Blog Posts in October, 2011

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  • How to Get a Free Credit Report
    How to Get a Free Credit Report

    Under the Fair and Accurate Credit Transaction Act (FACTA), you are entitled to receive one free credit report per year. You can obtain your free credit report from www.annualcreditreport.com , which ...

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  • Waiting Period for Filing a Subsequent Bankruptcy Petition
    Waiting Period for Filing a Subsequent Bankruptcy Petition

    A debtor who has previously filed for Chapter 7 Bankruptcy must wait eight years to file again for Chapter 7 protection. This period is calculated based on the date that the respective Bankruptcy ...

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  • Automatic Stay Stops Creditors in Their Tracks
    Automatic Stay Stops Creditors in Their Tracks

    Under Section 362 of the U.S. Bankruptcy Code, creditors are prohibited from continuing any further collection action against a debtor who files for Bankruptcy relief. If a creditor is aware of the ...

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  • Bankruptcy Exemptions in Illinois- Which Law Applies?
    Bankruptcy Exemptions in Illinois- Which Law Applies?

    Under the U.S Bankruptcy Code, an individual filing for Chapter 7 is allowed to keep their property, so long as the property does not exceed a certain dollar amount. The particular dollar amounts are ...

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  • Recent U.S Supreme Court Decision
    Recent U.S Supreme Court Decision

    In the recent case of Ransom vs. FIA Card Services, N.A., the U.S. Supreme Court ruled that a consumer may not use the IRS "ownership expense" deduction for a vehicle when the consumer owns the ...

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  • Do's and Dont's Before Filing for Chapter 7
    Do's and Dont's Before Filing for Chapter 7

    If you are planning to file for Chapter 7 Bankruptcy, you should follow the rules and guidelines detailed below: Do Not 1) Give any special preference to a particular creditor. The Bankruptcy law ...

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