One way a savvy creditor can make sure they get paid is to file a wage garnishment. A wage garnishment is a tactic commonly used by creditors where they take a portion of your check. Wage garnishment laws vary from state to state. Missouri wage garnishment laws state that creditors…
Everyone who files for bankruptcy has to attend a Meeting of Creditors. This meeting is also commonly referred to as the 341 meeting, because the requirement to attend this meeting arises from Section 341(a) of the United States Bankruptcy Code. The hearing will take place approximately 30 days after the…
People who file bankruptcy can’t get credit for 10 years.This is completely false. A bankruptcy filing will show up on your credit report for 7 to 10 years, but it will not prevent you from obtaining credit. In fact, you will very likely start receiving credit solicitations in the mail…
There are five types of bankruptcy filings. Chapter 7Chapter 7 is the liquidation chapter of the Bankruptcy Code, and is sometimes referred to as “straight bankruptcy.” In a Chapter 7 case, a Trustee is appointed to collect and sell any property that is not exempt in order to pay creditors.…
The question I am asked most often is, “How much does it cost to file bankruptcy?” Most people are not happy with my answer, “It depends.” The only set fee is the filing fee, which is paid to the court at the time the petition and schedules are filed. The…
The holiday season is the time of year where people start maxing out their credit cards. In this bad economy, most budgets are already stretched too thin and putting presents on plastic could mean a sobering wakeup call for many when the post-holiday bills start to arrive come January. Don’t…