Latest on the Bankruptcy Blog

In 2005 the Bankruptcy Abuse and Prevention Act went into law. This act made filing bankruptcy more complicated than it had been before. The credit card companies heavily lobbied for stricter requirements for filing bankruptcy. Means Testing If you earn more than your states median wages, you may not be able to file Chapter 7  … Read more

Also called the 341 meeting, the creditors meeting is held approximately 30 days after you file your bankruptcy paperwork. You and your attorney will attend this meeting, also attending will be your court-appointed trustee and possibly your creditors. The trustee will review your financial documents and your bankruptcy petition. The trustee will then ask you  … Read more

Not everyone can file for Chapter 13 bankruptcy. Some reasons you may not qualify is if you received a previous Chapter 7 discharge within the last four years or a Chapter 13 discharge within the previous 2 years. To file Chapter 13 personal bankruptcy, you must be an individual or spouse. You will not be  … Read more

In 1978 Congress passed the Fair Debt Collections Practices Act (FDCPA) to regulate the debt collection industry. The act was intended to eliminate abusive practices against consumers when attempting to collect debts. The FDCPA does not erase your debt as bankruptcy can, but it does set strict limits on what creditors or those on their  … Read more

Almost all consumer debt can be classified as unsecured, such as for credit cards and medical bills, or secured like your home or your car. Depending on what type of debt you have the most of will determine what type of bankruptcy you should file. Secured Debt This type of debt is backed by the  … Read more

If you have gotten behind in your payments and had your wages garnished, or a debtor is threatening you with legal action to attach your wages to repay a debt, you may want to consider filing bankruptcy. As soon as you submit your bankruptcy paperwork with the court, creditors are prohibited from garnishing your wages.  … Read more

When you have successfully completed your bankruptcy case and were relieved of your qualifying debt, you may need some follow up action. Some of these may need the attention of your bankruptcy attorney. Are collection agencies and debt collectors that you thought were covered in your bankruptcy contacting you? Does your mortgage company or auto  … Read more

Some times when you are stressed over your financial situation, and you feel you may have no other option but to file bankruptcy, there may be another solution for you. Bankruptcy can stay on your credit for up to ten years, making it difficult to get new loans or credit cards. Not that that is  … Read more