State and Federal Bankruptcy Exemptions

State and Federal Bankruptcy Exemptions

Exemptions in bankruptcy are a set of laws that determine what assets you are allowed to keep after filing for bankruptcy. Even though bankruptcy is governed by federal law with specific exemptions, you can “opt out” of federal exemptions and choose exemptions for the state you live in. Some states offer generous exemptions. You will  … Read more

  Filed under: Bankruptcy Information


Retirement Plans and Bankruptcy

Retirement Plans and Bankruptcy

Protecting your retirement accounts in difficult financial times can be hard to do. You may find yourself behind in your mortgage and worry you will lose your home unless you liquidate your retirement account and catch up on our debt. The problem with this is now you have set yourself up for financial hardship in  … Read more

  Filed under: Money Management


Chapter 7 Bankruptcy Means Test

Chapter 7 Bankruptcy Means Test

When you are considering filing Chapter 7 bankruptcy, you will have to prove your eligibility by taking a means test. The figures are based on the median income for your household in your state and after certain allowed expenses are deducted. Disabled veterans are excluded from having to take the means test if the debt  … Read more

  Filed under: Chapter 7


When the Credit Card Companies Overbiff

When the Credit Card Companies Overbiff

“Overbiffing” is when a debt collector overstates the debtor’s balance. The reason it is called overbiffing is that the debt collectors overstate the debtor’s “balance in full.”People were told they owed thousands of dollars more than they actually did, sometimes the consumer didn’t even owe the debt. According to the Federal Trade Commission, “Overbiffing is  … Read more

  Filed under: News