| March 06, 2010 |
| Debt Settlement Article |
| Posted By Robert Kovacs |
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| I came across an article this morning about Debt Settlement on Yahoo. It has a good explanation of what to REALLY expect from the Debt Settlement companies. ... |
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| Continue reading "Debt Settlement Article " » |
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| February 24, 2010 |
| Settling a Debt for less than you owe can cost more than you think |
| Posted By Robert Kovacs |
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| Yes settling a debt for less than you owe will save you money but it is not going to save you as much as you think. When you settle a debt with your credit card or other creditors for less than you owe the amount forgiven is taxable income. For ... |
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| Continue reading "Settling a Debt for less than you owe can cost more than you think " » |
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| February 24, 2010 |
| New Credit Card Regulations – Opt in for Over Draft Fees |
| Posted By Robert Kovacs |
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| As you may have heard there are several new credit card regulations. One such regulation prohibits banks from charging over draft fees unless you “opt in.” If you chose not to “opt in” to the service your credit card or debit card transactions will ... |
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| Continue reading "New Credit Card Regulations – Opt in for Over Draft Fees " » |
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| February 20, 2010 |
| I filed bankruptcy. When will creditors stop calling? |
| Posted By Robert Kovacs |
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| As soon as your bankruptcy case is filed with the Court the “automatic stay” comes into effect. The “automatic stay” is much what it sounds like, it happens automatically upon filing of your case and it stays certain actions against you. This means ... |
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| Continue reading "I filed bankruptcy. When will creditors stop calling? " » |
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| February 15, 2010 |
| What is Bankruptcy Counseling? Pre-Discharge Education |
| Posted By Robert Kovacs |
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| Individual debtors filing bankruptcy are required to complete both pre and post discharge counseling courses. Pre-filing counseling or “Credit Counseling” must be completed before the filing of bankruptcy. After the filing of bankruptcy debtors must ... |
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| Continue reading "What is Bankruptcy Counseling? Pre-Discharge Education" » |
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| February 11, 2010 |
| What is Bankruptcy Counseling? Pre Filing Counseling |
| Posted By Robert Kovacs |
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| In order for an individual to qualify for bankruptcy protection you must first complete Credit Counseling. Counseling can be completed on-line, over the phone, and in person. The counseling will take about 2 hours. In order to for an agency to ... |
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| Continue reading "What is Bankruptcy Counseling? Pre Filing Counseling " » |
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| February 08, 2010 |
| If you are filing chapter 13 bankruptcy with careful planning you may be able to reduce your payment |
| Posted By Robert Kovacs |
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| Chapter 13 bankruptcy is a payment plan. In chapter 13 the debtor makes a reasonable monthly payment based on his or her income and expenses . Whatever does not get paid back to creditors through the plan is discharged and you never have to repay ... |
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| Continue reading "If you are filing chapter 13 bankruptcy with careful planning you may be able to reduce your payment " » |
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| February 03, 2010 |
| If you owe the IRS or DOR filing bankruptcy will put you in an interest free payment plan |
| Posted By Robert Kovacs |
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| If you owe the IRS or the Massachusetts Department of Revenue (“DOR”) back taxes then filing bankruptcy may help. Filing bankruptcy under chapter 13 or 11 will put you into an interest free repayment plan. Yes, you will have to pay the IRS or DOR ... |
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| Continue reading "If you owe the IRS or DOR filing bankruptcy will put you in an interest free payment plan " » |
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| February 03, 2010 |
| If you file Bankruptcy you can keep your tax return |
| Posted By Robert Kovacs |
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| For most debtors filing under chapter 7, 11, 12, or 13 you are able to keep your tax return without surrendering it over to the case trustee or the estate. In bankruptcy you are able to exempt certain asset from your creditors and the bankruptcy ... |
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| Continue reading "If you file Bankruptcy you can keep your tax return" » |
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| February 01, 2010 |
| Common Bankruptcy Mistake – Transferring an asset out of your name |
| Posted By Robert Kovacs |
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| In order to protect an asset a person thinking about filing bankruptcy may transfer an asset out of her name and into the name of another. This can include a home, vacation home, car, boat, plan, motorcycle, or even cash in the bank. This is a huge ... |
