Latest on the Bankruptcy Blog

When seeking debt relief through Chapter 13 bankruptcy, the debtor intends to repay the debts through a structured payment schedule. However, there are some instances in which a change needs to be made after the bankruptcy petition has been filed.  If the repayment plan cannot be satisfied, there are four general outcomes when ending a  … Read more

Local stores will be packed this weekend as back-to-school shoppers flood the grounds looking to stock up on school supplies and new clothes. With money tight and credit card debt soaring to new heights, many families are struggling to stretch each dollar to the limit. A new school year doesn’t have to mean new debt.  … Read more

A successfully negotiated IRS Offer in Compromise, when filed correctly and accepted, will officially release you from debt to the IRS you simply cannot pay and back taxes. What’s more, you will be free of the stress and worry and your credit rating will improve. You will start over as a citizen, and be able  … Read more

Anyone who has considered, or completed, bankruptcy knows the number of fears associated with the process. Many people worry that their friends, neighbors and even employers will find out. Although bankruptcy is a valuable resource that can provide financial relief, many fear there will be a stigma associated with it. Having these fears prevents many  … Read more

Unless you are living under a rock, you should be well aware that the stock index and credit rating agency Standard and Poor, “S&P,” has issued a shot across the bow to the US government to clean up its debt and spending habits. Though Congress and the White House were able to agree on legislation  … Read more

Creditors are notoriously one-sided when it comes to reporting credit: don’t expect a fair and balanced credit portrait if you miss a payment on your mortgage or fall behind on your credit card payments. Here are some things to know that could save you from painstaking credit card negotiations or a loan modification. Remember, your  … Read more

People experiencing financial hardships are caught between a rock and a hard place. When creditors are calling or sending threatening letters, a debtor may have little recourse to protect themselves. Filing for bankruptcy provides protection against creditors while working towards debt resolution. An automatic stay is an order issued to cease all collection efforts when  … Read more

Now that the country has lost its stellar credit rating many people are wondering what, if any, effects this will have on pivotal U.S. markets. Many investors are hesitant to leave their money in stocks, while others are cautiously riding out the storm. A lower credit rating for government bonds suggests there is an increased  … Read more

In light of high credit card debt and delinquent payments, many are worried about how their credit will be effected. This worry is legitimate concern of most Americans. But most people have no idea how the score is calculated. The common conception is that credit scores are good if you’ve “never been late on a  … Read more

Many consumers are treading water trying to keep their heads above the waves of debt. Medical bills, credit card debt, loss of a job and overspending have left many with few options. When seeking debt relief many people simply don’t take advantage of the many resources available until it is too late. Before filing for  … Read more