bankruptcy blog

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

A popular misconception about bankruptcy is that you must be flat broke, nothing left, and no hope to file bankruptcy. Or that if you do file bankruptcy, the court will take all you own and leave you broke, homeless, and with no possessions. Both of these myths couldn’t be farther from the truth. Bankruptcy is  … Read more

When searching for solutions to overwhelming debt, people are hesitant about filing bankruptcy because of what it will do to their credit rating. It is scary to think that a bankruptcy can stay on your report for ten years. While it is true, bankruptcy will remain on your credit report for ten years, adverse and  … Read more

Credit problems do not disappear on your credit report quickly. When you file bankruptcy, that can stay on your credit report for ten years. Missing and late payments or defaulting on your debt can remain on your report for seven years.  Check Your Report Check your credit report to ensure accuracy. If there is a  … Read more

Before you can file for bankruptcy, you must attend a court-approved debt management course. You can attend these online, over the phone, or in person. You will need to file a certificate of completion with your bankruptcy petition. Repayment Plan Not all credit counseling agencies operate the same way. Some debt management programs will be  … Read more

When you are overwhelmed in debt and looking for options for financial relief, some people consider debt consolidation loans. These loans are intended to lump all of your debt into one payment.   Secured Loans Some debt consolidation loans come in the form of using the equity in your home or other assets. Since it is  … Read more