Do I have to list all creditors in my Bankruptcy?

2020-06-12T16:20:36+00:00By |Comment(s):Comments Off on Do I have to list all creditors in my Bankruptcy?

When filing for bankruptcy, many times it is asked if you have to list all of your creditors in your report. To answer it simply, yes. A debtor needs to list all of their creditors as well as give them notice. This is required by the bankruptcy code. Congress has deemed it necessary because if you are receiving a discharge for your debts, it is only fair that your creditors are made aware so that they can participate in the case if they so choose to.

Even when you do intend to repay the debt, you need to list it in your bankruptcy petition. Also, when you omit a credit card company from the list because you would like to keep using the card, it does not promise that you can

Hawaii Ranked Worst in the US for Credit Card & Debt Scams

2020-06-12T16:20:36+00:00By |Comment(s):Comments Off on Hawaii Ranked Worst in the US for Credit Card & Debt Scams

Many people think that it won’t happen to them, but various types of scams take billions of dollars every year, and a clever enough scammer can take just about anybody. A recent report from the consumer protection website helped to illustrate where fraud is most common and the types of scams that are the most prevalent. Using data from the Better Business Bureau, the report tracks incidents of fraud and the states where the fraud was reported.

Unfortunately for the residents of Hawaii, this report showed some troubling trends in our state. Hawaii ranked second overall in the states that have the most reported incidents of fraud, with only Idaho showing higher numbers for the year 2015. Both Hawaii and Idaho had numbers that are alarmingly high in

The Emotional Cost of Bankruptcy

2020-06-12T16:20:36+00:00By |Comment(s):Comments Off on The Emotional Cost of Bankruptcy

Finances should be the determining factor when deciding to file for bankruptcy. Doing it sooner rather than later can often save you a great deal of money and time, and end with you in a better position. Waiting until you definitely need to, on the other hand, can prevent you from going through bankruptcy when you could still have found your way back to financial stability.

It’s a balancing act that requires an ability to weigh burden, negotiate terms, and understand the terms of bankruptcy law. However, the emotional aspect of the decision more often than not determines whether to, and when to, file for bankruptcy. That is not surprising, as beyond the financial considerations, filing bankruptcy comes with a high emotional cost.

Emotional Burden

Being in debt is stressful, without a doubt.

Bank Bailouts May Be Replaced With New Bankruptcy Bill

2020-06-12T16:20:36+00:00By |Comment(s):Comments Off on Bank Bailouts May Be Replaced With New Bankruptcy Bill

Recently, a new bill was introduced in the Senate to address the problem of large banks failing. It is specifically intended to replace certain parts of the Dodd-Frank Act that allowed the government to bail out unstable banks in 2007 and 2008. This act, called the Taxpayer Protection and Responsible Resolution Act, introduces a new form of bankruptcy that applies to banks.

This new type of bankruptcy, Chapter 14, is designed to handle banks that were considered ‘too big to fail’ in 2008. This act is aimed specifically at those larger banks. Similar proposals have been made several times since the 2008 bailout.

Chapter 14 Basics

Based on research by the conservative Hoover Institute, Chapter 14 would replace the Dodd-Frank Act. That act essentially had the Federal Government buying debt to keep banks

Credit Reports Hijacked after Filing Bankruptcy

2020-06-12T16:20:37+00:00By |Comment(s):Comments Off on Credit Reports Hijacked after Filing Bankruptcy

Your credit report should reveal a balance of $0 after filing for bankruptcy. Unfortunately, some people are learning the hard way that creditors aren’t always following the laws in place under bankruptcy protection. It is true that filing for bankruptcy is a big decision for any individual to make. However, it is often necessary when accumulated debts are burying you without any foreseeable way out of the mess.

Bankruptcy, particularly Chapter 7 bankruptcy, allows a consumer to file for protection against these debts, erasing them from the record, giving a $0 balance owed for all debts. It is a fresh start –  or at least that is the way that it is supposed to happen.

The Debt Remains

After bankruptcy has been filed and the judge places the order into effect, all or

Hawaii bankruptcy filings drop 22% since February of 2011

2020-06-12T16:20:41+00:00By |Comment(s):Comments Off on Hawaii bankruptcy filings drop 22% since February of 2011

Statistics by the United States Bankruptcy Court for the District of Hawaii covering February 2011 filings have been released, showing an overall 22.2% decrease in the overall number of filings from the same month last year.  At 224 bankruptcies filed in February 2012, we are trending back to the levels previously seen in 2009, which still well exceed filings during 2006-2008.  Chapter 7 bankruptcies in all islands decreased by 27.4% over February 2011, and Chapter 13 bankruptcies decreased by 8.6% over February 2011.

A breakdown by county shows that Oahu bankruptcy consistently accounts for nearly 60% of all bankruptcies filed in the State of Hawaii, followed by Maui County, Hawaii County, and Kauai

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