Category: Bankruptcy

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It’s almost Halloween! Are you haunted by debt?

It’s getting close to Halloween!! Have you checked your credit report lately? As you know, part of having a good credit score is making sure everything on your credit report is correct. Especially in this age of constant hacking and personal information being stolen, you can’t really afford to not look at your report.

So how do you check your report? Simply go to annualcreditreport.com, where you will have access to all three credit reporting agencies. If you find anything incorrect, initiate a dispute with the credit reporting agency to get it fixed. Each agency has a link on their website for disputes.

If you find that you have lots of old debt that’s haunting you, and you are ready for a fresh start, give me a call and I’ll be happy to help you reach your financial goals.

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How do you pay for filing a bankruptcy? Can it be done with no money down?

On the list of questions many people ask is “how do I pay for this because I don’t have any money?” As usual, “it depends” is the primary answer. It depends on if you are filing chapter 13 or chapter 7. Let me explain….

In Chapter 13, our court allows you to pay ZERO DOWN on your bankruptcy filing, and you just pay the Chapter 13 Trustee your first month’s plan payment within the first 30 days. So there’s no money down for a Chapter 13 filing! With a Chapter 13 you do pay monthly payments to the Chapter 13 trustee for the secured items you want to keep like your house and car. You can pay that monthly payment out of your paycheck, your unemployment check, your social security check, or get help from friends and family. Also, the trustee has a fairly new option that allows the regular payments to the trustee to be automatically drafted out of your bank account if you’d like. Many people really like this option because it’s one less thing you have to do. And we all need one less thing to do these days.

In a Chapter 7, you can either pay the filing and attorneys fees before we file the case, or you can actually now finance the cost of filing. You just pay it over a period of 12 months with an auto draft from your bank account or debit card. It even works with social security debit cards. Again, this allows for NO MONEY DOWN bankruptcy filing. If that’s something you’re interested in, I can give you all of the details personally.

So you see, either way you go you have options for a no money down payment structure. Don’t let fear of the unknown stop you from reaching your financial goals. If you are in a rut and need a way out, or see that you are about to get into a rut, go ahead and contact us for a free conversation about how we might be able to help you. I look forward to working with you to achieve your dreams!

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Series: What is a Bankruptcy Voluntary Petition Form 1?

While we may generally refer to the entire series of documents we file with the Court as your “Petition”, there is technically a form called the Voluntary Petition (Official Form 1).  For purposes of this series and to cut down on confusion, I’ll call it Form 1.

Form 1 is three pages, and is sort of like the data sheet for your case.  It lists things like your name and address, and what chapter of the Bankruptcy Code you are filing. It also lists an estimate of the number of creditors you have (creditors are the people you owe), an estimate of the value of your assets (assets are the stuff you have), and an estimate of your liabilities (the bills you owe).  There are also several check boxes that are filled in based on your situation to tell the court different things, as well as let the court know that you’ve completed your credit counseling and you’ve lived here long enough to file in this court. Additionally, if you’ve filed bankruptcy before, or if you have a spouse or cosigner in a bankruptcy, then their case information will also be listed on these pages.

Form 1 also contains places where you and your attorney sign saying that everything is correct under penalty of perjury.  You’ll see over the course of this series that there are lots of places you have to sign, and it’s all under penalty of perjury.  Wondering what happens if you don’t tell the truth? See my article here on that.

Here’s a look at what Form 1 looks like:

 

Form 1 Voluntary Petition

 

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Series: What is a Bankruptcy Petition?

You hear us talk about “your Bankruptcy petition” but you may wonder exactly what that is. In short, it’s the group of documents we file with the Bankruptcy Court so you can pay what you have to pay and not pay what you don’t have to pay, as well as get you all of the protection you can have in your case.

In this series of blog posts, we’ll explore what each part of your petition is, what it means, and any other information you might find useful. We will go through each section of the petition piece by piece so that you will have a better understanding of what everything is.

