Newsletters

A Kansas City Bankruptcy Lawyer Provides Advice The first question many people ask when they are considering consumer bankruptcy is the likelihood of being able to keep their vehicle. The state of Missouri allows a person to exempt up to $3,000 of vehicle equity when they file for a Chapter 7 or Chapter 13 case. However, this may not be enough to cover all vehicles. Thankfully, in a Chapter 13 case, there exists what is called a cram down car loan. An interesting note about the term “cram down” is that it got its name because the bankruptcy court can metaphorically “cram” a new loan “down” the throats of objecting creditors! Your Car Loan Options When You File Chapter 13 Bankruptcy It is well-known that vehicles lose value quickly, particularly if they were purchased new. A vehicle that cost $40,000 on the lot can easily be worth only $20,000 within…
Read More »

Your credit scores can have a major impact on several areas of your life. These scores, which are calculated from the information in your three credit reports, determine where you can live and which loan terms you receive from lenders. Credit scores can even affect the type of job offers you receive. If you have poor credit scores, the good news is that they are not permanent. You can always adopt new personal finance habits to improve your credit scores. The following personal finance habits may help you achieve this goal. Pull your credit reports often. Pull your credit reports as often as possible. You can pull your reports from Equifax, Experian and TransUnion once per year for free. However, you should try to pull these reports twice per year at a minimum. If you are able, try to pull your credit reports once every four months. Look for mistakes,…
Read More »

When the housing bubble burst and home values dropped dramatically around the country, many homeowners found themselves underwater on their homes, owing more on the properties than they were worth. Selling an underwater home can be difficult; the mortgage company must agree to a short sale, which means the sale proceeds will fall short of paying off the mortgage. For homeowners facing foreclosure, a home short sale may be a viable option to avoid it. However, you may need to consider consumer bankruptcy if you are struggling with other debt and/or find the mortgage company unwilling to accept a short sale. People who are underwater on their homes and struggling to keep up with debt payments often want to know whether they can complete a short sale and file for bankruptcy. Yes, you can do both. Often, however, filing bankruptcy renders a short sale unnecessary, although in certain situations, a…
Read More »

The information on your credit reports is compiled by the three credit bureaus (Equifax, Experian and TransUnion) to help lenders discover whether you are a credit risk. Your credit reports could show previous and existing loans, late payments, wage garnishments and credit inquiries. These are only a few examples of what might be contained within the reports. If your credit reports show a history of defaulting on loans, late payments or judgments, then it will be much more difficult to access credit. Our entire society runs on credit, so it is important to know what information is contained within your credit reports. Once you have this information, you can contest errors or develop strategies to repair your finances. Fortunately, are owed a free credit report each year from the three credit bureaus. How Does AnnualCreditReport.Com Work? The three credit bureaus operate AnnualCreditReport.com, the only website where you are guaranteed free…
Read More »