Thursday, July 29, 2010

Bankruptcy and Clearing Debt

Many people who are facing serious financial strain will need to file for bankruptcy. Filing Chapter 13 or Chapter 7 bankruptcy can offer a tremendous amount of relief, but when it comes to paying debt back to creditors on a payment plan set up by the bankruptcy court, it's always in the best interest of everyone to come completely clean.

For some this may be difficult to face as certain assets don't just represent a monetary value -- there may be an emotional attachment to certain assets, many priceless memories of a life lived in a home that must now be used to pay off debt.

If we look at the most recent headlines we see that hiding assets is a very bad idea, and that in most cases, people who take part in this activity will be caught. Take the case of Teresa and Joe Giudice -- now in the headlines for hiding assets from the trustee of their bankruptcy, John Sywilok. Now the couple will face investigation for the accusations and their whole lives will be under a microscope.

The best thing to do is tell your bankruptcy attorney exactly what is going on so he can give very precise details to the bankruptcy court and your bankruptcy trustee. In the end you will be much better off, and debts will be paid off more easily.

Contact your Vancouver bankruptcy attorney today to begin the debt relief process.

Sunday, July 25, 2010

Green Tangerine, Naked City's owner Carrie Follis files personal bankruptcy

Can a personal bankruptcy have an impact on a business owned by the individiual filing for personal bankruptcy? In the bankruptcy case of Carrie Follis the answer is yes. Follis, the owner of Naked City magazine recently filed for Chapter 7 bankruptcy. According to BizJournals, Follis was awarded a debtor discharge as of July 23, 2010.

But that may not be all for Follis. The Green Tangerine Publishing, LLC owner may have business assets on the line according to the trustee of her personal bankruptcy filing. Many consumers with small to medium-sized businesses would ask if this is a common scenario. It can be, but most of the time business assets are protected if there is a clear line between personal and business assets. Many business owners will protect their personal assets by putting them in a number of kinds of trusts, while others take their chances, feeling safe that personal bankruptcy will not have an impact on their business if it is an LLC or corportation.

But as we can see here, Follis has an LLC and the personal bankruptcy filing now on her record could mean the loss of assets to her company.

If you're looking for debt relief but don't know if filing for bankruptcy will affect your business, call Tom McAvity at Northwest Debt Relief Law Firm today to find out with a free consultation at 1-360-828-0110.

Thursday, July 22, 2010

Rangers Bankruptcy | is it keeping them from signing free agents?

According to a recent article in BizJournal the bankruptcy filing of the Rangers Major League Baseball club is having difficulty signing both new free agents and international ball players who previously may have signed with the team undaunted. Nolan Ryan, the president of the Rangers ball club was the first to admit the bankruptcy's long reaching and heavy hitting aftershocks. Could this push the Rangers into further financial issues? After all, if the team can't win games because they are not competitive it will obviously eventually cost them endorsements and commercial sponsors.

Tom McAvity and other lawyers around the country know that filing for personal bankruptcy is a good choice for individuals who are in insurmountable debt caused caused by an upside-down mortgage, medical bills, and credit card bills. But what can bankruptcy mean for big business? As we have seen with the Rangers, the effects can be serious, and perhaps baseball is a good metaphor for what can happen with other large businesses with a great deal to lose financially.

Consumers should understand that personal bankruptcy and corporate bankruptcy are very different. For those seeking debt relief in Vancouver or Portland, Tom McAvity can help you with a free consultation. Are you ready to hear about your options in bankruptcy? Simply dial 1-866-601-1918 to set an appointment with Tom McAvity today.

Saturday, July 17, 2010

Tom McAvity :: What is a Bankruptcy Discharge

In the world of Oregon and Washington bankruptcy, a bankruptcy discharge is the same as it is anywhere else in the country. Here's the breakdown from Tom McAvity.

By definition, a discharge in bankruptcy means a legal release from debt owed to creditors. But there is a wider-reaching implication to a bankruptcy discharge in Vancouver or anywhere else. For example, one of the many implications regards creditors and collectors.

Once your debt has gone into discharge, creditors are no longer allowed to contact the person whose debt has been discharged. There are however some misconceptions. For example, there may be debt owed by a consumer that is NOT a part of their bankruptcy discharge. In this instance, not only will the debt still be owed, but the creditor to which the debt is owed may still contact the consumer. Tom McAvity can help explain what your discharge will include and/or not include based on your unique bankruptcy case in Salem or Portland, OR and Vancouver, WA.

