Latest on the Bankruptcy Blog

While it is true that dealing with credit card debt can be stressful, owing the IRS can be worse. Besides the fact that they are notorious for making persistent collection efforts, they also are quick to implement more serious consequences for nonpayment. Therefore, the best line of defense is quick contact to negotiate a plan  … Read more

San Bernardino, California is the second-largest U.S. city to enter Chapter 9 bankruptcy in history. While the suburban city has faced financial crisis for quite some time, further troubles are rising as an employees union speaks out against their debt restructuring efforts. Objection! San Bernardino’s debt restructuring plan could soon be dismissed if the city  … Read more

The options for filing bankruptcy are divided into different “Chapters” based on where they are outlined in the U.S. Bankruptcy Code. For personal bankruptcy there are two options, Chapter 7 and Chapter 13. For business bankruptcy, there are two main options that are most commonly sought, business Chapter 7 and Chapter 11. There are other  … Read more

While it is tempting to dodge debt collection calls, we don’t suggest you do that; at least not initially. In fact, you need to answer a debt collection call to find out important information about your debt account. When we talk about avoiding debt collectors, we are referring to way to avoid getting yourself into  … Read more

Although many people have heard the word “fraud”, most people could not tell you what actions would be considered fraudulent. When it comes to the bankruptcy process, fraudulent actions may occur when you least suspect it. In fact, it isn’t uncommon for honest people to commit an act of bankruptcy fraud simply because they don’t  … Read more

It is estimated that the total household debt in America is now at $11.4 trillion. With such a lucrative market to find people in need of help, the number of debt relief scams have increased. However, new debt relief rules were introduced by the Federal Trade Commission in 2012 in order to better protect consumers  … Read more

Bankruptcy laws carry a specific set of guidelines for consumers. They are designed this way to prevent abuse of the system and allow for the protection of consumer debtors. However, the specific nature of the bankruptcy process also poses some challenges for those who make the home their field. In efforts to stay current with  … Read more

The Home Affordable Modification Program was designed to help homeowners with financial hardship avoid foreclosure through loan modifications. However, many people have not been able to take advantage of the program due to strict lending standards. In order to reach more consumers dealing with mortgage debt, the government is extending the program and relaxing some  … Read more

The American Airlines bankruptcy case has brought a lot of attention to the economic effects on major industries. As the airline has been on a roller coaster ride of debt restructuring many consumers and employees have suffered along the way. Now, the airline is attempting to move forward after a key bankruptcy plan action was  … Read more

It is well known that the attitudes held by consumers can impact the health of the economy. While consumer confidence is far from a major influence, it does play a role in how well many industries are doing at any given time. When attitudes suffer, consumers hold back; leading to a cycle of industry backlash.  … Read more