Latest on the Bankruptcy Blog

When you are deciding if filing for bankruptcy is an option for you, there are a few things that you need to take into consideration. If your monthly income for the six months before filing is above your state’s median, you will probably not be able to file Chapter 7. Instead, you will file Chapter  … Read more

When the bankruptcy laws changed in 2005, the credit counseling agencies changed from helping set up a budget and financial planning to be a mandated step before your bankruptcy can be completed. Scams Not all credit and debt counseling agencies are legitimate. Some will take your payments and leave you worse off than before you  … Read more

When you fall too far behind in your home payments, the mortgage lender starts a process called foreclosure. If you default on your loan, the lender can take possession of your home and sell it to get back some of the amount due on loan. The foreclosure process can be anywhere from one to seven  … Read more

When you start missing payments on your debt, you will probably begin receiving phone calls and letters reminding you to make a payment. The more payments you miss, the more aggressive the phone calls can become. Bill collectors may become overly aggressive and abusive in their practices. Because of these practices, congress passed a law  … Read more

If you are behind on your debt and considering bankruptcy, you may want to file Chapter 7 bankruptcy. The means test is a requirement to be able to file chapter 7 bankruptcy as part of the bankruptcy abuse and prevention act f 2005. If your income is lower than your state’s median, you can file  … Read more

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