When you file bankruptcy, most debts can be eliminated. Unsecured debts are usually eligible for discharge, credit cards, medical debt, utilities, payday loans, some taxes, and other loans that do not have collateral attached to them. There are certain exceptions that some of these types of debts cannot be discharged in bankruptcy. The types of  … Read more

The Italian nomination of bankruptcy indicates its origin from the words Banca rotta means broken bench or bank. In ancient times, if a man used to owe some amount and become unable to repay, his family was usually forced to be a part of debt slavery until the debtor pays for his losses with physical  … Read more

Chapter 7 bankruptcy does not require you to immediately repay your debt. The trustees will take any non-exempt properties and sell it to distribute your assets among your creditors. After completing this bankruptcy process, your bankruptcy discharge will wipe out all your qualifying dischargeable debts. Secured Debt Secured debts are those which the creditor takes  … 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

To file bankruptcy in the United States, you must first complete a debtor education course as part of the U.S. Bankruptcy Code requirements. The debtor education course teaches you how to be financially successful after your bankruptcy case is over. The course is intended to inform you of personal management skills to keep you out  … Read more

When you get behind in your bills and the debt collectors are calling, it can be stressful and sometimes embarrassing. Getting a call from a debt collector can also be annoying and frustrating. Knowing your consumer rights can prevent you from being taken advantage of. Filing bankruptcy can also get the debt collectors to stop  … Read more

Limited or fixed income combined with rising costs of food, medical expenses, and living expenses leads to financial hardships for many seniors. Living off of small Social Security payments or survivor benefits, seniors often find that they don’t have enough money to get through the month. Some seniors are using their credit cards to make  … Read more

When filing for bankruptcy, you will need to know how to classify your debt. Each category is treated differently in bankruptcy. When you send your monthly payment to the trustee in your Chapter 13 bankruptcy case, the money will be distributed to priority, secured, and if any is left to your nonpriority debt. Priority Debt  … Read more

When you file bankruptcy, most debts can be eliminated. Unsecured debts are usually eligible for discharge, credit cards, medical debt, utilities, payday loans, some taxes, and other loans that do not have collateral attached to them. Exemptions Every state allows you to keep certain assets; these are considered “exempt” in bankruptcy. Some states allow you  … Read more