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David M Siegel & Associates
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39 followers
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Reasons To Consider Bankruptcy
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Debt in the United States is overwhelming to many Americans. It is often the result of credit cards, medical bills, repossessions, payday loans, auto deficiencies, foreclosures, and debts for services that have caused many Americans to seek bankruptcy protection.
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Is the Debt Management Course Required as a Precursor Before you Actually file for Bankruptcy

Interviewer: You talked a little bit earlier about the debt management course, which was a precursor before you can actually file your petition for bankruptcy or Chapter 7.

David Siegel: Right.

Interviewer: Is there anything else that’s required after that?

David Siegel: Yes, there is one requirement after your file and that’s you have to take a two hour personal financial management instruction course.  This is again is something the government has put into place in the 2005 law change that basically said you’re going to take credit counseling before you file, and you’re going to take financial management instruction after your file to actually get your fresh start.  What this course is it covers everything from insurance, purchasing a car, banking, smart decision financially.  A lot of this stuff was covered in high school courses and collegiate courses.  But it’s just another reminder to avoid some of the scams, take responsibility for what you do, make smart decisions.  Most of the clients have said that they do pull something valuable out of this two hour course, and there’s also a little quiz that they have to take at the end.  The government mandates that they pass this quiz.  If they don’t pass the quiz the provider just needs to give them a little bit more counseling, talk to them over the phone, explain what area they fell short in.  But typically most of the clients get 100 percent.  So you can tell it’s not a difficult quiz, but they’re just trying to protect people going forward so that they don’t fall into these same traps.

http://davidmsiegel.com
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There Is Way Too Much Emphasis On A Credit Score
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If you or someone you know is struggling financially with mortgage arrearages or other debt, talk to a bankruptcy professional as soon as possible. There are options available for you. If you delay, some of those options come off the table!
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There are several ways to stop a wage garnishment. One of the ways that I deal with on a daily basis is by filing chapter 7 or chapter 13 bankruptcy for individuals and families struggling with debt. Chapter 7 bankruptcy filing involves the creation of an automatic stay. The automatic stay prohibits collection activities after your case is filed.
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Many people are afraid to let their job know about their bankruptcy filing. Sometimes it's inevitable in that the employer needs to know about the bankruptcy to stop a garnishment. In many cases, the employer does not need to know. We first must determine whether or not we are filing a chapter 7 or chapter 13.
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Filing Bankruptcy & The Creation Of The Automatic Stay: The automatic stay in the most powerful tool when filing bankruptcy. The automatic stay provides a shield of protection against most collection efforts. In the video below, we discuss just how powerful the stay is when filing a bankruptcy case. #Bankruptcy   #Debt   #automaticstay  
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#Tax  Returns & The Importance Of Timely Filing:  #Bankruptcy  In order to file for Chapter 7 bankruptcy, you must provide a copy of your most recent Federal tax return.  If you are going to be receiving a sizable refund, then you want to time your bankruptcy filing so that you do not have the refund forthcoming after your filing date.  This way, you are able to protect your refund from the long arm of the Chapter 7 trustee.  This video talks about the importance of timing as it relates to tax refunds.
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