Steven J. Richardson | March 5, 2010
Many people don’t realize this when they apply for the account, but credit cards with retail outlets like Best Buy and furniture stores like Raymour and Flanagan grant a lien (just like on a house or a car) to the bank on anything you purchase with it. This might not make a difference to you, [...]
Steven J. Richardson | February 22, 2010
One of the requirements put into the bankruptcy code in 2005 was something called “means testing.” It was meant as a way to force upper income debtors into chapter 13 repayment plans. In a nutshell, it involves taking your total gross income for the six months prior to your bankruptcy filing, doubling it, and then [...]
Steven J. Richardson | February 18, 2010
There is no question that bankruptcy should always be a last resort; you should try everything you can (outside raiding an IRA or pension) before filing. Many people do a debt consolidation through a home equity loan; others are able to make deals with their creditors for either a payment plan or a discounted lump [...]
Steven J. Richardson | February 15, 2010
Tax debt is often a driving force behind the filing of a bankruptcy, either for individuals, or a business. If it is income tax for individuals, it can be discharged in bankruptcy if it is more than three years old and meets certain requirements under the bankruptcy code. However, one kind of tax debt that [...]
Steven J. Richardson | February 8, 2010
I have been helping people deep in debt to get a fresh start in bankruptcy for over 18 years now, and my clients most often find themselves in financial straits due to out-of-control credit card debt, medical bills (whether they have health insurance or not, which is another story!), job loss, divorce, and the like. [...]