Remember that this will not serve as any legal advice on your situation, this is just a general overview. So if you have questions about your case, you need to be sure to contact your attorney for specific information tailored just for you.

Be sure to check back often for the next article in this series!

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New App to help with Budgeting

As you know, we use Dave Ramsey’s company to provide our clients with their Debtor Education requirements. Dave’s company has a new app we thought our clients might be interested in. It’s a free app that helps you with your monthly budgeting. It’s called Every Dollar. You can find it at www.everydollar.com, or in the iTunes app store. They are working on the Android and mobile versions. The basic one is free, and there are, as with any app, upgrades you’d have to pay for. They also have a “suggest a feature” link where you can send them features you’d like to see included. If you check it out, let us know what you think!

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Making Payments to the Chapter 13 Trustee

Most people have their Chapter 13 payment deducted from their paycheck. Many people, however, are required to send their own payment to the Chapter 13 Trustee. If you are required to send your own payment in, here are a few reminders about that payment:
•If you need to mail your payment, send it to: Chapter 13 Trustee, PO Box 1313, Jackson, TN 38302.
•If you need to take your payment in person, the physical address is: 250 North Parkway, Suite 1, Jackson, TN. This is on North Parkway beside the Madison County Board of Education office, between the Hwy 45 Bypass and Hollywood Drive. They have a drop box so you can drop off your payment any time.
•Be sure to send only a money order or cashier’s check. A personal check or cash will likely get your case dismissed. Money orders are available at most post office locations, Wal-Mart, banks, and other locations.
•Be sure to put your case number on your money order or cashiers check. If you do not have your case number, put your social security number on your money order or cashiers check to make sure your case gets credit for your payment. You may not be the only person with your name, so the Trustee uses these numbers as identifiers.
•If you are sending your own payment in, your case may also be on “probation.” This means that if you don’t pay the full amount on time, your case can be dismissed with no notice. So, pay on time and pay in full.

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What can you do to save money on your regular expenses?

One of the questions many of my bankruptcy clients ask is “What can I do to save money on a daily basis?” While there are lots of things to consider to lower your expenses, some things are more practical than others. Here is a list of things I have seen work, and that I use myself:

For everyday items like groceries and household goods:
• Wal-Mart will match advertised prices of their competitors in the store. They also have a method where you enter your receipt number online, or scan with their app, and they will check competitors’ prices for you. If they find a lower price they issue you an e-credit which you can redeem in store.
• Target will match in-store a price from their website. This is only done at the service desk. They also have an app called cartwheel that is essentially like digital coupons. They also have coupons on their website. Also check allthingstarget.com for weekly ad and coupon matchups to help you save money on things you need.
• Kroger has digital coupons and an app to add the coupons to your Kroger card while you are in the store if needed. You can also see what coupons you have while you are in the store.
• Always shop sale ads and coupons. Match up what you can. Don’t buy things you don’t need. Don’t “extreme coupon.” Everything expires, and you likely aren’t going to use 100 boxes of cereal before they expire.

For online purchases:
• ALWAYS check for a promo code before submitting your order. Retailmenot.com is a very good source of coupons and promo codes both online and instore. They have a free app.
• Go through sites like Ebates.com. You get cash back when you go through Ebates.com, and they usually have a good list of promo codes as well. Here is a referral link to their site.

For bigger purchases:
• Don’t buy big on impulse. Just about everything will go on sale! Know the seasonal sales cycles. A simple Google search will help you find websites that list seasonal sales cycles.
• Shop around and price compare for big purchases.

General shopping tips:

• Make sure you know want you need versus what you want. Wants may have to wait. Make sure your needs are covered first.
• Check websites that list savings, sales, etc. One such website for baby/child savings is www.babycheapskate.com.
• Budget! Know where ALL of your money is going. And include in your budget your emergency fund savings.
• Get a savings account to create an emergency fund. No emergency is cheap, and new loans will be expensive. See if you can automatically transfer money per paycheck after it’s deposited into checking. Also see if your employer who already direct deposits will split your deposit between checking and savings.
• Teach your kids about money. I’ve heard more than once “why did my parents not tell me this?!” I have no answer for them other than they can now teach their own children about it once they get a handle on the situation.