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| Continue reading "Common Bankruptcy Mistake – Transferring an asset out of your name " » |
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| January 28, 2010 |
| Common Bankruptcy Mistake – Maxing out your Credit Cards before filing |
| Posted By Robert Kovacs |
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| When contemplating filing bankruptcy, sometime individuals will max out their credit cards right before filing. This is a mistake, and could jeopardize your entire case. Some debts in bankruptcy are non-dischargeable, meaning you will still be ... |
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| Continue reading "Common Bankruptcy Mistake – Maxing out your Credit Cards before filing " » |
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| January 27, 2010 |
| Common Bankruptcy Mistake – Paying off a loan from a relative shortly before filing |
| Posted By Robert Kovacs |
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| Bankruptcy laws, like all laws, attempt to be fair (I admit not all laws actually are fair). In an effort to be fair to all creditors a bankruptcy debtor may not pay off one creditor in favor of another. In other words your relative cannot get all ... |
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| Continue reading "Common Bankruptcy Mistake – Paying off a loan from a relative shortly before filing " » |
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| January 25, 2010 |
| You can still file chapter 13 bankruptcy while on un-employment |
| Posted By Robert Kovacs |
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| Chapter 13 bankruptcy is often called a payment plan. In chapter 13 bankruptcy the debtor will make a monthly payment for either 3 or 5 years. The amount of the payment is reasonable based on the debtor’s income and expenses and not on how much debt ... |
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| Continue reading "You can still file chapter 13 bankruptcy while on un-employment " » |
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| January 25, 2010 |
| I live in Framingham. Where is my §341 meeting? |
| Posted By Robert Kovacs |
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| If you live in or around Framingham your §341 meeting will be at: J.W. McCormack Post Office & Court House 5 Post Office Square, Room 325 Boston, MA 02109 |
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| Continue reading "I live in Framingham. Where is my §341 meeting? " » |
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| January 24, 2010 |
| Your electricity, gas, or other public utility will NOT be shut off if you file bankruptcy |
| Posted By Robert Kovacs |
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| If you file for bankruptcy and are behind on a public utility bill then you can discharge the arrearage and not lose service. What happens is the amount you are behind will be discharged in your bankruptcy. Anything you incur for a charge after the ... |
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| Continue reading "Your electricity, gas, or other public utility will NOT be shut off if you file bankruptcy" » |
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| January 24, 2010 |
| You can file bankruptcy and keep your home |
| Posted By Robert Kovacs |
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| If you file bankruptcy you will keep your home ; unless you want to surrender it to the bank. In order to keep your home you will need to at a minimum be able to make the current monthly payment on the first mortgage. If you are filing chapter 7 ... |
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| Continue reading "You can file bankruptcy and keep your home" » |
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| January 22, 2010 |
| Creditors are calling all the time |
| Posted By Robert Kovacs |
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| Bankruptcy can help. As soon as your bankruptcy case is filed the “automatic stay comes into effect. (See 11 U.S.C. §362) The automatic stay is much like the name implies, it happens automatically by the filing of your case, and it stays actions ... |
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| Continue reading "Creditors are calling all the time" » |
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| January 20, 2010 |
| I have money in the bank what should I do? |
| Posted By Robert Kovacs |
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| Leave it there. An individual filing a chapter 7 bankruptcy case you may be able to exempt up to $11,200 ($22,400 for a married couple) of cash and bank deposits. If the money is exempt it will not be touched by the bankruptcy court, trustee, or ... |
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| Continue reading "I have money in the bank what should I do? " » |
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| January 20, 2010 |
| If I file bankruptcy will it be in the newspaper? |
| Posted By Robert Kovacs |
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| No, your bankruptcy filing will not be in the newspaper. Your bankruptcy filing is public record, which means that someone could go down to the Court house and ask if you had filed bankruptcy; the Court would tell whoever asked if you and filed or ... |
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| Continue reading "If I file bankruptcy will it be in the newspaper? " » |
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| January 19, 2010 |
| "Beware of Foreclosure Rescue Scams - Help Is Free!" |
| Posted By Robert Kovacs |
