Latest on the Bankruptcy Blog

In 2007, the minimum wage was increased from $5.15 to $5.85 per hour, the first increase in over a decade. The intent was to facilitate job growth and lower the unemployment rate for less skilled workers. Last week, a group of economist pleaded their case to Congress advocating for yet another raise in minimum wage.  … Read more

Most people know the importance of maintaining their physical health, but many people fail to focus on ways to obtain a fiscally healthy lifestyle. When it comes to balancing a budget and managing money, most people don’t lift a finger. Over half of all Americans have accumulated enough debt to keep them paying payments for  … Read more

Creditors have many ways to collect on a debt. They may call your house, visit you in person, send letters of past due accounts or mark your credit report with delinquencies. At times, creditors may be able to garnish your wages as a final attempt to collect on the debt. Having your wages garnished can  … Read more

With technology advancing and pushing electronic book sales for devices like Kindle and Nook, bookstores are facing tough times ahead keeping their doors open. In February of this year, the second largest bookstore in the United States, Borders, announced it was filing for In April, Borders presented a debt restructuring plan to its creditors that  … Read more

Creditors are concerned with one thing, getting their money. If you have filed for bankruptcy, you are afforded protection from creditors and collection efforts through an automatic stay. During the bankruptcy process creditors cannot collect on the debt, unless otherwise outlined through a Chapter 13 bankruptcy plan. If you receive a Chapter 7 bankruptcy discharge,  … Read more

In the past, you might receive a knock on the door to find a Old System Needs New Rules The Federal Trade Commission was originally set up to monitor the interactions between consumers and businesses, offering protection from unfair business practices. With more Americans slipping further into debt each year, the FTC has begun to  … Read more

A bankruptcy discharge refers to the finalization of a bankruptcy proceeding, whereby the debtor is released from their debts and absolved of liability for those debts. Types of non-dischargeable debts: Child/Spousal support payments – Bankruptcy laws prohibits child support or alimony payments from being discharged by filing a bankruptcy. Owed payments that accrue before, on  … Read more

The average American carries four or more credit cards in their wallet. Many people pushing balances over thousands of dollars with no end in sight. Consumers who were once complaining about credit agencies hiding information about terms and conditions of their cards had their calls heard by the government. The Credit Card Accountability, Responsibility and  … Read more

Children today have a much different experience when it comes to money. Most of us grew up watching our parents working long hours and saving every penny to provide us with the “little extras” we treasured. Our parents paid in cash or wrote checks; rarely did you see a credit card being used to pay  … Read more

Experiencing financial hardships can result in stress and anxiety over many concerns.  People worry about how they will pay their bills, how they can prevent their house from going to foreclosure and what will happen to their credit if they can’t pay their debts. After a bankruptcy or foreclosure, the biggest fear is whether they  … Read more