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12.01.10  Bankruptcy New Number One


  12.01.10  6 Qualities Your Bankruptcy Attorney Must Have
  12.20.10  7 Factors to Determine if You Should File For Bankruptcy
  01.28.11  Understand Bankruptcy Before You File
    02.22.11 How Credit Card Debt Can Lead to Bankruptcy
03.22.11  Revive Your Financial Life After Bankruptcy

Bankruptcy New Number One

written by Holly Wade
In addition to specializing in bankruptcy law and successfully helping hundreds of people file for bankruptcy over the last two years, Hendricks and Larsen is taking a new step in their bankruptcy law focus.  Their new website ( is dedicated specifically to bankruptcy law and to educating those interested in bankruptcy law during this economic recession. They are in the process of adding more information about bankruptcy so those overwhelmed by debt can learn if filing for bankruptcy is the type of fresh start they need.
Hendricks and Larsen Attorneys at Law is happy to share information concerning bankruptcy with all who need it and will be continually developing the educational value of their site in the coming months. They believe education is a vital key to success and are happy to help all who need the information they can offer. They believe their years of studying and experience can provide others with valuable knowledge and awareness.
The website currently has a brief overview of bankruptcy law and will soon have more information regarding each chapter of bankruptcy law. This increase in educational information will alert those concerned with debt as to what the differences are between the various chapters of bankruptcy, who should file for bankruptcy, and how to get started. Additional information to be found on the website in the future will include all chapters of bankruptcy law and will provide answers to common questions regarding bankruptcy.

6 Qualities Your Bankruptcy Attorney Must Have

written by Holly Wade

Money has been a well protected asset since it was first minted by the government in 1792. Over time, we have increased our precautious measures. Today we have hiding places for our socks of cash, fire proof safes for our valuables, and security questions for our online banking. While money has always been protected, security precautions are especially prevalent during a recession. We are eating out less, entertaining in more, and waiting for sales because we are learning the value of a dollar. Unfortunately, some of us had to learn the value of a dollar the hard way. We are burdened with debt and are ever finding ourselves owing money for rent, running out of groceries, and needing to pay off another loan. If you are in debt, and are considering giving yourself a fresh start by declaring bankruptcy, be sure you put your financial future in the hands of those with these must have qualities.
    1.       Experience –  This quality may sound general and obvious, but it is especially necessary when finding a bankruptcy attorney. The law is ever complicated and ever frustrating. Combine it with the stress and emotion that comes with debt, and you’ll find you have a situation no one wants to be in. Get yourself out of this situation by finding an attorney who has successfully gotten people out of debt before. You need an attorney who is not afraid of your financial situation, who has successfully dealt with worse, and who is prepared to guide you through the bankruptcy declaration process.

    2.     Good with Paperwork – Most of us don’t read the fine print and when we do, we don’t know what it means or how it will affect us. A good bankruptcy attorney will know exactly what it means, precisely what you should sign and specifically what you need to fill out. While every industry has its jargon, there are few phrases more confusing than those connected with law and finances. Get an attorney who has read the paperwork thousands of times, has written paperwork of their own and can protect you from being overburdened by a mass of words you don’t understand.  

    3.       Honest –  While the majority of attorneys and lawyers do not fit their stereotype of being dishonest, there are those that do. When dealing with the law, it is essential that you be honest. Thus, it is essential that your attorney be honest. You wouldn’t hand your social security number to a known identity thief, so don’t hand your financial affairs to a dishonest bankruptcy lawyer. You need an attorney that will not only be honest with the law, but that will also be honest with you. You need an attorney who will honestly tell you what your situation is, and what you stand to gain/ lose with their representation or without it.

    4.       Good with Words – History has shown that the art of language is one that can make or break a deal, change a judge’s verdict, and determine financial outcome. When choosing a bankruptcy attorney, choose one who can speak the legal language and represent you properly. Choose an attorney who is able to take your situation and present it in a way that will give you the best outcome possible and bring you to a fresh start.