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| When looking for home loan help, please know that help from the Department of Housing and Urban Development is free. Below are some of the warning signs that HUD has put together: " Beware of Foreclosure Rescue Scams - Help Is Free! Beware of anyone ... |
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| Continue reading ""Beware of Foreclosure Rescue Scams - Help Is Free!" " » |
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| January 19, 2010 |
| Student loans and Bankruptcy |
| Posted By Robert Kovacs |
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| Student loans are typically non-dischargeable in bankruptcy. Therefore after your bankruptcy case is over you will still be personally liable on your student loans and have to pay them. In very rare cases student loans are discharged in bankruptcy. ... |
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| Continue reading "Student loans and Bankruptcy" » |
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| January 17, 2010 |
| Framingham Office Opening |
| Posted By Robert Kovacs |
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| To better serve our clients from Framingham, Natick, and all of Middlesex County the Law Office of Robert W. Kovacs, Jr. is pleased to announce the opening of our Framingham Office. The address is: 945 Concord Street Framingham, MA 01701 Our ... |
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| Continue reading "Framingham Office Opening " » |
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| January 17, 2010 |
| I am currently in a chapter 13 plan; Can I get a new car loan? |
| Posted By Robert Kovacs |
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| Yes, you can but you will need permission of the Court. While you are in chapter 13 bankruptcy you are prohibited from incurring new debt without permission of the Court. This means no new credit cards, home loans, car loans, or other sorts of debt ... |
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| Continue reading "I am currently in a chapter 13 plan; Can I get a new car loan? " » |
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| January 17, 2010 |
| I filed Bankruptcy; Can I get a new credit card? |
| Posted By Robert Kovacs |
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| If you filed bankruptcy under chapter 7 you will be able to obtain a new credit card very shortly after filing. Most banks will want your business, because (1) you have reduced your debt, (2) cannot get another bankruptcy discharge for 8 years, and ... |
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| Continue reading "I filed Bankruptcy; Can I get a new credit card? " » |
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| January 15, 2010 |
| How long after bankruptcy can I buy a new home? |
| Posted By Robert Kovacs |
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| Filing bankruptcy does not prevent you from buying any property, including a new home or cars. However, the better question is; when will a bank give me a mortgage for a new home? Chapter 7 bankruptcy will be listed on your credit report for ten ... |
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| Continue reading "How long after bankruptcy can I buy a new home? " » |
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| January 15, 2010 |
| Where is my § 341 meeting? |
| Posted By Robert Kovacs |
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| Worcester: Worcester U.S. Trustee Office 446 Main Street, 1st Floor Worcester, MA 01608 Boston: J.W. McCormack Post Office & Court House 5 Post Office Square, Room 325 Boston, MA 02109 |
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| Continue reading "Where is my § 341 meeting? " » |
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| January 15, 2010 |
| HELP! My home is going to be foreclosed on. |
| Posted By Robert Kovacs |
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| Filing bankruptcy will automatically stay any foreclosure proceeding. So long as your bankruptcy case is filed prior to the actual foreclosure sale. If your intention is to permanently save your home from foreclosure then you will need to catch-up ... |
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| Continue reading "HELP! My home is going to be foreclosed on. " » |
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| January 12, 2010 |
| Internet Resources for valuing your home |
| Posted By Robert Kovacs |
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| The following is a list of FREE internet sites that may help in the valuing of your home: http://realestate.yahoo.com/Homevalues http://www.zillow.com/ http://www.cyberhomes.com/ ... |
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| Continue reading "Internet Resources for valuing your home" » |
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| January 12, 2010 |
| I can no longer afford my car. What happens if I give it back to the bank? |
| Posted By Robert Kovacs |
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| If you are unable to afford your car loan you may chose to voluntarily surrender the car to the bank. After the bank has the car they will sell the car at an auction. They will apply the proceeds of the sale to the outstanding balance you have on ... |
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| Continue reading "I can no longer afford my car. What happens if I give it back to the bank? " » |
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| January 11, 2010 |
| See what other people are asking and the answer I have on Avvo.com |
| Posted By Robert Kovacs |
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| Continue reading "See what other people are asking and the answer I have on Avvo.com " » |
