Bankruptcy Misconceptions

Bankruptcy Misconceptions

Some misconceptions about bankruptcy are that the person that filed bought lots of stuff they had no intention of paying for, or lived foolishly and now want it all cleaned up. Most of the people that file bankruptcy protection are honest hard working people that due to unforeseen circumstances put too much debt load for  … Read more

  Filed under: bankruptcy


Debt not Dischargeable in Bankruptcy

Debt not Dischargeable in Bankruptcy

Bankruptcy can eliminate credit card debt, payday loans, medical bills, and other unsecured debt. There is debt that by law cannot be eliminated, such as alimony and child support. Bankruptcy does not mean that you no longer have to make secured payments such as mortgage debt if you want to keep your house. During and  … Read more

  Filed under: Debt


What Happens To Your Credit When You File Bankruptcy

What Happens To Your Credit When You File Bankruptcy

It’s true that a bankruptcy can stay on your credit history for up to ten years. It’s also true that when you get too far behind in your payments, those negative marks can also stay on your credit history for up to seven years. Filing bankruptcy legally wipes away your unsecured debt and allows you  … Read more

  Filed under: Credit


When Bankruptcy Can Help

When Bankruptcy Can Help

Filing bankruptcy can be a hard decision to come to, most of us think if we just work a little harder, pay a little more, we can get caught up in our finances and get the creditors to stop calling. When all other measures have failed or not feasible, such as borrowing money, consolidation loans,  … Read more

  Filed under: bankruptcy


Filing Bankruptcy

Filing Bankruptcy

When you have tried other options to catch up on your debt, and you are still struggling, you may want to consider filing bankruptcy. Personal bankruptcy is a court protected plan to help those in financial stress to satisfy their creditors as much as possible. As soon as you file the bankruptcy paperwork, a court  … Read more

  Filed under: bankruptcy


Automatic Stay in Bankruptcy

Automatic Stay in Bankruptcy

An automatic stay in a United States bankruptcy case stops all actions by your creditors trying to collect on a debt once your bankruptcy petition has been filed. An automatic stay allows you some relief from the constant phone calls and worrying if your car will be repossessed or you and your family will be  … Read more

  Filed under: Debt


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