    5.       Up-to-date on Laws – While bankruptcy law hasn’t changed since 2005, there is always a possibility that the law will change again. It is important that your bankruptcy attorney be aware of the various schools of thought on bankruptcy and the research behind that thought. Being aware of current opinions and potential changes is a vital part of representing clients correctly. Be sure that your attorney is continually doing research, reading financial, legal, and business journals and participating in discussions with those in their field.
    6.       Familiar with all Chapters of Bankruptcy – There are many options when filing bankruptcy and it is important that your bankruptcy attorney be aware of the details of these chapters, be familiar in filing bankruptcy under various chapters, and be qualified to know which chapter to file your case under.  Your bankruptcy attorney should be able to guide you to whether you need to file under chapter 7 or chapter 13 and should be able to explain the differences between the two to you.


7 Factors to Determine if You Should File For Bankruptcy

written by Holly Wade

During difficult economic times, many of us review our finances and find that there is not enough money to cover all of the expenses we have. Paying for rent, shopping for groceries, and mailing in the heating bill are all things that have to be done and continue to chip away at our wallets. Filing for bankruptcy can be a great way to get a fresh new start. Before deciding if bankruptcy is right for you, it is important to go through your finances and determine if you are actually qualified to file bankruptcy, or if you would be better off with an alternative option. Below are 7 factors that you should think of when choosing where to head with your financial future.

  1. How much debt do you have? Go through your finances and determine how much debt you have. It is important to figure out all the numbers before deciding if bankruptcy is the right choice for you. If you have at least $10k in debt, you should think about filing for bankruptcy, if you have less, work on finding alternative ways to eliminate your debt.

  2. How much equity do you have in your house? When determining if you should file for bankruptcy, it is vital that you take all things into consideration, this includes considering how much equity you have in your house. In order to file for bankruptcy, you shouldn’t have more than $20-$40k in equity.

  3. How much equity do you have in your car? Just as you take the equity you have in your house into consideration, you should also evaluate how much equity you have in your vehicles. This will come into play when you are filling out paperwork and going through the process of filing for bankruptcy, so it is important to know this information before you start the process. To file bankruptcy, you shouldn't have more than $5k equity in your car.

  4. Are your wages or bank accounts being garnished? If those to whom your in debt are taking part of your paycheck before you ever see it, you are in a situation that necessitates the filing of bankruptcy.

  5. Are you closing a business that has a lot of debt that you personally guaranteed? If you are closing down a business that has a great amount of debt, and that debt is in your name, it is necessary that you file bankruptcy. Because of the effects this debt can have on your personal life, you should file for bankruptcy immediately.

  6. Are you being sued by a creditor?  If you not only owe money to a creditor, but are actually being sued by a creditor, it is time for you to get a fresh start and get the creditors off your back and out of your wallet. Being sued by a creditor is a primary reason for filing bankruptcy.

  7. Have you filed a bankruptcy within the last 8 years? According to bankruptcy laws, there are certain people that are ineligible to file bankruptcy. Some of these include those who have filed bankruptcy within the last 8 years. If you have filed for Bankruptcy in the last 8 years, check with an attorney to determine if you may file again. You may not be able, but because every situation is unique, it is worthwhile to check first before assuming that you can’t.

If the answers to the above questions indicate a need for you to file bankruptcy, find a trustworthy, well-reviewed bankruptcy attorney in your area and begin on the path to a fresh start.


Understand Bankruptcy Before You File

written by Sherene Funk
You’re drowning in a tidal wave of debt and you’re facing the foreclosure of your new home. It’s natural to believe, in this situation, that bankruptcy will solve all of your financial woes. But before you proceed down the erase-all-of-my-debt path, there are some things you should know. First, understand what bankruptcy is.

When you file for bankruptcy, you are petitioning for relief from-- and the restructuring of-- your debts. While this is the only legal option for shedding the scales of debt, you will need to meet certain requirements.

In addition to filing a bankruptcy court petition, you’ll be asked to provide detailed information on your debts and assets. While creditors will not be able to seize your property through confiscation or foreclosure or file a lawsuit against you, this does not mean you can incur more debt. You must also keep in mind that bankruptcy will remain on your credit record for over ten years, making it hard to get mortgages, loans and credit cards.