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| January 11, 2010 |
| See what other people are asking and the answer I have on Avvo.com |
| Posted By Robert Kovacs |
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| Continue reading "See what other people are asking and the answer I have on Avvo.com " » |
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| January 10, 2010 |
| What is Discharge? |
| Posted By Robert Kovacs |
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| The goal for most individuals in bankruptcy is to receive a discharge of their debts. A discharge is a release of your legal obligation to repay your debt. With limited exception the discharge will discharge all your debt including credit card ... |
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| Continue reading "What is Discharge? " » |
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| January 10, 2010 |
| I have Filed for Bankruptcy and my Bank has Asked me to Reaffirm my Car Loan. |
| Posted By Robert Kovacs |
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| The goal for most individuals in bankruptcy is to receive a discharge of their debts. A discharge is a release of your legal obligation to repay your debt. With limited exception the discharge will discharge all your debt including your car loan. ... |
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| Continue reading "I have Filed for Bankruptcy and my Bank has Asked me to Reaffirm my Car Loan. " » |
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| January 08, 2010 |
| My Bank took money out of my checking account to cover a loan that I had not paid – Can they do this? |
| Posted By Robert Kovacs |
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| This is called “Setoff.” A bank has the right to “setoff” one account against another. For example if you have a loan and a checking account (or other account with money on deposit) at the same bank and you stop paying the loan the bank may pay the ... |
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| Continue reading "My Bank took money out of my checking account to cover a loan that I had not paid – Can they do this? " » |
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| January 07, 2010 |
| Home Loan Modification and Bankruptcy |
| Posted By Robert Kovacs |
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| If you are struggling with your home payments you may be able to get a bank approved home loan modification. The government program is run through the Department of Housing and Urban Development. HUD has setup a website for dealing with the issue of ... |
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| Continue reading "Home Loan Modification and Bankruptcy " » |
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| January 06, 2010 |
| CNN Money is Reporting that “job cuts easing in December” |
| Posted By Robert Kovacs |
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| The report http://money.cnn.com/2010/01/06/news/economy/job_cuts/index.htm indicates that the amount of jobs lost in December 2009 where less than that of November 2009. It is good news that there are less people losing their jobs; however, the ... |
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| Continue reading "CNN Money is Reporting that “job cuts easing in December” " » |
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| January 04, 2010 |
| Debtors are Protected from Discriminatory Treatment |
| Posted By Robert Kovacs |
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| After filing for bankruptcy a debtor is protected from discriminatory treatment because of the bankruptcy filing. Section 525(b) of the Bankruptcy Code reads: “ (b) No private employer may terminate the employment of, or discriminate with respect to ... |
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| Continue reading "Debtors are Protected from Discriminatory Treatment " » |
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| January 03, 2010 |
| How can I get a copy of my credit report? |
| Posted By Robert Kovacs |
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| With so much heard about credit reports and scores it is important to check your credit report regularly. There are three major organizations that report on your credit, Experian, Trans Union, and Equifax. Each, upon your request, is required to ... |
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| Continue reading "How can I get a copy of my credit report? " » |
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| January 02, 2010 |
| My car is worth less than I owe on it! What can I do? Redeem or Cram Down. |
| Posted By Robert Kovacs |
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| Very often the value of your car is much lower than the amount of your outstanding loan. (Check the value of your car at Kelly Blue Book, www.KBB.com ). If this is your case bankruptcy may be able to help you reduce the amount of your loan and/or ... |
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| Continue reading "My car is worth less than I owe on it! What can I do? Redeem or Cram Down. " » |
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| January 01, 2010 |
| CNN Money Reports that Home Values Will continue to decline in 2010 – Can I now eliminate my second mortgage |
| Posted By Robert Kovacs |
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| Despite a recent stabilization in home prices, CNN Money is reporting that home values will continue to decline in 2010 (http://money.cnn.com/2009/12/31/real_estate/home_price_drop/index.htm) . If the housing market continues to decline more people, ... |