Call Tom McAvity today for more information on bankruptcy discharge and how it could help your financial circumstances.

Monday, July 12, 2010

Vancouver, WA Bankruptcy filing done easily

If you are a Vancouver, WA resident and you are trying to file for bankruptcy but don't know how, simply call Tom McAvity at his Vancouver, Washington office. All you have to do is dial 360-828-0110 for a FREE consultation.

In addition, if it is easier for you, set an appointment online for your free bankruptcy consultation today. All you have to do is click here.

If you have been looking for a way toward financial freedom, just know that bankruptcy has been the answer for millions of Americans and others worldwide. NWDRLF offers you the security and peace of mind you need when looking into bankruptcy.

Tom McAvity offers free consultations for Chapter 7 and Chapter 13 bankruptcy in Vancouver, WA, as well as Portland and Salem, OR.

Saturday, July 10, 2010

Chapter 7 Bankruptcy in Vancouver, WA

Though Tom McAvity has posted a thorough YouTube video on this blog previously, it's always a good idea to have a refresher course when it comes to bankruptcy because consumers need to have at least a cursory understanding of what it means to file for chapter 7 bankruptcy in Vancouver, WA.

So what is chapter 7 bankruptcy? What are the implications exactly? Chapter 7 discharges a consumer from his or her debt entirely, allowing him or her to "walk away from" the debts owed to creditors. It is a permanent decision once enforced by the bankruptcy court under federal bankruptcy statutes. Tom McAvity can tell you that by removing all the debts a consumer owes, creditors are no longer allowed to call, e-mail, or otherwise attempt to contact the debtor who has filed for chapter 7.

There is great protection in chapter 7 if the shoe fits for your particular bankruptcy needs. If you'd like to speak to Tom McAvity and get a feel for what filing for bankruptcy in Vancouver can do for you, please call our Vancouver office by dialing 360-828-0110.

Tuesday, July 6, 2010

Declaring Personal Bankruptcy in Salem, OR

NWDRLF and Tom McAvity can tell you that all of the same rules for filing personal bankruptcy in Oregon apply in Salem just as they would in Portland and other cities. People often have many of the same questions for Tom McAvity about declaring personal bankruptcy in Portland, so let's take a moment to answer a couple of those questions -- we will get to other important questions in later posts.

The first of two questions about bankruptcy we'll discuss is, "Does filing bankruptcy have a strong negative impact on my credit?" The answer to this question is that most likely, the fact that you are having to file for bankruptcy means that your credit is already in relatively bad standing. While bankruptcy clearly has a short-term negative impact due to the fact that it offers you a brand new clean slate, many who file have recovered a decent credit score within two years or less.

The second common question is, "Will I be able to maintain ownership of property like my home and car if I file for bankruptcy in Salem, OR?" The answer to this question is this: as long as you have equity in the property that is completely exempt you WILL be able to maintain ownership of your home and other larger assets if you file for bankruptcy. You will be held responsible for making payments to the bankruptcy court over the course of a three- to five-year payment plan. Tom McAvity will help you set up this bankruptcy payment plan with a trustee of the court.

Thursday, July 1, 2010

Consumer Bankruptcy Filings Rise in Middle Class

A PRWEB news release on June 30th notes that according to the Institute for Financial Literacy's Annual Consumer Bankruptcy Demographic Report, the effects of consumer and personal bankruptcy are more widespread across sectors of middle class America than ever before during what we now know as the "Great Recession."

The report suggests that consumers in need of bankruptcy in years past were those who earned $30,000 USD or less. According to the report, the yearly salary range for those seeking debt relief are in the group of consumers who make $60,000 USD per year or more. This is a massive shift statistically, but it helps to paint a clearer picture regarding those are in need of bankruptcy or other debt relief help. These numbers make sense to Tom McAvity; he and NWDRLF assist potential bankruptcy applicants everyday and can attest to the fact that the need for bankruptcy in Vancouver, Washington and Portland, Oregon is no longer discriminating any group of consumers.

What’s the bottom line? These statistics tell Tom McAvity and other bankruptcy attorneys that those who need their help are not in any one demographic anymore — it's a need that has swept the nation. That said, all consumers who might be in denial of their need to file for bankruptcy could be doing themselves a disservice.

If you are among the group in need of debt relief in Vancouver, WA or in the Salem or Portland, OR areas, consider having a free consultation with Tom McAvity and NWDRLF. All you have to do is call 1-866-601-1918 — and remember, the consultation is free and confidential.