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Finance Laws
What is the Bankruptcy Means Test? PDF Print E-mail
Written by Mitchell Sussman   
Wednesday, 13 March 2013 11:49

As a result of perceived abuses in the bankruptcy system, Congress passed the "Bankruptcy Abuse Prevention and Consumer Protection Act of 2005." The principal provision of this Congressional enactment was the addition of a "means test" designed to prevent higher income earners from filing Chapter 7 bankruptcy.

 

Last Updated on Tuesday, 21 May 2013 08:43
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What Does a Bankruptcy Trustee Do? PDF Print E-mail
Written by Mitchell Sussman   
Thursday, 07 March 2013 22:34

What is a Bankruptcy Trustee?

Many people who are contemplating filing bankruptcy ask the question, what exactly is the job of the bankruptcy trustee? Is he my friend or foe? Well the answer to this question is really quite simple, once you know the duties of a trustee.

 

Last Updated on Tuesday, 21 May 2013 08:41
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What is the Maximum Interest Rate on a Loan PDF Print E-mail
Written by Wes Smith   
Wednesday, 28 November 2012 16:28

Is there a maximum legal interest rate that can be charged on a loan? Most states in the United States have statutory limits on how much interest that can be charged when you lend money. The limiting of the maximum amount of interest that can be charge is know as “Usury Laws”.

Last Updated on Thursday, 29 November 2012 09:52
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Can Social Security Benefits be Garnished PDF Print E-mail
Written by B. Clark, Esq.   
Friday, 29 July 2011 18:06

Can your Social Security benefits be garnished? None of your social security benefits are subject to garnishment, if the creditor is a non governmental entity such as a auto loan company, credit card, or mortgage or some other non governmental entity. Specially, Section 207 of the Social Security Act (42 U.S.C. 407) bars the garnishment of any Social Security benefits regardless of there whether the benefits are in the possession of the Social Security Administration, the beneficiary, or in a bank account.

Last Updated on Monday, 01 August 2011 14:29
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Bankruptcy – The difference between Chapter 7 and Chapter 13 PDF Print E-mail
Written by Marlon Powell   
Monday, 07 March 2011 15:31

If you are in serious financial stress, you may consider filing bankruptcy. However, there are various chapters under which you can file your bankruptcy. The chapter under which you can file your bankruptcy will depend upon your financial situation, the type of job you are into and your income. There are basically two types of bankruptcy for the common man – Chapter 7 and Chapter 13 bankruptcy. However, you should also know that bankruptcy lowers your credit score by 200-350 points and that’s why many people opt for debt settlement instead of bankruptcy to get out of their debt problems.

Last Updated on Monday, 07 March 2011 19:17
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