bankruptcy blog

Bankruptcy usually does not make your credit any worse if you are already behind in your bills. Yor late and missed payments will already be reflected on your credit report. Defaults will remain on your credit for seven years, while bankruptcy will stay on there for ten years. When you file bankruptcy, all lenders actions  … Read more

In 2005 the Bankruptcy Abuse and Prevention Act was passed and along with it came changes and new rules for filing bankruptcy. Some of these changes include having to take two debtor education courses. Credit Counseling Course You must take a court-approved credit counseling course before you can proceed with any bankruptcy filing. You can  … Read more

Before a bankruptcy case can move forward, a detailed evaluation of your finances and debt must take place. Your income, assets, and expenses will be evaluated to determine which Chapter of the bankruptcy code you should file. If you file a Chapter 7 bankruptcy, you will need to pass the means test. Passing this test  … Read more

If you have already tried other alternatives to get a handle on your debt and failed bankruptcy can help. Sometimes working with creditors to reduce the fees or penalties can be effective, but if the lenders are inflexible or you are still unable to make the payments, it might be time to consider filing for  … Read more

For people who are struggling with their debt, filing bankruptcy can give them a fresh financial start. If you have no hope of paying back everything you owe, you might want to consider talking to a bankruptcy attorney. Automatic Stay As soon as you file your bankruptcy paperwork, an automatic stay goes into effect. This  … Read more

Credit counseling agencies have sprung up around the United States since the passing of the 2005 bankruptcy laws. This law requires debtors to receive debt counseling before their bankruptcy can be completed. While it sounds like a good idea, many agencies give biased advice so they can receive a commission from the credit card companies.  … Read more

When you are overwhelmed in debt, struggling to make ends meet, often times you consider bankruptcy. If you are to that point in your financial crisis, you may be wondering what type of personal bankruptcy will suit you best. Chapter 13 will be your best option if you have secured creditors that you have been  … Read more

When people find themselves in financial hardship, they wonder if bankruptcy would be a good option for them. Chapter 7, bankruptcy is considered a liquidation bankruptcy. Your trustee will evaluate your income, bills, and assets and determine if any of your nonexempt assets can be sold to satisfy your creditors. In most cases, you will  … Read more