Blog Category: 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

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

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

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

After you have completed your bankruptcy case and you are looking forward to a fresh financial start, there are a few things you should be aware of. It is important to make good choices in the future to avoid getting into financial trouble again. Budgeting During the bankruptcy process, you had to attend two financial  … Read more

In the United States, you have the legal right to eliminate your debt when your financial obligations are more than your income. There are some debts; however, that can not be eliminated in bankruptcy. Child support and alimony will never be able to be discharged in bankruptcy. Student loans are very difficult to have discharged.  … Read more

Bankruptcy is not for every financial hardship, but for some, it can legally eliminate many of your debts. At the end of your case, your debt will be discharged, giving you a fresh start. When you file for bankruptcy, an automatic stay goes into effect as soon as you submit the paperwork to the court.  … Read more

Personal bankruptcy usually falls under one of these two types. Chapter 7, or liquidation bankruptcy, and Chapter 13, reorganization bankruptcy. Business bankruptcies generally fall under Chapter 11 that is also a reorganization bankruptcy and Chapter 12 bankruptcy for family fishermen or family farms, which is much like Chapter 13 and Chapter 11 bankruptcies. Chapter 7  … Read more

Wage garnishments can be embarrassing and make it difficult to pay your already heavy bills. You may be experiencing harassing phone calls if you have fallen behind on your debt payments. Reasons could be due to large unexpected bills, medical expenses, fewer hours at work, or any number of valid reasons that put you behind  … Read more

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