Latest on the Bankruptcy Blog

For those struggling with money management, bankruptcy is often the very last resort. Thus, debtors are constantly looking for other solutions to get their debt under control. Many of these options include credit counseling, debt settlement, and mortgage modifications. While these are all great solutions to a debt crisis, they all involve hidden dangers that  … Read more

This week in bankruptcy news: another labor union takes the hit when Patriot Coal moves to avoid the need for bankruptcy by cutting millions from union obligations. Meanwhile Detroit officials are preparing for a better financial future with or without Chapter 9. Read the full stories below: Patriot Coal Bankruptcy Deal Draws Criticism From Miners  … Read more

Each year, thousands of people file for bankruptcy and the opportunity for a fresh financial start. While bankruptcy may put a temporary damper on financial freedom in its immediate aftermath, it isn’t as limiting as people believe. With proper money management, it’s possible not only to get credit cards after filing for bankruptcy, but even to make  … Read more

While it’s common knowledge that medical debt is one of the largest causes of bankruptcy, there’s an underlying issue that’s often unrecognized: medical expenses can continue. Whether it’s cancer treatments or future complications, the need for medical treatment can continue beyond the medical debt that triggered the need for a bankruptcy. So what happens when  … Read more

Each year, hundreds of thousands of homes are placed on foreclosure or short sale lists. With so many homes on the market, there’s an incredible win-win opportunity for both sellers and buyers to get the best deal possible on a home. However, while short sales are an excellent solution to alleviate or solve mortgage debt  … Read more

It might sound like the most counter intuitive move ever, but many people are signing up for a credit card immediately after a Texas bankruptcy. While they might not realize it, people who exercise good money management with their new credit cards are rebuilding their financial profile. However, using a card to repair credit scores after a  … Read more

When we think of IRS tax debt problems, it’s easy to imagine everyday Americans struggling with back taxes. However, even high profile people such as celebrities don’t have the best money management practices and can get in trouble with the government. Snoop Lion – formerly known as Snoop Dogg – recently settled his IRS debt.  … Read more

It’s crunch time for the city of Detroit. After a scathing report from former bankruptcy lawyer Kevyn Orr stating that the city would likely have to file for bankruptcy, Detroit now has a six-week deadline to get their finances in order. Negotiated settlements, bond restructurings, and budget reconsideration’s will all occur within the next month and a  … Read more

This week in bankruptcy news: The city of Detroit has six weeks to make big moves in the debt restructuring process if they are to avoid a Chapter 9 filing. Meanwhile, once popular game label, Atari, is seeking $22 million for its catalog of products in order to break free from the financial hold of  … Read more

National foreclosure trackers report that foreclosure activity across the United States has hit a 6-year low, dropping 23 percent from this point last year alone. While the general trend is downwards, certain states are still seeing agitated foreclosure activity. States such as Florida and New Jersey have witnessed foreclosure increases by 55 and 91 percent  … Read more