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Mortgages Underwater? You Need a Chapter 13

Lien stripping is an important tool in a Chapter 13 bankruptcy – it allows a person with more than one mortgage to get rid of (strip off) the second and/or third mortgages if the property value is less than the balance due on the first mortgage. For example, if your house is worth $100,000 and the principal balance due on your first mortgage is more than $100,000 (even by just a penny), any other mortgages on your property can potentially be removed through a Chapter 13 bankruptcy plan. These stripped off mortgages are then treated the same ways as other general unsecured debt, like credit cards; they are paid only a percentage of the balance, and upon successful completion of a Chapter 13 case, your house is free of these extra mortgages. Many consumers wonder, however, if lien stripping is available in a Chapter 7 bankruptcy. Chapter 7 bankruptcy, unlike…
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How Do You Remove Errors from Your Credit Report?

The Wells Fargo scandal last month is a reminder that some people have incorrect information listed on their credit reports, which can be very harmful for consumers. Errors might include debts that are not yours or the wrong names, accounts or amounts owed – just to name a few examples. Some credit reports might show signs of identity theft. Fortunately, it is possible to remove errors from your credit report. If you plan to correct errors, first review our blog post on how to pull your credit history for free. Pulling your free annual credit report will let you know of any mistakes before they come back to haunt you later. After you have received your credit report, it is time to develop a strategy for removing errors. Write dispute letters: You can dispute errors by sending handwritten or typed letters to TransUnion, Equifax and Experian. If writing is not…
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Need Cheap Medical Care? Here is Where to Go in Kansas City

For people with no health insurance and/or low income, finding medical care can be a daunting process. Expensive treatments and unaffordable medical bills can quickly turn into a financial horror story. People with or without health insurance who have low income can take advantage of Federally Qualified Health Centers (FQHCs), community medical centers that are reimbursed by the Department of Health and Human Services. These medical centers receive grants under the Public Health Service Act to provide a number of services to patients. Like all hospitals in the United States, FQHCs offer services to everyone. However, there are major differences that separate FQHCs from regular emergency rooms. FQHCs offer sliding scale discount programs for households between 100% to 200% of the federal poverty level, meaning patients owe only what they can pay. Full discounts are provided for households who are at or below 100% of the federal poverty level. Discounts…
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Can My Company Stay in Business After a Chapter 11 Bankruptcy?

Our Kansas City Bankruptcy Attorney Explains Business Bankruptcy Filing for bankruptcy does not have to be the end of your company, in fact, in can be a fresh beginning. Although you should explore all of your options when deciding whether bankruptcy is the right choice for you, it is possible to get through a Chapter 11 bankruptcy and keep your company afloat. Saving your business can be a difficult process, and if you are considering how a bankruptcy may affect your company, learning more about the process may help your business become one of the many to emerge successfully from a Chapter 11 bankruptcy. How Can Chapter 11 Allow My Company to Remain in Business? Much of the appeal of Chapter 11 is that it can allow companies to stay in business while dealing with debt. Typically, Company officials continue to operate the company while following the rules required under…
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