bankruptcy blog

Filing bankruptcy can do more than just relieve you of debt, it also has other benefits involved. Most people are aware that bankruptcy can solve most of your financial problems by eliminating all of your qualifyings debt, such as: Credit card Medical debt Utility bills Old taxes Some student loans Personal loans Payday loans Chapter  … Read more

In times of stress, some people enjoy a temporary fix with “retail therapy.” Occasional unnecessary shopping trips pose little harm, but when spending money becomes a compulsion, it can cause serious problems. If spending more than you can afford becomes a chronic problem, it can interfere with your home or work life significantly. Credit Card  … Read more

The Bankruptcy Abuse and Prevention Act was a bill enacted in 2005 and lobbied heavily by the credit card companies. While the credit industry did not get everything they asked for, they did get a lot of changes made to the Bankruptcy Code, making it more difficult and costly for individuals to file bankruptcy. Added  … Read more

When you are overwhelmed in debt, the thought of paying for a bankruptcy lawyer and court fees can seem frustrating. Bankruptcy court fees vary by state, and they type of bankruptcy you are filing. The more paperwork for the clerk to process, the higher the cost. Attorney fees are basically the same way, the more  … Read more

If you are behind in your home or other secured property payments and worry you may be facing foreclosure, Chapter 13 bankruptcy may be your financial solution. Chapter 13 involves a court-approved repayment plan allowing you time to catch up on your arrears without losing your home or other assets. You must have a reliable  … Read more

If you have the choice on which chapter of the bankruptcy code for personal bankruptcy, most people would choose Chapter 7. Chapter 7 is the quickest and easiest form of bankruptcy. You can have the entire process over in three to six months and come out the other side with all of your qualifying debt  … Read more

If you have back taxes yet to be paid and you are overwhelmed in debt, you may want to file bankruptcy to eliminate those taxes. Specific rules apply, but if your taxes are at least three years old, you may be able to discharge that debt. If the date of your tax return is less  … Read more

Most courts are reluctant to eliminate student loans in bankruptcy. You have to prove that you are unable to work and have no prospects of getting a job due to a disability. Congress has made it difficult to discharge student loans. You must prove an “undue hardship” by paying it back. The bankruptcy judge will  … Read more

When you get behind in your debt, by either losing your job, cut back in hours or significant unexpected expenses, you may worry about losing your retirement account to your creditors.  Cashing in Your Account One option you may think of is cashing in your retirement account to catch up on your debt. If you  … Read more

When consumers find themselves overwhelmed in debt, they might start looking for ways to get a handle on their finances. If you have tried other avenues and have been unsuccessful, you may want to consider bankruptcy to get a fresh start and a better financial future. Talking to your Creditor Speaking with your creditors can  … Read more