?

The family court may order sole custody or joint custody. Sole custody is when one parent has nearly all of the rights and responsibilities related to raising the child. Some states differentiate between physical and legal custody. Legal custody means the right of the parent to make decisions for the child. In some cases, one parent receives physical sole custody and both may receive legal custody. In sole custody cases, the other parent may have visitation rights with the child or supervised visitation. The non-custodial parent may be responsible for financially contributing to the child’s upbringing through child support.

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Bankruptcy is a complex procedure that requires you to make a host of critical decisions from before the time you file straight through to the time your debts are discharged and the bankruptcy procedure concludes. An experienced bankruptcy attorney can guide you through the dizzying maze of decisions, paperwork and procedure that marks a bankruptcy filing, whether it is a chapter 7 or chapter 13.b2ap3_thumbnail_Bankruptcy-1024x678.jpg 

At the outset, a bankruptcy attorney is there to counsel you on the bankruptcy process and whether it is right for you. They serve to help you take a critical look at your debts and assets and determine if bankruptcy is the path that will best help you or if a smarter approach is to attempt to improve your circumstances from a different angle. For instance, the bulk of your debts may be ones ineligible for bankruptcy protection, such as student loans, and an attorney can help you weigh whether you would truly benefit from bankruptcy.

If bankruptcy does appear to be the right solution for you, an attorney then can help you compare the chapter 7 and chapter 13 options. This is a critical decision and will involve you and your attorney examining the size and makeup of your debt, the assets you are willing to risk in a bankruptcy, and your ability to repay your debts or a portion of your debts, among many other considerations.

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Posted by on in Bankruptcy Law

When individuals have accumulated so much debt that it overwhelms them and they are unable to repay all of their debt according to the original terms of the contract, they may seek bankruptcy relief. Chapter 13 bankruptcy may be one option for them.

Features

In Chapter 7 bankruptcy, debtors liquidate their assets and pay off as much debt as they can. Secured debts receive priority over unsecured debts. There are a number of exemptions that people can claim during these proceedings.b2ap3_thumbnail_21970042_s.jpg 

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Bankruptcy is a complex procedure that requires youc5 to make a host of critical decisions from before the time you file straight through to the time your debts are discharged and the bankruptcy procedure concludes. An experienced bankruptcy attorney can guide you through the dizzying maze of decisions, paperwork and procedure that marks a bankruptcy filing, whether it is a chapter 7 or chapter 13.

At the outset, a bankruptcy attorney is there to counsel you on the bankruptcy process and whether it is right for you. They serve to help you take a critical look at your debts and assets and determine if bankruptcy is the path that will best help you or if a smarter approach is to attempt to improve your circumstances from a different angle. For instance, the bulk of your debts may be ones ineligible for bankruptcy protection, such as student loans, and an attorney can help you weigh whether you would truly benefit from bankruptcy.

If bankruptcy does appear to be the right solution for you, an attorney then can help you compare the chapter 7 and chapter 13 options. This is a critical decision and will involve you and your attorney examining the size and makeup of your debt, the assets you are willing to risk in a bankruptcy, and your ability to repay your debts or a portion of your debts, among many other considerations.

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Happy New Year! b2ap3_thumbnail_New-Year-New-Life-300x199.jpg

Many individuals will start the New Year resolving to improve their financial affairs. Though bankruptcy is a great tool, which generally includes benefits such as the discharge of credit card and medical debt, a new exemption scheme, effective January 1, 2013, will give potential filers even more to be excited about.

Exemption Basics

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b2ap3_thumbnail_Halloween-300x225.jpgBOO!!

It's that time of year again -- when the days get shorter and darker, the leaves fall, a cold wind blows, and our thoughts might turn to mortality as we reflect upon another summer come and gone. In fact, in almost all mid-latitude and northern areas, since time out of mind a date has been set aside in autumn or late summer to venerate departed ancestors. China has the Hungry Ghost Festival, Mexico and Latin America (via the Aztecs) have the Day of the Dead, Korea has Sije, Christianity has All Souls' (or Saints') Day ... and kids of all ages have Halloween.

Halloween is a way to lighten up such a dark subject. Think about it: we take the scariest subjects and make them into jokes, replete with funny tombstones, dancing skeletons, laugh-inducing ghouls. Children, ordinarily terrified at the thought of ghosts and witches, gleefully enjoy the company of as many such characters as possible -- and even dress up like them!

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Happy Seniors’ Day! Debunking Myths About Bankruptcy and Retirement

Recent reports highlight an alarming trend:  an increasing number of seniors are burdened by credit card debt and are facing foreclosure.  In fact, according to a University of Michigan Law School study, “the age sixty-five-and-over cohort is the fastest-growing age demographic [seeking bankruptcy protection].” 

b2ap3_thumbnail_Retirement-Piggy-Banks-300x199.jpg

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b2ap3_thumbnail_Groundhog-Day-150x144_20160628-192153_1.jpgEngland passed the first modern bankruptcy law during the reign of that lovable old curmudgeon, Henry VIII.  The law's purpose?  Make sure no one could ever fail to pay back a loan without severe consequences.  In other words, only one social purpose was served:  repayment of creditors -- or else.

Although several American colonies and later states experimented with a more rational and humane approach (at a time when bankruptcy was still punishable by death in Merry Olde England), not until 1841 did the USA (or any nation) pass a bankruptcy law whose intent included an equitable system for discharge of debt.  Although England in 1705 began to allow discharge, the central purpose was still relief for creditors; in no way did the law reflect any humanitarian concern (or even sound social policy) regarding debtors.

The 1841 law was short-lived, but both the federal government and individual states kept experimenting, now and then, with variations.  Finally, following the catastrophic Depression of the mid-1890s, in 1898 a modern federal bankruptcy law was passed, and there's been one (but not the same one) ever since.

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