bankruptcy blog

Debt consolidation loans are intended to lump all of your debts together into one low payment. To get these loans, many are taken as a loan secured by your home or other assets. You may get a better rate with a consolidation loan than with high-interest loans and credit cards. Benefits Another benefit is the  … Read more

In the early 1950s, the united states began seeing credit counseling agencies opening for business. Home construction was on the increase, and the American public was borrowing more money. NFCC The national foundation for credit counseling NFCC was created in 1951 to advocate for the credit industry and work with consumers that needed help paying  … Read more

If you are behind in your utility payments and worried your electricity, gas or water is about to be turned off. Bankruptcy may be an option to stop that from happening. By filing bankruptcy, the automatic stay will stop any attempts to collect on a debt and stops any legal actions from moving forward. It  … Read more

At one time or another, nearly everyone in the United States has had some type of financial difficulties at one point in their lives. It is nothing to be ashamed of if you get to the point that you need to file bankruptcy. Getting New Credit At the end of your bankruptcy, you may want  … Read more

After you file your bankruptcy paperwork, you may wonder what happens next. As soon as you submit your petition with the court, the first action is the automatic stay goes into effect. Automatic Stay The automatic stay stops all collections attempts from being taken against you. All phone calls and letters must stop. If a  … Read more

There are two types of debt to be considered when you file bankruptcy. Unsecured debt includes credit cards, loans, and medical bills. And secured debt is where the creditor holds the property as collateral against the loan. When you file bankruptcy, all actions to collect a debt from you must be stopped. That includes the  … Read more

Chapter 13 bankruptcy is often called a reorganization bankruptcy. Chapter 13 is different from a Chapter 7 bankruptcy in that you keep all of your assets and pay back past due payments on secured items such as your home or your vehicle. In a Chapter 13 bankruptcy, you submit a plan to the bankruptcy court  … Read more

There are two basic types of debt, secured and unsecured. Depending on the type of debt you have the most of will determine the best Chapter of bankruptcy you should file. Secured Debt Secured debt is where your loan is backed by collateral. Your home mortgage and vehicle loans are two types of secured debt.  … Read more

The bankruptcy laws had several significant changes in 2005 with the Bankruptcy Abuse and Prevention Act. The new rules were heavily slanted towards the benefit of major creditors like credit cards companies. While they didn’t get everything they wanted, they did make it more challenging to qualify for bankruptcy. The new rules also made it more  … Read more

The Fair Credit Billing Act (FCBA) was added to the Truth in Lending Act to provide rights for customers that believe they have been charged in error by a credit card company. By checking your credit card billing statements, you can keep on top of any extra charges or errors in billing. Mistakes happen, and  … Read more