bankruptcy blog

The financial consequences of the pandemic have been slowing in recent weeks,  but ramping up when it comes to evictions. For nearly two years, families have struggled with record levels of illness, job loss, and financial hardship.  The federal government has worked to minimize the damage by providing financial assistance and, more importantly, protections from  … Read more

According to a recent publication, the Monthly Treasury Statement, the federal government collected enough revenue to set a record for the first fiscal quarter of any year. The first fiscal month of 2022 was last month in October. In that month, the federal government collected $283,927,000,000. The federal government also set a second highest record for  … Read more

Declining inventories and a steady demand for new vehicles have pushed prices on dealer lots skyward. Now, used-car prices are surging, thanks to strong demand and a shortage of new cars, and higher prices are driving inflation. People who can’t afford a new car in the new market or can’t find what they’re looking for  … Read more

The short answer is: it depends. The types of debt you owe, how much you owe, and whether you have the ability to repay your debt can all influence whether you can keep certain property in bankruptcy. Is bankruptcy right for you? Bankruptcy does not have to be the only option you have, but it  … Read more

You may have heard that filing for bankruptcy will liquidate all your income and assets. While it is true in some bankrutpcy filings that the court may be able to liquidate some income and assets, each case is as unique as the individual themselves. Generally, anything that has a value of $600 or less. This  … Read more

Americans are drowning in debt more than ever before. As uncertainty and economic instability continues, many families are experiencing financial hardship beyond what they could have ever imagined. It is estimated that consumer debt grows beyond the  $14-trillion mark grows each year. Debt problems do not discriminate. They can occur to anyone at anytime, often  … Read more

Wage garnishment is a legal procedure that allows for a portion of your earnings to be automatically deducted to pay a debt. In some states, creditors may garnish up to 25% of your disposable income.  Disposable income is gross income minus deductions required by law, such as taxes or retirement contributions. While having a portion of your  … Read more

Yes! Not only can you get new credit, doing so after a bankruptcy may improve your credit score. If you have completed a debt discharge in bankruptcy, you should still apply for a credit card. The credit card lender will look at your income, expenses and the clean slate from negative payment history. If your income  … Read more

A moratorium is a time period of no evictions. Landlords are not allowed to evict tenants during this time. It is a temporary period of time, during which the government will do something to help reduce homelessness. What is the purpose of an eviction moratorium? The purpose of an eviction moratorium is to allow homeless  … Read more

The bankruptcy court can stop a foreclosure by granting a “stay“ order. This means that the foreclosure sale is delayed or even canceled. The stay may be granted if the debtor: (a) can prove that the lender has materially misstated its legal or contractual rights, (b) has a significant equity in the property, (c) and  … Read more