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The thought of having to file bankruptcy can be scary. Friends and family will tell you not to file bankruptcy because it will hurt your credit score. You may even read articles online written by well intentioned authors telling you not to file bankruptcy because it will hurt your credit…

Yet another Celebrity Bankruptcy. Rapper 50 Cent, whose real name is Curtis James Jackson, III, filed for Chapter 11 Bankruptcy Protection on Monday, July 13, 2015. This comes on the heels of a $5 Million judgment entered against him last Friday. The rapper said that he is just re-organizing his…

Many Revocable Living Trusts contain what is called a Credit Shelter Trust. This was very common when the unified credit amount was low ($675,000 in 2000 and 2001 and $1 Million in 2002 and 2003). The problem with this is that these Credit Shelter Trusts force a Trustee on the…

You may or may not have heard the term “means test” when researching about bankruptcy online or you may have even heard the term when speaking to a bankruptcy lawyer. What exactly is the bankruptcy means test and why should you care? The bankruptcy means test is the starting point…

A Will, also known as a Last Will and Testament, is a legal document that lets people know how you want your assets distributed after you die. It is also the only document you can use to name who you want to have legal guardianship of any minor children you have…

How to Avoid Overpaying For Your Next Car-Avoid a 72 Month or Longer Term Loan When I was growing up my father told me to never get a car loan longer than 36 months. My first car was 1 year old, it cost $10,000 and my payment was $320 a…

First the three-year car loan was the standard. Then the five-year car loan became the standard, but not anymore. Increases in new car prices have consumers pushing the payment terms to 72 months. The longer term has led to greater costs. 72-month loans have higher interest rates, lead to negative…

One of the first questions all of the clients I meet with want to know is: “should I file bankruptcy?” My answer always is: “it depends”. Many people think I look at their income or their debt to income ratio. Those are things banks look at when you are trying to…

A trust is a separate legal entity for holding and investing property. The most common type of trust is a revocable living trust. One or more persons (the “trustee”) holds property, usually real estate or investments, for the benefit of another or several other people (the “beneficiary”). The person who…

VA Disability Income May Be Included in the Means Test There seems to be a lot of confusion on the internet among both attorneys and non-attorneys about whether VA Disability income is used to determine whether someone passes the bankruptcy means test, which in turn means they can qualify to file…