Blog Category: bankruptcy


Unemployment and Bankruptcy

Unemployment and Bankruptcy

One of the most common reasons for filing bankruptcy is unemployment. When the primary bill payer in the home loses their job or has a reduction in hours, it can be devastating to the household finances. Layoffs are listed as a significant factor for Americans filing bankruptcy.  Savings Traditional advice is to have three to  … Read more

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Reaffirmation and Bankruptcy

Reaffirmation and Bankruptcy

During the bankruptcy process, your creditors may ask you to make a reaffirmation agreement. A reaffirmation agreement states that you will be legally obligated on some or all of a debt that you could otherwise eliminate in bankruptcy. By signing a reaffirmation agreement, you are giving back the creditor the right to collect a debt  … Read more

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Bankruptcy

Bankruptcy

Our society provides an essential tool for those people with debt problems. Being able to file bankruptcy helps good people get back on their feet. Bankruptcy prevents creditors’ efforts from collecting from you, and in the long-term, bankruptcy eliminates payment obligations to free up your finances. Don’t Wait Too Long Bankruptcy does not always have  … Read more

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Bankruptcy Basics

Bankruptcy Basics

Bankruptcy is a process under federal law for debtors who owe more than they can pay. Bankruptcy can either eliminate your debt or let you work out a plan to pay it back over time. Bankruptcy helps you get back on your feet, giving you the fresh start you need. The United States Bankruptcy code  … Read more

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Bankruptcy Intentions

Bankruptcy Intentions

The purpose of bankruptcy is to give honest, hard-working people a chance to get debt relief and get a fresh start. The majority of Americans filing bankruptcy use this as a last resort to keep their homes or their vehicles. A common misconception is that people that file bankruptcy either squandered their money or bought  … Read more

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Property in a Bankruptcy

Property in a Bankruptcy

Consumers that file bankruptcy are allowed by law to keep a certain amount of their property while going through the bankruptcy process. Both the state and federal exemptions allow some property to be exempt no matter what the value is. Most states allow you to keep your furniture, clothing, and wedding rings. In Texas and  … Read more

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Fair Credit Reporting Act and Bankruptcy

Fair Credit Reporting Act and Bankruptcy

Your credit rating takes a hit every time you are late or miss payments. These marks stay on your credit report for up to seven years in some cases. If you are hopelessly behind in your payments, you can file bankruptcy, which will stay on your credit report for up to ten years. The significant  … Read more

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Deciphering the Bankruptcy Laws

Deciphering the Bankruptcy Laws

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

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When Bankruptcy Can Help

When Bankruptcy Can Help

If you have already tried other alternatives to get a handle on your debt and failed bankruptcy can help. Sometimes working with creditors to reduce the fees or penalties can be effective, but if the lenders are inflexible or you are still unable to make the payments, it might be time to consider filing for  … Read more

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Bankruptcy and Household Goods Seizures

Bankruptcy and Household Goods Seizures

If you fall behind in your payments, your creditors may threaten to seize the property used as collateral for the payment. There are only four legal reasons a creditor can seize your property. When you get credit to purchase a specific item and agree to use that item as collateral When the creditor insists that  … Read more

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