New bankruptcy laws, passed in 2005 are restrictive and make it more complicated to file for bankruptcy. Some of the effects of this new law include, meeting with a credit counselor during the six months prior to filing for bankruptcy and enrolling in a money management program which you will be responsible to pay for. The bankruptcy court will also dictate the amount you will reasonably need for living expenses such as food and rent, and how much will be designated for paying off debts.

Filing for bankruptcy will not solve all of your money problems and could potentially work against you. But it could also give you a fresh start in life. That’s why it’s so important to study the pros and cons of filing for bankruptcy and consult with a competent and caring lawyer who is trustworthy and specializes in bankruptcy law. Hendricks and Larsen can help you make the right decisions regarding bankruptcy. We’ve helped hundreds of clients successfully file for bankruptcy and we can help you too. Call today for a FREE initial consultation and case evaluation!

How Credit Card Debt Can Lead to Bankruptcy

Written by Sherene Funk
Many first time credit card users have visions of all the electronics, clothes and other cool merchandise they can get TODAY, with their handy piece of plastic. What they fail to realize is that each time they use that convenient little plastic card; they are essentially taking out a loan.

So, let’s say you go to the Cinema and use your credit card to purchase to two $8.00 tickets. You’ve just taken out a loan for $16.00 to watch a movie! Now there’s nothing wrong with that as long as you realize you’re going to have to pay the money back, probably in a month from now. Add to that charges for groceries, gas, new furniture, car repairs, clothes and other expenses and it starts ganging up on you pretty fast.

Imagine a young woman who racks up thousands of dollars in credit card debt with no thought of paying it back until that debt comes knocking at her door and she can no longer ignore it. The collector is after her, all of her credit cards are maxed out and she can’t pay her rent, let alone pay one penny back towards her loans.

It’s hard to keep ahead of the bills even in the best of times and in today’s hard economic times, many people are living with a Confessions-of-a-Shopaholic sized burden of debt hanging over them like a gigantic yoke. Have you ever felt this way?

Yes, it’d sure be nice if you weren’t in such a difficult financial situation. But we’re here to help you if you are. We understand the frustrations that accompany being deep and debt and we genuinely care about your monetary well being. Filing for bankruptcy can seem overwhelming, but we can answer your questions on bankruptcy eligibility, whether you should file for it and what steps you should take.

Revive Your Financial Life After Bankruptcy

Written by Sherene Funk

Life can be very stressful in the months leading up to your decision to file for bankruptcy. You will no doubt wonder how it will affect your life once your bankruptcy claim is closed and if you’ll ever recover from you’re past monetary woes to see a brighter financial future.  As long as you’re willing to put forth a little effort, there are several ways you can improve your financial outlook.

First, you need to view your situation in a positive light.  You’ve been given a fresh start. You no longer have to live with the overwhelming anxieties of excessive debt and collection calls.

Next, live within your means.  Cut out any extras you don’t really need like cable.  Take advantage of your local library and check out free movies and books.  If you’re close to work, ride your bike and brown bag your lunch, if you can.   Attend free concerts and engage in outdoor activities like hiking.

Take advantage of low or no-cost money management seminars and put what you learn into practice.  If you filed for bankruptcy after 2005, you were probably required to attend a money management program as part of new bankruptcy laws passed.  Don’t think of it as a part of your bankruptcy sentence but an opportunity to learn principles that will put you on the path to a better financial future.

Join support groups and seek out the comfort and support of positive family members and friends.  Don’t underestimate the benefits of socializing with people who understand and care about your financial recovery. Studies have proven that people with active social lives are less depressed.  Your friends and family can be your financial cheer leaders!

Lastly, establish new relationships with creditors.   This may seem like a strange concept, but after bankruptcy, you need to build up your credit scores again to improve your chances of securing loans, mortgages or credit cards.  Unfortunately, you’ll pay a higher interest rate because of your bankruptcy and previous credit problems, but you will also be demonstrating your ability to pay off new debts. Only get loans that you’re 100% positive you can afford so you don’t fall into the same financial traps you experienced before bankruptcy.  Your main goal here is to have these new creditors notify the credit bureau accounts of your timely payments, thus helping to raise your credit score more quickly.

Need help getting a financial fresh start?  We have a successful track record of filing bankruptcy for hundreds of clients. Call us and start your road to financial recovery today.

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