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| Continue reading "CNN Money Reports that Home Values Will continue to decline in 2010 – Can I now eliminate my second mortgage " » |
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| January 01, 2010 |
| Can I file bankruptcy without my spouse? |
| Posted By Robert Kovacs |
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| A common question that comes up is: “Can I file bankruptcy without my spouse?” The Answer, Yes. If you are a married couple you may file as an individual or as a couple. If an individual files, the non-filing spouse’s credit will not be impacted by ... |
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| Continue reading "Can I file bankruptcy without my spouse?" » |
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| December 31, 2009 |
| Happy New Year! |
| Posted By Robert Kovacs |
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| Happy New Year! I wish everyone a safe and happy new year! |
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| Continue reading "Happy New Year! " » |
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| December 31, 2009 |
| Telegram and Gazette reports “Foreclosure petitions still high” – Bankruptcy can save your home |
| Posted By Robert Kovacs |
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| In an article from the Worcester Telegram and Gazette ( http://www.telegram.com/article/20091230/NEWS/912309982/1002 ) it is reported that foreclosure petitions in Massachusetts remain high. The good news is that the actual number of foreclosures ... |
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| Continue reading "Telegram and Gazette reports “Foreclosure petitions still high” – Bankruptcy can save your home " » |
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| December 28, 2009 |
| I just filed for bankruptcy and forgot to tell my lawyer about a creditor |
| Posted By Robert Kovacs |
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| It is often difficult to keep track of all your creditors. Making matters worse, often times debt collections agents and/or debt buyers make it confusing to understand who you owe. If, for some reason, a creditor is not included in the initial ... |
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| Continue reading "I just filed for bankruptcy and forgot to tell my lawyer about a creditor" » |
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| December 27, 2009 |
| What can I do if I charged too much on my credit cards during the holidays? |
| Posted By Robert Kovacs |
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| If you can no longer meet your financial obligations bankruptcy may be able to relieve the stress related with too much debt. There are two concerns if you have recently charged a lot on your credit cards prior to filing bankruptcy. First, luxury ... |
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| Continue reading "What can I do if I charged too much on my credit cards during the holidays? " » |
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| December 24, 2009 |
| Happy Holidays |
| Posted By Robert Kovacs |
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| I wish everyone a great holiday and a wonderful new year. Peace is possible, if we want it. Robert |
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| Continue reading "Happy Holidays " » |
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| December 22, 2009 |
| What is the §341 Meeting of Creditors? |
| Posted By Robert Kovacs |
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| In all bankruptcy cases there will be a required meeting this is often called the “meeting of the creditors” or the “§341 meeting.” The Case Trustee will conduct the meeting. She represents the interests of all the creditors in the case and is also ... |
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| Continue reading "What is the §341 Meeting of Creditors? " » |
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| December 21, 2009 |
| What Happens if I Cannot Make my §341 Meeting |
| Posted By Robert Kovacs |
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| With the snow that fell this weekend I cannot help but think now may be a good time to mention what happens if a debtor cannot make their assigned time and date for their §341 meeting. The §341 meeting is often the only meeting a debtor has to ... |
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| Continue reading "What Happens if I Cannot Make my §341 Meeting " » |
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| December 20, 2009 |
| Most Debtors in bankruptcy can keep their Tax Return |
| Posted By Robert Kovacs |
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| Around this time of the year many struggling families look to their income tax return to provide some relief. These same struggling families often consider filing for bankruptcy. A common question becomes: Can I file bankruptcy and keep my tax ... |
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| Continue reading "Most Debtors in bankruptcy can keep their Tax Return " » |
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| December 17, 2009 |
| Avoidable Preferences for Business and Individuals Debtors |
| Posted By Robert Kovacs |
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| Many times when facing insolvency issues a debtor, either a business or individual, will look to pay one creditor over another, this is called a preference. If the payment was not in the ordinary course of business and the transaction occurred ... |
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| Continue reading "Avoidable Preferences for Business and Individuals Debtors" » |
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