Latest on the Bankruptcy Blog

A bankruptcy is a legal situation in which a person, company, or some institutions, are unable to pay their debt from their available financial resources. Bankruptcy is one of the cheapest and quickest options to get out of debt by stopping debt collectors and even saving your assets. One of the most compelling benefits of  … Read more

For most people, hiring a bankruptcy lawyer happens a little late in the process. After a long time of struggle trying to pay their debts, people start to consider filing for bankruptcy and then thinking about hiring a lawyer. Filing for bankruptcy is not a simple process, and it requires a good representation. Let’s take  … Read more

  There is a social stigma attached to the term bankruptcy. Let’s take a look into what this process is and see that it is not the end of the road, as some people think. Bankruptcy can be seen as an opportunity to start over. Bankruptcy laws were designed to give people a second chance,  … Read more

The most common secured debt is vehicle loans, new or used; a car usually costs more than most people have saved up. It can be convenient to make payments and have access to a vehicle. We often need a way to get to school, work, shopping for food or medicine. Not every area has public  … Read more

When a homeowner gets behind in their mortgage payment, the lender may start the foreclosure process. If the mortgage is not paid, the lender will take possession of the collateral used against the loan, in most cases, it’s your home. The foreclosure varies by state, taking anywhere from one to seven months to complete the  … Read more

For the purpose of bankruptcy, the debt classifications you have will help determine the type of bankruptcy you file. Most consumer debt is either secured or unsecured. Secured debt uses collateral such as your home for a mortgage or your vehicle with a car loan. Most unsecured debt is from credit cards, medical debt, and  … Read more

Debt settlement and debt negotiation firms have become more popular with the increase in consumer debt. As with most instances that have to do with money, you have to be careful not to be taken advantage of. There are good debt settlement firms, and there are nightmares, ready to exploit your vulnerable situation. Other options  … Read more

When you are struggling to pay your bills and are considering bankruptcy, part of the law requires you to take a debtor education course 180 days before submitting your paperwork with the court. You can find a list of approved counselors on the United States Department of Justice website. Be wary of debt counseling and  … Read more

If you are considering bankruptcy to get financial relief, the best course of action will be to hire a bankruptcy attorney. A bankruptcy lawyer will know the laws in your state and help you get the most benefit from your case. Ask a potential bankruptcy lawyer questions that can help you ensure you will be  … Read more