Latest on the Bankruptcy Blog

Chapter 13 bankruptcy  is a court-approved plan to pay back part or all of your debt over five years. You must have a reliable source of income to be eligible to file this type of bankruptcy. Your income is the basis for figuring out the amount of your repayment plan. The first step should always  … Read more

Chapter 13 bankruptcy involves a reasonable, court-approved payment plan to pay back part or all of your debt within five years. To be able to qualify for this type of bankruptcy you must have a relatively reliable income. Your income level will be what is used to base your repayment plan. Monthly Budget As part  … Read more

According to the Student Loan Marketing Association (Sallie Mae), the organization that administers the government’s insurance program for education lenders, most courts are reluctant to discharge student loans. Undue Hardship Your student loans may be discharged if you can prove that paying them creates an “undue hardship on you and your dependents”, but this is  … Read more

f you’ve already tried other alternatives to work with your creditors and have been unsuccessful either because the creditors were inflexible or because you were unable to follow through with your payments, it may be time to seriously consider bankruptcy. Credit Counseling Programs If you were unable to maintain the terms of the program in  … Read more

If you remember, the ITT Technical Institute was a for-profit technical college that declared bankruptcy in 2016, closing campuses in Texas and across the rest of the country. Recently, nearly 750,000 students who took out student loans to attend ITT Technical Institute, received an early Christmas present in the last week of November 2018. After  … Read more

Farmers hold a special place in the heart of the US economy. However, this year has been especially tough on farmers. The Federal Reserve recently announced that farm bankruptcies in Minnesota and the Upper Mid-West are on the rise. Meanwhile, Chapter 12 bankruptcy protection cases in Texas dropped for farmers. Changes in Chapter 12 Bankruptcies  … Read more

No one is eager to file bankruptcy; the process has long-term implications for your financial life and ability to borrow money. Bankruptcy should be considered after all reasonable efforts to get control of your debt has been exhausted. A personal bankruptcy attorney can help you get back on your feet and get a fresh start.  … Read more