Latest on the Bankruptcy Blog

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

In 2005 the Bankruptcy Abuse and Prevention Act went into law. This act made filing bankruptcy more complicated than it had been before. The credit card companies heavily lobbied for stricter requirements for filing bankruptcy. Means Testing If you earn more than your states median wages, you may not be able to file Chapter 7  … Read more

Also called the 341 meeting, the creditors meeting is held approximately 30 days after you file your bankruptcy paperwork. You and your attorney will attend this meeting, also attending will be your court-appointed trustee and possibly your creditors. The trustee will review your financial documents and your bankruptcy petition. The trustee will then ask you  … Read more

Not everyone can file for Chapter 13 bankruptcy. Some reasons you may not qualify is if you received a previous Chapter 7 discharge within the last four years or a Chapter 13 discharge within the previous 2 years. To file Chapter 13 personal bankruptcy, you must be an individual or spouse. You will not be  … Read more

In 1978 Congress passed the Fair Debt Collections Practices Act (FDCPA) to regulate the debt collection industry. The act was intended to eliminate abusive practices against consumers when attempting to collect debts. The FDCPA does not erase your debt as bankruptcy can, but it does set strict limits on what creditors or those on their  … Read more

Almost all consumer debt can be classified as unsecured, such as for credit cards and medical bills, or secured like your home or your car. Depending on what type of debt you have the most of will determine what type of bankruptcy you should file. Secured Debt This type of debt is backed by the  … Read more

If you have gotten behind in your payments and had your wages garnished, or a debtor is threatening you with legal action to attach your wages to repay a debt, you may want to consider filing bankruptcy. As soon as you submit your bankruptcy paperwork with the court, creditors are prohibited from garnishing your wages.  … Read more