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Thinking about a payday loan? You might get a surprise!

Bankruptcy can be the best option for a new beginning free from overwhelming debt.  For someone suffering through constant collection calls or pending repossessions, filing for bankruptcy can provide a welcome injection of immediate relief.  Some of this relief comes in the form of an automatic stay.  Filing for bankruptcy creates the stay, which forces most creditors to stop collection activities against the person filing for relief.  After enduring incessant calls, demanding letters, or threats of lawsuits, you will breathe your first sigh of relief when the stay is in place and the collection attempts finally stop. Unfortunately, some types ...
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CARES Act and SBA Loans Update

Small businesses are facing unprecedented economic hardships with the enforced shutdowns due to the coronavirus crisis. The CARES Act was passed with sweeping provisions to help small businesses remain the backbone of our economy. So, we want to get updated information to business owners. Check out our video on Facebook or on YouTube for a discussion regarding the Paycheck Protection Program and the Emergency Economic Injury Grant (loan). Follow us to continue to receive timely information to help your business thrive. For more information on those two programs and for the Small Business Debt Relief Program you can also go ...
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Chapter 7 and Student Loans

Student loans are not automatically discharged in a bankruptcy. It requires an adversary proceeding, which is a lawsuit within a lawsuit, in order to determine if student loans are discharged. The factors that have to be met make discharge of student loans relatively rare. However, that is not the purpose of this post. Rather, I wanted to explain what does happen to the student loans. Once the holder of the student loan is notified of the Chapter 7, the loan is recharacterized in their computer system and no action will be taken until the bankruptcy ends. Sometimes the characterization of ...
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Bitcoin and Bankruptcy

There is probably already a post out there regarding bitcoin and bankruptcy because it seems all the rage these days. However, I have not seen one, so I will claim the first. Perhaps though, it is because there is really only one thing to say about bitcoin and bankruptcy. As opposed to the complexity of every other aspect of bitcoin, this is really quite simple: bitcoin is an asset in a bankruptcy so it must be disclosed. I hope that is sufficient explanation. Now that I think of it, though, there could be one rather challenging aspect of bitcoin and ...
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Divorcing Without a Lawyer

Many people get divorced without hiring a lawyer. This is perfectly legitimate and it might save a whole lot of money. Those who are likely candidates for going the self-help route are those couples who are in entire agreement on how to divide property and debt and on a parenting plan if they have children. One caveat to this scenario: make sure you know what the value of assets are that you are agreeing upon. It is an all too common occurrence that one spouse has had significantly higher income or significantly better retirement benefits through their work. Retirement accounts ...
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Plan Payments by Payroll Deduction

This blog post about monthly plan payments is a crucial one. Many of the persons that I assist in a Chapter 13 do NOT want their employer to know they filed bankruptcy. However, I have never seen an employer have a problem with it and the payroll deduction is the best way to prevent problems with the plan later down the road.
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