Archive for November 2012

Tip of the Day for 11/28/2012 Driver’s License Suspension

If your driver’s license has been suspended because you owe money for damages resulting from an accident that you caused when you didn’t have insurance, the debt can be discharged and you can have the suspension terminated. This does not affect the initial 90 day suspension imposed […]

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Tip of the Day 11/26/2012 “Underwater on your car loan?”

If you are “underwater” on your car loan, meaning you owe more than the car is worth, the bankruptcy code has a special provision that might help. If you purchased or borrowed against your car more than 910 days ago (about 2-1/2 years) you can redeem the […]

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Tip of the Day 11/25/2012 “Don’t Give Away Your Exemptions”

Don’t give away your exempt property before you file bankruptcy. Your exempt property is the property you are allowed to keep when you file bankruptcy. Exemptions vary from state to state. In Indiana, you can keep $17,350 worth of equity in your home, $9,350 worth of other […]

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Tip of the Day Strip a Second Mortgage

November 23, 2012. If you have a second mortgage against your house, you may be able to strip it in a Chapter 13 proceedings. Here’s how. If the balance on your first mortgage is more than the value of your house, you do not have to pay […]

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Tip of the Day 11/22/2012

Protect your Earned Income Credit I mentioned in yesterday’s tip that the amount of your income tax refund attributable to the EIC is exempt in bankruptcy. That means the bankruptcy trustee can’t take it away from you. If you receive your tax refund before you file the […]

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Tip of the Day November 20, 2012

Don’t file bankruptcy at the end of the year if you expect an income tax refund. Here in Indiana, you can only keep $350 worth of “intangible personal property” if you file bankruptcy. Intangible personal property is property that has value that you can’t touch. Examples of […]

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Tip of the day

Here is a common situation that has caused problems for many people filing bankruptcy. When you are struggling financially, it is not uncommon to turn to friends or family members for help with emergencies or just to put food on the table. You may have borrowed money […]

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