Latest on the Bankruptcy Blog

With the increase in consumer debt comes agencies offering to “help.” Debt settlement and debt negotiation firms are aggressively marketed toward the consumer. Some agencies promise to make your debt problems go away. When this doesn’t happen, the client finds themselves worse than before they signed up with one of these agencies. Often they are  … Read more

Unfortunately, people in dire financial situations are targeted by unscrupulous companies and scams. These scammers get your name from the foreclosure records or bankruptcy court records and disturbingly by purchasing lists from debt collectors. These companies are counting on you to make bad decisions regarding your debt and credit. Payday Loans These high-interest loans taken  … Read more

Soon after your bankruptcy, you will start receiving offers to rebuild your credit. Offers of “no credit, bad credit no problem,” while they may be tempting, these offers will often come with high-interest rates and lengthy payment terms. When you finish your bankruptcy, and all of your qualifying debts are discharged, at some point in  … Read more

Speaking to a bankruptcy attorney will help you determine if filing bankruptcy is the right choice for you, and if so, what chapter would benefit your family the most. When you are meeting with your attorney for the first time, it is a good idea to bring as much financial information as possible. Your lawyer  … Read more

Reaffirmation of debt is an agreement during bankruptcy for you to remain legally obligated to repay the debt. By signing this agreement, you are giving the creditor the right to collect from you even if your debt is discharged in bankruptcy. It is rarely a good idea for the debtor to agree to sign a  … Read more

When you are filing bankruptcy, sometimes the timing will make a difference in the benefits you receive from the bankruptcy. If you are facing foreclosure, eviction, wage garnishment, vehicle repossession or your utilities are about to be shut off, you may want to file an emergency bankruptcy. You can fill out the paperwork and have  … Read more

Besides the obvious of eliminating all qualifying debt, there are certain advantages to different types of personal bankruptcy. The two chapters of the bankruptcy code that benefit consumers are Chapter 7 and Chapter 13 bankruptcy. Chapter 7 Chapter 7 bankruptcy is sometimes referred to as liquidation bankruptcy. It is easier and faster than a Chapter  … Read more

Usually, one of the first things people think of when filing bankruptcy is ruining their credit rating. While it’s true, the bankruptcy will stay on your credit report for up to 10 years; filing bankruptcy won’t be the only thing reflecting negatively on your credit report if you are behind in your debt payments. When  … Read more

If you are considering filing bankruptcy and worry you may lose your retirement funds to pay your creditors, know that most states consider these accounts completely exempt. The Bankruptcy Abuse and Prevention and Consumer Protection Act of 2005 states that many types of retirement plans are exempt assets and may not be used to satisfy  … Read more