Bankruptcy and repossession
Filing for bankruptcy may seem intimidating, but Chapter 13 and Chapter 7 can help you and your future. These provide the opportunity to reset your financial status and even gain back repossessed items.
Do I qualify for bankruptcy?
Your ability to file a Bankruptcy depends mostly on your affordability, or lack thereof, to pay towards your creditors.
4 Advantages over Creditors in Bankruptcy
Like most areas of law, people do not want to file a bankruptcy proceeding, people file bankruptcy because they have to. There are several different types of Bankruptcy filings. The most common type of bankruptcy is consumer bankruptcy. Consumer Bankruptcies are filed on behalf of an individual or a married couple under Chapter 7 and […]
Why Bankruptcy isn’t as Scary as You Think
The term bankruptcy usually comes with a negative perception. Many people automatically think financial ruin, business closures, and tarnished credit. And of course, no one starts a business or begins a career hoping for bankruptcy, but in reality, it can actually be a very positive thing for the filer. The problem is most people don’t […]
Does Timing Matter When Filing for Bankruptcy?
Not everyone who is struggling with debt needs to file bankruptcy. But there are a number of reasons why someone may consider it. While medical debt tops bankruptcy cases in the US, credit card debt, mortgage debt, and a failed business are other common motivators for filing. If you fall under one of these categories […]
The Three Types of Debt Borrowers Should Understand
All of your debts fall into one of three categories, and different bankruptcy chapters treat them differently. Knowing the types of debt you’re carrying can help you and your attorney make strategic decisions. They won’t be the only determinant of which chapter you file. You still can’t file Chapter 7 if you don’t pass the […]
In the News: Relief for Veterans
This year, the passage of the HAVEN Act brings new relief to veterans who are facing financial distress. The abbreviation stands for “Honoring American Veterans in Extreme Need,” and corrects a major problem faced by military borrowers. Prior to the passage of the act, bankruptcy courts could use the Department of Defense disability payments to […]
In the News: Discharge vs. Arbitration
Recently, a judge in the Eastern District of Pennsylvania made a ruling which could impact any Pennsylvania resident who has signed arbitration agreements with any creditor. “On September 17, the Eastern District of PA granted a creditor’s request to compel arbitration over a plaintiff’s argument that the arbitration agreement he had signed was void as […]
Medical Centers Growing Aggressive About Debt Collections
Medical bills have been a leading cause for bankruptcy cases for a long time. Over half of most people’s unpaid debt comes from medical bills. But in some parts of the country, hospitals are all but forcing bankruptcies with aggressive debt collection practices that leave former patients in dire straits. Many hospitals have generous financial […]
How to Spot a Student Loan Scam
There are few debts more stressful than student loans. While in cases of extreme hardship they can be discharged through bankruptcy it’s very hard to do so. That means plenty of Americans are feeling the strain of huge payments and debt loads they may never see the end of. And scammers are stepping in to […]
What Should I Know About Filing for Bankruptcy as a Member of the Military?
If you’re in the military and you’re thinking about filing for bankruptcy, you’re not alone. Active duty service members file for bankruptcy every year. It’s important to realize you have the same rights as civilians when it comes to taking advantage of this legal form of financial relief. You also have some resources civilians don’t, […]
Can I File Bankruptcy With a Reverse Mortgage?
If you’re one of the many seniors who is exploring the possibility of bankruptcy and you’ve got a reverse mortgage, this is an important question to ask. The short answer is you can file for bankruptcy. The long answer is: but it can get complicated. Here are some questions you should be asking yourself, and […]
Should I Pay Any Debts During the Automatic Stay?
One of bankruptcy’s best powers is its ability to grant you relief from creditor actions through the legal method known as the Automatic Stay. The automatic stay keeps creditors from contacting you or taking any legal action against you. For many borrowers, that means you’re not going to write another check to most of your […]
What Happens to My House During Bankruptcy?
If worries about your house are keeping you from filing for bankruptcy, you are not alone. Lots of people are afraid that bankruptcy automatically means losing the house. In truth, much depends on your bankruptcy strategy. And developing the right one will mean asking a series of important questions. Are you current on your payments, […]
Is Using a Bankruptcy Petition Preparer a Good Idea?
When you’re in a state of financial distress it’s natural to become overwhelmed with the idea of spending any money at all. So it’s no big surprise that some people turn to “petition preparation services” to try to file their bankruptcy. But these services can be as bad, if not worse, than trying to go […]