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Lessons From the “Real Housewives” Bankruptcy Fraud Charges

A Kansas City Bankruptcy Attorney Offers Useful Tips Two stars from the reality show “The Real Housewives of New Jersey” were recently charged with 39 different counts of fraud, including bankruptcy fraud. The federal government alleged that Joe and Teresa Giudice grossly exaggerated their income and assets while applying for home loans and credit cards, and the government alleged they lied to the bankruptcy court and the IRS. Some acts of fraud are only possible when people willfully lie or misrepresent themselves to a creditor or the government. However, in the months leading up to a Chapter 7 or Chapter 13 bankruptcy filing, certain acts will be construed as potential fraud, even if they were made with innocent intentions. If you are considering filing for bankruptcy, it is essential to have a Kansas City bankruptcy lawyer on your side to protect yourself and your property. Avoid Unintentional Fraud by Working…
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State Bankruptcy Exemptions Available in Missouri

Exemptions are an important of the bankruptcy filing process. When you file for bankruptcy, the appointed bankruptcy trustee may seek to sell non-exempt assets to pay off your creditors. Exemptions provide protection for some of your property and must be properly listed in your bankruptcy filing.  Property that is exempt is safe from the Trustee selling it to pay your creditors. Exemptions provide a way for people who file bankruptcy to keep their possessions while they work to fix their financial situation. If you are considering filing for bankruptcy, a Kansas City bankruptcy attorney can educate you as to your options for keeping your property during bankruptcy. Missouri Bankruptcy Exemptions Below are some of the important Missouri state exemptions available to people who file for bankruptcy: Homestead – This covers up to $15,000 of real property (real estate used as a home by the debtors) or up to $5,000 for…
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Best Bankruptcy Options for Small Businesses

A Chapter 11 bankruptcy is a reorganization bankruptcy that permits the business to continue to operate while working out a plan to pay its creditors. Under a Chapter 11, a business is under scrutiny from the Court, but the advantage is that the business remains in existence. This can be a good choice for small businesses with strong assets and a future, but which also need additional time to deal with their creditors. A Chapter 7 bankruptcy, during which the Court or secured creditors liquidate everything that a business has, might not be the right answer for your small business. For this reason, many businesses opt for Chapter 11. If your company is facing financial difficulties and is considering filing for bankruptcy, a Kansas City bankruptcy attorney can advise you how best to proceed. Chapter 11 for Small Businesses US bankruptcy law treats small businesses differently than others for Chapter…
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What Does a Debt Settlement Company Actually Do?

Kansas City Bankruptcy Lawyers Explain the High Risks and Low Rewards Debt settlement companies claim they will significantly lessen the amount of money owed through negotiation with credit card companies and other creditors. So how does this actually work? To use a settlement company’s services, you stop making payments on the debt itself. Instead, funds are deposited into an account with the debt settlement company. Those funds are in turn used by the settlement company to pay creditors—and the settlement company itself—only after (or if) a settlement amount has been agreed upon. How Do Debt Settlement Companies Make Money? The settlement company’s fee is usually a percentage of the amount of money paid to settle the debt. However, choosing to stop making payments on a debt means additional interest and fees will continue to accumulate on the account while negotiations are underway. Some credit card companies flatly refuse to deal…
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