» Personal Bankruptcy Law

Des Moines, IA (Law Firm Newswire) July 6, 2012 – Many debtors wonder how they can remove a bankruptcy from their credit report. The short answer is they cannot. Many debtors that declared bankruptcy want to know how they can get rid of that notation on their credit reports noted Iowa bankruptcy lawyer, Kevin Ahrenholz. The answer to that question is they cannot get rid of the notation. It is a record of what happened in the debtor’s financial life and becomes part and parcel of their credit history. The only way it could be completely removed, would be if […]


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Brandon, FL (Law Firm Newswire) June 20, 2012 – A good health plan can prevent financial disaster, but when deductibles are higher than a patient can handle, insured individual may still require a bankruptcy. Americans look to insurance policies to be there when something unpredictable happens. Whether it’s an oak limb falling through the roof, an expensive car accident, or someone’s health, people assume that having coverage means they don’t have to worry. However, with rising health care costs and higher health insurance premiums, some people are raising deductibles to unsupportable levels. At some point, a deductible becomes so high […]


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Brandon, FL (Law Firm Newswire) June 11, 2012 – A greater percentage of bankruptcies are filed as joint cases. Combining two incomes can often strengthen a household’s finances. Two earners can contribute more to savings and retirement planning. Unfortunately, a two-income household often becomes dependent on both partners, so when one loses a job, the household can suffer from underemployment. Couples are more likely to purchase large luxury items, such as vacation homes, and often choose to live in larger homes in safer neighborhoods. However, even with proper planning, an unexpected event in the family can lead a couple to […]


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Des Moines, IA (Law Firm Newswire) May 25, 2012 – Declaring bankruptcy means all existing bank accounts and other financial information provided is checked carefully for the possible presence of fraud. Once a debtor has filed for bankruptcy protection, the judge appoints a trustee to handle their case. If it is a Chapter 7, the assets are sold by the trustee, with the money going to pay creditors. In a Chapter 13 bankruptcy, the trustee monitors the payment plan created by the debtor, and takes the disposable income left over each month, to pay creditors. In addition, the trustee monitors […]


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Des Moines, IA (Law Firm Newswire) May 7, 2012 – Debtors that fall two months behind on their vehicle payments, usually have their car repossessed. Once a debtor has gone past being two months in arrears on their vehicle payments, and keeps missing those monthly payments, the finance company or back, classifies the account as charged-off. This should not be confused with the term discharged, although many in this situation do assume their debt has been discharged. In reality, a charge-off does not mean the vehicle owner is no longer responsible for the loan. This applies even after the vehicle […]


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Brandon, FL (Law Firm Newswire) April 26, 2012 – To protect creditors from bankruptcy abuse, it is mandatory for people going into bankruptcy to go through credit counseling about six months before filing. The credit counseling has to be valid in the bankruptcy court, so it is important to research the requirements to make sure the counseling meets the criteria. “The bankruptcy petition will likely be thrown out if the credit counseling was not done correctly,” said Brandon bankruptcy attorney Reginald Osenton. “Make sure to use a pre-approved counseling agency, and get it done as soon in the process as […]


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Des Moines, IA (Law Firm Newswire) April 25, 2012 – New credit cards are tempting to use before filing for bankruptcy. This is not a wise plan. If an individual is facing a bankruptcy, and also received a new credit card, the temptation exists to go ahead and use the card before filing a petition. This is not a wise move, indicated Iowa bankruptcy lawyer Kevin Ahrenholz. If the card is used just prior to filing, this may send a clear signal to the courts that the debtor is attempting to defraud the system, particularly if large items were bought. […]


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Des Moines, IA (Law Firm Newswire) April 10, 2012 – Declaring bankruptcy is not an easy decision. However, it does not carry the same stigma as it once did. Filing bankruptcy allows a debtor to start their lives over again, and this may happen more than once during the lifetime of a debtor, Iowa bankruptcy lawyer Kevin Ahrenholz indicated. Filing more than once is possible, as the definition of bankruptcy is the same, no matter if it happens right now or five to ten years in the future. Bankruptcy is when an individual is unable to keep up with the […]


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Des Moines, IA (Law Firm Newswire) March 30, 2012 – A debtor has to reaffirm their vehicle if they wish to keep it. This is in spite of being current on all payments. There is a new law relating to how bankruptcy courts handle repossessing a secured asset. It started with Hall vs. Ford Credit in which the debtor had to endorse his vehicle if he were intending to keep it. This was applicable even if the payments on the vehicle were up-to-date, Iowa bankruptcy lawyer Kevin Ahrenholz pointed out. Before this new law was handed down, when a debtor […]


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Des Moines, IA (Law Firm Newswire) March 14, 2012 – Some debtors immediately tell their creditors they are declaring bankruptcy. This is not always a wise move. It is very tempting to tell a persistent and irritating creditor that there is a bankruptcy pending to stop them from having any further contact about an outstanding debt. However, it is not always a wise idea to share that kind of information with creditor noted Kevin Ahrenholz, a Waterloo bankruptcy lawyer. Warning the creditor can backfire, and since debtors do not have any protection until they file, it is best they wait […]