Do you have other gold nuggets of how to save money? Let me know and I’ll add them to this post!

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Free Bankruptcy Information Session!

Our firm, Teel & Maroney, PLC, will be holding a free Bankruptcy Information Session in conjunction with West Tennessee Legal Services on Thursday, April 17th, 2014. The session will be held at the Jackson Chamber of Commerce (near the Civic Center) from 6pm – 7pm. It will be very casual and we will have time for questions and answers as well. This is open to anyone who has financial concerns and is wondering if bankruptcy might be an option for them. Seating is limited, so we ask that anyone who plans on attending call our office by April 15 to register.
Please pass this information along to anyone you think might benefit from the free information session!

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There’s a NEW way to check the status of your Chapter 13 case online!

You can access your Chapter 13 Bankruptcy information online via the National Data Center at www.ndc.org. The first time you visit the website, you will have to have some of your case information and register for a username and password. From that point on, you will only require your username and password.

Before you head to the website, gather the following items together. You’ll need them all to register for a username and password.
1. Your case number (7 digits. ex: 25-10675) Hint: The first two digits are the same as the year in which your case was filed. Your case number will be on paperwork received from the court.
2. Your social security number
3. Your mailing address as listed on your Petition.
4. The name of the Chapter 13 Trustee. (If you are in the Western District of Tennessee, Eastern Division at Jackson, your Trustee is Tim Ivy).
5. A username you’d like to use.
6. A password for your account.
7. An email address where you check email.

You will be able to log into your account at any time and see what money the Trustee has received, and where the Trustee has sent your money. If you find anything unusual about your case, be sure to contact your attorney as soon as possible to make sure any problems are corrected.

**Please note that this applies only to clients in the Western District of Tennessee. If you were previously accessing your case via http://www.13datacenter.com, you will need to now use http://www.ndc.org. Please call your attorney if you have any questions!!

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Where can I find everything I need to bring to my first bankruptcy appointment?

You’ve seen the list of what you need to bring to your first bankruptcy appointment. Now you are wondering where can you find all of those things? If you don’t have those things at home, there are a few websites that can help you with some of the information.

1. Tax Return

The IRS now allows you to obtain your tax transcript (a fancy word for your tax return) online. Simply go to the IRS website here. You will have to register using your email address and personal info, but you will be able to instantly download your last few tax return transcripts. If you don’t have a printer to print them, contact your attorney’s office and see if you can email them to the attorney.

2. Pay stubs

If your employer uses ADP for payroll processing, you can download your pay stubs here. You’ll need to register or use your username and password to login, and then you will be able to access the PDF’s of your pay stubs. Remember we will need the last six months worth of pay stubs.

If your employer does not use ADP, there may be other ways to access your pay stubs online. Check with your payroll department and they should be able to give you more information.

3. Credit Report

Go to annualcreditreport.com, enter your information, answer a few questions, and you should be able to get at least one of your credit reports. Remember to either print the report or save it to your computer (you may be able to email it to your attorney).

Remember that you can only get your annual credit report free once every 12 months, so if you’ve requested yours within the last 12 months, you will not be able to get another free one until after that 12 month period is over.

Also keep in mind that everything may not be on your credit report. When you get your report, look it over. If you know you owe someone who is not on the report, write them down. If possible, call that person you owe and find out how much you owe, your account number, and their mailing address. All of this information will help make sure the people you owe get notice of your bankruptcy filing, and cause you less stress and headache down the road.

4. Unemployment income proof

If you have received unemployment income in Tennessee, you can visit the state’s unemployment benefits website here and obtain proof of the income you’ve received.

These websites should help you obtain many of the things you need to bring to your first bankruptcy appointment. If you have any questions about your upcoming appointment with me, or need to make an appointment, just call our office and ask for me or send me an email!

Have a great day!