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Author Archives: George M. Lutz

Determining Eligibility for Chapter 7 Bankruptcy: Understanding the Means Test

Bankruptcy is often the best solution to debt problems, but do you know what type of bankruptcy is right for you? For individuals as well as partnerships, corporations and other business entities, Chapter 7 bankruptcy can provide relief. Through Chapter 7, a bankruptcy trustee gathers and sells all the debtor’s nonexempt assets to pay off… Read More »

How to File for Chapter 7 Bankruptcy for Consumer Debts in Pennsylvania

Deciding to file for bankruptcy is a huge step in repairing credit and rebuilding your finances, but the process can prove daunting. Understanding the filing process makes bankruptcy less stressful and more successful. The Chapter 7 bankruptcy process begins when a debtor files a petition with the bankruptcy court where he or she lives or… Read More »

How to Rebuild and Repair Credit After Bankruptcy

You took the leap into bankruptcy to stop mounting debt, foreclosure and creditor harassment, and finally have a moment of relief to reassess your financial position and plan for the future. Now what? For most consumers, the next step after debt settlement or bankruptcy is to rebuild and repair credit. This step is essential to… Read More »

Creditor Harassment: What You Need To Know

Having debt and credit problems is stressful enough. However, when your creditors start harassing you with threats via phone calls and letters, you can reach a breaking point. It’s important to know your rights when a creditor is contacting you to collect and to take quick action to assert your rights. What should I say… Read More »

Debt Can Drag A Young Person Down

Young adults are deeply in debt and, by and large, it’s not their fault. The youth of today are facing unforgiving student loans and seemingly insurmountable credit card debt — all during a time of slow job growth. The main source of young adult debt is undoubtedly student loans.  The percentage of borrowers who default on… Read More »

Don’t Fear The Meeting Of Creditors

If you filed for bankruptcy, you may be worried about a mandatory meeting called the meeting of creditors.  Some people are so afraid of this meeting that they delay filing bankruptcy because of it, lose sleep or make themselves sick over the prospect of the meeting. While you may envision a scene in which you… Read More »

Five (More) Tips for Managing Personal Finances

While creating and sticking to a budget is a great first step to financial success, you can do even more to protect your money. Whether you’ve already gone through bankruptcy proceedings or are proactively trying to avoid them, the following tips for managing your personal finances can help. 1.     Remember that financial markets are cyclical… Read More »

Should I File for Business or Personal Bankruptcy?

This question often arises when a business is a sole proprietorship or a small, incorporated business for which personal guarantees were signed in order to secure commercial loans. In order to come up with the best possible answer, you need to consider the following questions: Are my financial problems due to my business or my… Read More »

How to Create an Easy-To-Follow Budget

Creating a budget is a simple endeavor once the initial, somewhat time-consuming evaluation of income vs. expenses is complete. The greater challenge is sticking to it. Since budgeting is only as successful as its implementation, we would like to offer some practical suggestions for coming up with a budget that is strict enough to help… Read More »

Which Personal Bankruptcy Chapter is Right for Me?

When deciding whether to file Chapter 7 or Chapter 13 bankruptcy, three major factors come into play: Your circumstances such as income, assets, and character of your debts Your goals The law Part of your decision between Chapter 7 and Chapter 13 hinges on what assets you own and whether retaining those assets is one… Read More »