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Brandon, FL (Law Firm Newswire) February 29, 2012 – The Florida Supreme Court recently abandoned its efforts at a statewide mediation program for residential foreclosure cases. Lack of participation and low rates of loan modification meant the program was seen as unsuccessful. “It is not a shock that the courts decided to do away with this program,” said Tampa bankruptcy attorney Reginald Osenton. “There are a lot of people who would rather walk away from their house than sit across the table from a banker.” The program’s goal was to address the large number of foreclosures stacking up in the […]


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Des Moines, IA (Law Firm Newswire) February 27, 2012 – Individuals considering whether or not to file bankruptcy must take credit counseling within six months prior to filing. There are some limited exceptions to the mandate that potential bankruptcy filers take a credit counseling course within six months before filing, noted Waterloo bankruptcy lawyer Kevin Ahrenholz. Those exceptions need to be discussed as part of the process prior to filing. Additionally, approved bankruptcy credit counseling organizations are not the same in each state, and usually there is a small fee for pre-bankruptcy counseling. However, the fee may be waived based […]


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Tampa, FL (Law Firm Newswire) February 8, 2012 – Florida foreclosure defense attorney Tonya Willis Pitts, Esq. sees how the agonizingly slow foreclosure process negatively affects clients every day. Attorney Pitts oftentimes helps individuals or couples discharge their debt in a Florida bankruptcy, only to have to wait years for a foreclosure judgment. “Their fresh start is hindered and makes it close to impossible for them to qualify for a new home loan,” said Pitts, who is based as a Sarasota foreclosure defense lawyer for the law firm McIntyre, Panzarella, Thanasides, P.L. but travels to help clients in many Florida […]


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Des Moines, IA (Law Firm Newswire) February 6, 2012 – Filing for Chapter 7 does take time. It should never be viewed as an easy way out of debt. Des Moines bankruptcy lawyer Kevin Ahrenholz indicates that many debtors feel they are in a hopeless situation and have nowhere to turn. They think filing Chapter 7 bankruptcy is the answer to all their problems. However, filing Chapter 7 may create a problem for them that they need to consider before filing. Declaring bankruptcy remains on a debtor’s credit report for ten years. This means their credit score, often referred to […]


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Des Moines, IA (Law Firm Newswire) January 30, 2012 – Creditors have the right to challenge bankruptcy discharges. However, many of them do not. “More often than not, creditors do not tend to challenge Chapter 7 bankruptcies, largely because they prefer to challenge business bankruptcies because there is more at stake for them,” said Kevin Ahrenholz, a Des Moines bankruptcy attorney in Iowa. There are some circumstances that cause creditors to file a challenge. For instance, if the debtor ran up a large credit card bill six months before filing for bankruptcy, they may feel they had been deliberately cheated […]


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Brandon, FL (Law Firm Newswire) January 25, 2012 – If the housing market is not going to recover until the foreclosure backlog is absorbed, then it might be good news that lenders sent out notices to foreclose on almost 11,000 Florida homes in October – an 11-month high. The Miami area had the most with 4,193 and Tampa Bay and Orlando-Kissimmee each had more than 1,000, according to a RealtyTrac report. The Tampa Bay Times reported that bankruptcy filings were down most of 2011 and the Tampa Bay area’s filings were down 59 percent from a peak in October or […]


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Des Moines, IA (Law Firm Newswire) January 20, 2012 – The means test for those facing bankruptcy is no great mystery. Luckily, it does take reasonable living expenses into account. The vast majority of those who file for bankruptcy in the U.S. today will file Chapter 7 largely because that is the quickest route to becoming debt free in a reasonably short period of time. Those who file Chapter 7 give up their property to pay back their debts. “This property is not exempt and to find out what falls in this category, a debtor needs to consult a skilled […]


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Des Moines, IA (Law Firm Newswire) January 3, 2012 – Short sales work best for homeowners facing imminent foreclosure. If there are doubts about this procedure, consult an experienced Des Moines bankruptcy lawyer. “It’s not news that foreclosures are close to being epidemic,” indicated Kevin Ahrenholz, a Des Moines bankruptcy attorney in Iowa. “It doesn’t appear to be getting that much better as time passes either. What do people do when faced with the possibility of losing their homes? One option is to contact an experienced Des Moines bankruptcy lawyer who will discuss, among other things, the alternative of a […]


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Brandon, FL (Law Firm Newswire) December 30, 2011 – PolitiFact Florida recently confirmed that almost half of homeowners in the Sunshine State owe more on their mortgage than their houses are worth. The number – 46 percent – came from an October speech at the Democratic Party’s 2011 convention in Orlando. PolitiFact checked out the outlandish-sounding claim and found that, indeed 45.1 percent of Florida homeowners are “underwater” or owe more than they could sell their home for in today’s market. PolitiFact did its research through CoreLogic Inc. and Zillow.com. Those two companies get their real estate data from county […]


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Cedar Rapids, IA (Law Firm Newswire) December 13, 2011 – Even though considering bankruptcy may feel like defeat, it may be the right decision to make. “Just about everyone knows what it’s like to be in debt these days. Credit card bills piling up, medical bills unpaid or perhaps you may be facing foreclosure. It does not need to be that way. There is no shame in declaring bankruptcy. Think you’re alone? You’re not. Consider these figures from the U.S. courts website. They show that in the 12-month period ending March 31, 2010, 1,531,997 bankruptcy cases were filed,” outlined Kevin […]


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