Latest on the Bankruptcy Blog

A recent decision in the Fifth Circuit Court can change the fate of private educational lenders. In Crocker v. Navient Solutions, the court upheld a decision by the Southern District of Texas that not all private educational loans are exempt from discharge in bankruptcy. Two different cases resulted in student loans from Navient being discharged  … Read more

One of the most cited reasons for filing bankruptcy is unemployment or a reduction in income. The loss of income can come from death or divorce of the primary wage earner, layoffs, and cutbacks at work. Job-related financial stress is one of American’s significant factors for filing bankruptcy. Savings We’ve heard it before that you  … Read more

When you look at the total value of your assets and subtract the number of your liabilities; if the number is negative, you are in what is commonly known as “upside-down.” Your debt is more than your net worth. If you sold everything you own, you would still not have enough money to pay for  … Read more

Some people think you must be flat broke to get bankruptcy protection. The truth is you can still have a job and file bankruptcy. Sometimes unforeseen actions cause us to get behind in our debt. Large medical bills Death or divorce of the principal wage earner Loss of a job or hours cut back Mismanagement  … Read more

In the simplest form, personal bankruptcy is a court-ordered and court protected plan to help those in financial crisis satisfy their creditors as much as possible. Bankruptcy is a way to protect individuals from repossession, foreclosure, and other legal actions that creditors may take. If approved by the court, you can work out a plan  … Read more

In 1970 Congress passed the Fair Credit Reporting Act (FCRA) to protect consumers from unfair credit and credit reporting agencies. The act is to “ensure that consumer reporting agencies exercise their grave responsibilities with fairness and partiality and respect for the consumer’s right to privacy.” Under this act, among other things, you have the right  … Read more

In the United States, credit card debt makes almost 40% of all consumer debt, accounting for a huge portion of overall household debt. Unsecured debt can be things like credit cards, medical bills, child support, alimony, student loans, and payday loans. Unsecured debt is basically your promise to pay and does not have collateral that  … Read more