Category Archives: Bankruptcy Protection

Overview of Chapter 7, Chapter 11 and Chapter 13

Bankruptcy is a legal process aimed to help individuals and businesses manage overwhelming debt. U.S. bankruptcy law provides different types of bankruptcy filings, known as “chapters,” each with distinct rules and eligibility requirements. Here is a brief overview of Chapters 7, 11, and 13. Chapter 7 Bankruptcy To qualify for Chapter 7 Bankruptcy, one must pass the “means test.” The “means test” simply means a person’s income is less than the median income in the state they reside in, and they can show that they don't have sufficient income to repay their debts. When one files for Chapter 7 Bankruptcy,…
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The Brunner Test

The Brunner test is a legal criterion applied by courts during bankruptcy cases to assess whether student loan debt can be eliminated based on undue hardship. Essentially, the Brunner test serves as a barrier, allowing student loan debt to be discharged in bankruptcy only if the debtor can show they are facing severe financial hardship with little or no chance of recovery. The test requires the debtor to prove three things. Minimal Standard of Living: The debtor must show that repaying the student loans would prevent them from covering essential living expenses, such as food and housing. Persistence of Hardship:…
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Money, Mindset, and Meaning: Building a Better Relationship with Your Finances

A lot of people think that managing money is just about math, spreadsheets, and self-control. But the truth is, your relationship with money runs way deeper than numbers. It’s emotional, psychological, and even a little philosophical. If you want a healthy relationship with your finances, it’s not just about earning more or spending less — it’s about understanding your mindset, rewriting your patterns, and having an actual conversation with yourself about what money means to you.

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Understanding Your Credit Score

A credit score is a number that can help creditors understand how likely a borrower is to repay a loan and make the payments on time. Credit scores range from 300 to 850 and are calculated using credit scoring models, which essentially analyze a consumer’s credit report from one of the three major credit reporting bureaus: Experian, TransUnion, or Equifax.

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Love, Money, and Merging Bank Accounts: A Newlywed’s Guide to Financial Bliss

Marriage is an exciting new chapter, but when it comes to finances, it can also be a challenging adjustment. Money is one of the top causes of stress in relationships, and if you’re not aligned early on, it can lead to unnecessary conflicts. The good news? With a little planning and open communication, you and your spouse can build a solid financial foundation together. Instead of waiting for financial hiccups to appear, start your journey with proactive strategies. Here’s how newlyweds can navigate money matters effectively and set themselves up for long-term success.

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Thriving Through Uncertainty: Adapting to Economic Shifts With Confidence

Economic downturns test the resilience of individuals and businesses alike. While these periods are challenging, they also present unique opportunities for those willing to adapt and innovate. By focusing on sectors that remain stable, embracing digital advancements, and fostering a positive mindset, you can position yourself for success even in tough times. The key lies in strategic planning and a willingness to explore new avenues for growth.

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Stay Debt-Free: Tips for Managing Your Budget

The amount of bankruptcy filings by individuals and businesses is on the rise. Thanks to federal aid, filings dropped during the pandemic. However, the trend is ticking upward once again.  Here are some ways to keep yourself out of debt and away from bankruptcy court. 

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Steps to Take Each Month to Remain Financially Sound

Each year, the Law Offices of Todd Cushner & Associates work round the clock with a variety of clients who have found themselves mired in crushing debt for a number of reasons. The firm’s bankruptcy lawyers can expertly handle all matters that can range from a simple Chapter 7 no-asset case, to an IRS or secured creditor asserting a lien over business assets in a Chapter 11 case to even the most complex litigation with the largest of banks and creditors in a Chapter 13 case. Regardless of all of this experience, the firm’s top priority is to provide clients…

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Can I Get a Loan Modification While in Bankruptcy?

The thought of navigating the bankruptcy process can be daunting and very overwhelming, so that’s why it’s crucial to work with the experts at Todd Cushner & Associates. Not only do they offer their exceptional experience, but they also take special care to put you at ease and explain every step of the process along the way.

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Common Misconceptions About Bankruptcy

By the end of last year, overall bankruptcy filings rose 16.8%, with business and personal bankruptcies rising for the first time in a decade. However, there are many misconceptions that still prevent many potential applicants from starting the process. This blog will discuss more common myths about bankruptcy to help you better navigate it. 

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