Credit Report Experts

With the holiday season in full swing, television, radio and the internet are all brimming with advertisements announcing various sales. One product in particular that you are likely to encounter advertisements for is automobiles (perhaps showing a gleaming car adorned with a large red bow). While automakers may be offering fairly good deals, it’s still very important to proceed cautiously before making any purchase – doing so may help prevent the need for debt relief assistance further down the road.

Interestingly, financial experts recommend that those consumers who are strongly considering purchasing an automobile, take the time to research outside financing before moving ahead.

While this may seem unnecessary given that many car dealerships offer their own financing, financial experts nevertheless advise that it could be well worth the time and research.

Specifically, they recommend that consumers investigate the following three potential sources of outside financing:

• Credit unions: According to financial experts, credit unions typically offer some of the best terms for auto loans.

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Our Claremont consumer bankruptcy lawyers tell our clients to be as sure as they can be before accepting a legal settlement, because it’s difficult to change your mind after the fact. In the absence of a special circumstance, such as a finding that one party had no authority to make the agreement, courts may hold parties to their agreements even if they later reconsider. This was the case in In re Burrage, a recent decision of the Bankruptcy Appellate Panel of the Sixth U.S. Circuit Court of Appeals. Linda Burrage of Ohio filed an adversary proceeding in her bankruptcy against Bank One, a creditor. The parties agreed orally to settle two months later, but Burrage, who was not represented by an attorney, changed her mind the next day. After the court entered the settlement, she moved unsuccessfully to reopen her adversary proceeding. The BAP agreed with the bankruptcy court that there was no evidence showing a good reason to reopen it.

Burrage and Bank One settled on Oct. 4, 2010 and Bank One notified the court, which canceled the trial in her adversary proceeding. On Oct. 5, Burrage called the court to say she changed her mind and preferred to go to trial.

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Auto lenders will often view your credit report prior to offering you an auto loan. The information in your report determines your FICO credit score, which runs from 300 to 850. This information will impact the terms of your auto loan, including the interest rate that you may be charged and whether or not you are required to submit a down payment. It’s important to understand how your credit is impacted when multiple auto lenders pull your credit report.

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Earlier today, Filene’s Basement, the well-known discount clothing store, and the Syms Corp., its owner, announced that they were both filing for bankruptcy.

Specifically, both entities filed for Chapter 11 bankruptcy, a form of bankruptcy in which a business typically proposes a reorganization plan that outlines how it plans to keep its operations running smoothly and pay off creditors over the course of time. However, Chapter 11 may also be used as a mechanism for liquidation.

This appears to be the case for both Filene’s Basement and Syms Corp., which released the following statement regarding their bankruptcy plans:

“Our board has conducted a rigorous assessment of all the strategic options and alternatives available and after careful consideration has come to the conclusion that a bankruptcy filing and liquidation is the best way of maximizing value for all stakeholders.”

Unfortunately, this means that Filene’s Basement will have to close all of its 21 stores.

The primary reasons cited by the two entities for their respective bankruptcy filings were intense competition in the retail market and the “worst economic downturn in our lifetimes.”

In documents filed with the U.S.

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An important part of our work as Claremont consumer bankruptcy attorneys is helping clients determine which pieces of property they want to claim as exempt from the bankruptcy. Though bankruptcy is determined by federal law, each state has its own set of bankruptcy exemptions, which are slightly different rules, and filers can opt for the state or federal set of exemptions. In In re Holzapfel, the Montana Supreme Court clarified an interesting exemption in its outdoorsy state: an exemption for sporting goods. Debors Michael and Lynn Holzapfel had jointly filed for bankruptcy and claimed an ATV under the sporting goods exception. The U.S. Bankruptcy Court asked the Montana Supreme Court whether this was the proper exemption. The court ultimately found that an ATV is better classified as a motor vehicle.

The Holzapfels filed in December of 2010 and listed a Yamaha ATV as an exempt sporting good. The rule allows up to $4,500 worth of sporting goods and firearms to be exempted, with individual items worth no more than $600 each. The trustee for their case objected that the sporting goods exemption does not apply, but the Holzapfels argued that the Montana Constitution requires courts to construe laws liberally.

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