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Common Questions about Credit Scores

FAQ: April 2017 Edition Q: Does my income and overall net worth drive my credit score? A: Not at all. Q: What does account for my score? A: Mostly it’s your record of paying installment and revolving credit on time, along with collection actions, civil judgments and tax liens lodged again you.  Bankruptcies, foreclosures, and […]

What’s in Your Wallet?

A new study was released last week that suggests 1 in 3 Americans would have difficulty coming up with $2,000 to deal with an emergency.  Despite the economy slowly coming back from the brink of disaster in 2007, unemployment steadily dropping, and many signs pointing to improving markets, the fact that so many Americans are […]


It is required that you have filed all of your tax returns prior to filing your bankruptcy case. You must identify all deposits in your bank accounts for the past 7 months. You are required to produce a statement from your bank that shows the balance(s) on the date of filing your case. If you […]

Tax Refund Season

The snow has melted away despite Punxatawney Phil seeing his shadow, spring is around the corner and, before long, April 15th will be here and gone – TAX DAY in America is less than two months out.  For some, tax returns represent a source of stress and anxiety over how much more we have to […]

1099-c… Bankruptcy can help!

Did you know that is your debt is written-off, or canceled, you can owe taxes on the amount that is canceled?  See the IRS explanation here:  https://www.irs.gov/taxtopics/tc431.html Bankruptcy can help. Even though you get a 1099-c, if you have a bankruptcy discharge or an ongoing Chapter 13 bankruptcy plan that has been approved by the […]

Popular Bankruptcy Misconceptions – The Credit Report

One of the most frequently asked questions of our clients and prospective clients is “What happens to my credit after I file bankruptcy?” It is a simple question, but the answer is not as straightforward. As I often tell my clients, there is no “broad brushstroke” answer that applies to everyone equally.  Each person brings […]

Student Loans – The Worst!

  Student loans in bankruptcy are a hot topic in my field and one of the most frequently asked questions I get.  The answers are rarely satisfying though.  The direct question, “Can I eliminate student loan debt in bankruptcy?” has a simple answer: “Almost always, NO.” Now, there are a few exceptions.  The law says […]

Great Expectations – bankruptcy attorneys and due diligence

What the heck is “diligence” and “due diligence”? From Black’s Law Dictionary: diligence. 1. A continual effort to accomplish something. 2. Care; caution; the attention and care required from a person in a given situation. due diligence. 1. The diligence reasonably expected from, and ordinarily exercised by, a person who seeks to satisfy a legal requirement or to discharge an […]


Perhaps in honor of Prince, the Rapper formerly known as Fifty Cent could change his name to Seventy-Two Cent.  According to reporter David Owen with the Hartford Courant newspaper in Connecticut, the Bankruptcy Judge presiding over his Chapter 11 Bankruptcy Case confirmed his proposed reorganization plan in which it is predicted that unsecured creditors will […]

Debtor inequality and Nebraska’s gerrymandered debt collection playground

Sometimes you are so close to the problem your experience and anecdotes lead you to further empirical investigation. That is what happened to me when I realized in the early 1990s that I was advising more single women, single mothers, divorcees, widows and retirees about filing bankruptcy. I reviewed thousands of Bankruptcy Court files from […]


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