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Herrin Law Tag

Filing Bankruptcy requires you to file a Petition with the US Bankruptcy Court in your city/county. This can be done electronically. The moment the petition is filed, you will receive a bankruptcy case number and will be afforded the protections of bankruptcy. However, BEFORE YOU CAN FILE YOU MUST COMPLETE A CREDIT COUNSELING COURSE. There are hundreds of providers but you must make sure you are using a provider approved by the Bankruptcy Courts. The strongest...

Bankruptcy allows a person or business to deal with their debt. There are two main types of bankruptcies for consumers: Chapter 7 (known as a liquidation) and Chapter 13 (known as a reorganization). In addition there are other chapters for corporations, farms, and municipalities but those will not be covered in this blog. Chapter 7 - This is known as a liquidation. It allows you to discharge (wipe out) your debt. Debt is classified in three...

Debt Relief is where you hire a third party to help you renegotiate your outstanding debt. The normal process is that you put together a list of your creditors.  The company then takes the amount of debt and creates a payment plan for you. You then pay that company a payment each month instead of paying your credit cards. They then use that money to eventually settle your debts. Their goal is to negotiate and reduce...

Financial mindfulness is really about being more aware of your current financial situation. Clarity is the key to improving your finances. The first step is to get clear on where you are right now. This means spending a few hours on a weekend or after work and really assessing your current situation. I have laid out the steps you should take below: Identify all debt accounts and write them down or put them into a spreadsheet. Include...

Financial stress is the number one cause of stress in adults. Most people get so used to being stressed that they no longer recognize or know what living a life with minimal stress is like. Being stressed is their new normal. When someone is stressed financially, it impacts them 24/7. I describe it like a background noise that never goes away. Even when they are not consciously thinking about their finances, their subconscious mind is. Financial stress...

Medical Debt can cripple you. Not only do you have to deal with the actual health issue but you have to contend with the financial stress that comes with it. Most people who suffer serious medical problems can incur hundreds of thousands of dollars in medical bills and if you don’t have health insurance, it's impossible to afford that. If that wasn’t enough, you never really know how much your medical bills are going to be until...

The reason debt collectors file lawsuits is because they work. Nothing scares a person more than getting served with a lawsuit. There is this fear that if they don’t do anything they could get into serious trouble. Some people falsely believe that they could go to jail or face criminal charges because of the lawsuit. The Debt Collectors do everything they can to stoke the flames of fear. They make misrepresentations about what can happen, they...

When you file bankruptcy, you are required to disclose all of your assets. This includes any inheritance you may receive (even if you have not received it). The most important fact regarding an inheritance is when the person passed away.  If you receive the inheritance before filing, then you should discuss with your attorney on whether to proceed with filing. In most situations, the inheritance will be non-exempt, which  means you won’t be able to...

1. Without an estate plan, you are costing your family money and adding more stress.   When you don’t have your estate documents in order, the state gets to determine what happens. This creates confusion and also leads to more time spent on dealing with a loved ones estate. In addition, the attorney costs and court costs are usually more expensive when you don’t have an estate plan. It also can lead to more fighting within your...