Bankruptcy Blog

As real as debts are, so too is the profession of debt collection.  While debt collection is an honest profession, it can occassionally turn ugly and abusive for consumers who owe debts.  That is why in 1996, Congress enacted the Fair Debt Collection Practices Act.  Congress found that there was an "abundant evidence of the use of abusive, deceptive, and unfair debt collection practices by many debt collectors".  The Act gives consumers rights to maintain…
Most people have trouble managing their money from time to time.  Many work their way out of it, while it can be overwhelming to others.  Whether you have a lot of money or not, the principals are the same.  You cannot spend more money than you make.  This concept can be especially difficult to manage when you have applied for credit or taken out a loan for an especially big purchase.  Creditors analyze applicants' ability…
Student loans, while dischargable under bankruptcy law, really must meet standards significantly above typical standards for debts that can be discharged.  This strictness is due to the fact that some people began seeking bankruptcy protection after they graduated from college but before they started jobs with good salaries.  In the late 1970s, bankruptcy codes began to be narrowed so people could not abuse the system in this way.  A separate legal filing also is required…
Filing bankruptcy is possible if you are self-employed.  In fact, the process and rules are the same for people who are self-employed versus those who work for a business or someone else.  The circumstance that may be more cumbersome, however, is proving your income for the previous six months.  Recordkeeping is a lot of work, and many people do not keep documents orderly.  However, in order to file bankruptcy under Chapter 7 or Chapter 13,…
A non-dischargable debt is one in which Congress has determined that the debtor must pay and may not be forgiven, or "discharged", during the bankruptcy process.  Bankruptcy filed under chapters 7, 11, 12, and 13 each prohibit certain types of debt from being discharged.  Depending on the chapter in which bankruptcy is filed, the types of debts that are dischargable vs. non-dischargable vary.  For example, chapter 13 allows a more broad set of dischargable debts…
Credit counseling is free or low-cost to almost anyone seeking help in managing money.  If your debt is overwhelming and you seek bankruptcy to find relief, credit counseling is a required part of the process.  Credit counseling helps you analyze how you accumulated so much debt as well as assists in the plan development for how you should approach finding relief from debt.  Seeking credit counseling will not harm your credit score.  However, it is…
A credit rating or credit score is a number assigned to individuals that assesses how well a person manages his or her money.  A credit score is a calculation of how much debt a person has in relation to his or her available credit, type of credit available to that person, the person’s payment history, and the length of time a person has had a credit history.  A higher credit score gives lenders confidence about…
The two most common types of bankruptcy filed are under Chapter 7 and Chapter 13.  Bankruptcy under Chapter 13 is considered to be more of a “reorganization” of debts to gain relief from extreme financial stress.  The Chapter 13 bankruptcy allows the debtor to extend the time and modify payment plans with creditors in order to ultimately keep property in his possession.  It also can protect co-signers for loans taken by the debtor.  For example,…
There are different kinds of bankruptcy that can be filed to gain relief from overwhelming financial debt.  Filing bankruptcy under Chapter 7 is one of the more common routes individuals and businesses chose when seeking relief.  Generally, this kind of bankruptcy gathers the non-exempt assets of the individual or business seeking relief, sells them, and distributes the earnings to creditors who are owed money.  The person(s) or business filing is forgiven the remaining non-exempt debts…
HOW? If you are in debt beyond your ability to pay, unemployed, are being hounded by debt collectors, you should seek counsel from a credit professional or a bankruptcy professional.  Bankruptcy is complicated process, and bankruptcy professionals can help ensure that your financial circumstances meet the criteria to file.  Bankruptcy professionals also will help ensure that the paperwork is filled correctly with the courts.  WHEN?  You should consider bankruptcy if you are in debt beyond…
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