Tell Your Bankruptcy Story: Your Very Own Sound Bite

According research, over 80% of bankruptcy petitioners have dealt with: illness, divorce, or unemployment. What’s your bankruptcy story? Prepare your very own 30-40 second sound bite explaining why you filed for bankruptcy protection. This is important because as you begin your quest towards a credit score of 720, you are going to be talking to […]

The Five Stages of Bankruptcy Recovery…I Mean, Grief

It’s called bankruptcy recovery for a reason. Bankruptcy isn’t a temporary solution that will fit right into your current world without making any changes. It’s an overhaul of your entire financial life and since most things in your LIFE depend upon your finances, you could say it even more simply – it’s an overhaul of […]

You Filed for Bankruptcy: How Do You Feel Now?

If you have recently filed for bankruptcy and received your discharge and can officially claim that you are free of all debt, you are a proud survivor of bankruptcy. Yet you may be a little unsure when describing yourself of proud. You ARE proud that you made it through, but there are other, less obvious […]

Filing Bankruptcy: When To Stop Making Payments to Creditors

When you decide to declare bankruptcy, you must make a comprehensive list of all creditors to which you owe money. Every one of them must be listed in the paperwork as bankruptcy is designed to treat all creditors fairly in regards to payment and nonpayment. Depending on the petitioner’s specific situation, creditors will be current […]

Walking Away from the House Post-Bankruptcy

“Walking away from the house” has become a common enough phrase that it is regularly bandied about amongst the public. This is a result of the recession in recent years that resulted in so many losing their homes, finding themselves upside down in their homes or considering moving out and stopping mortgage payments because it […]

Receiving an Inheritance Post-Bankruptcy

Bankruptcy in and of itself is a simple idea. It is the process by which a consumer applies for a discharge of debts due to severe financial strain. The complexity occurs when you realize that those consumers are people who are living their lives. They experience surprises, unplanned events, complications and unforeseen circumstances. One such […]

Addressing the Consequences of Fraud with Bankruptcy

The majority of card fraud occurs in the United States. In fact, research conducted by Barclays indicates that 47% of worldwide card fraud occurs in the U.S. even though we only claim 24% of the worldwide card volume. In 2014, 31.8 million U.S. consumers had their credit cards breached. That is three times the number […]

Bankruptcy Basics: Creditor Access to Consumer Wages & Funds

When a consumer owes a debt, the creditor has the right to collect on the debt. When the consumer cannot pay the debt, there are a number of different scenarios that could occur. For instance, if it is secured debt, such as a vehicle loan, the consumer can return the car stating that they cannot […]

Bankruptcy Basics: Halting the Garnishment of Your Paycheck

Bankruptcy petitioners always have a reason that they filed for bankruptcy. In every instance it was because they had too much debt to handle, but in almost every instance there was also that one last problem or situation that caused them to make the leap to petition the court for a discharge of debt. For […]

Bankruptcy Does Not Discharge Criminal Debts

If you are facing a major amount of criminal debt and feel you have no way to feasibly cover the financial burden it imposes, you may be considering bankruptcy as a solution. The first thing you should know in this situation is that bankruptcy does not discharge criminal debts. The next question will probably be: […]

Bankruptcy Issues: Determining the Validity of a Debtor’s Settlement Offer

Many individuals considering bankruptcy have gone to great lengths to reach a more secure financial footing before they took that last step and obtained a bankruptcy attorney. One of the many options that can be useful for those attempting to avoid filing for bankruptcy is settling debts with creditors. This is the process by which […]

Bankruptcy’s Law of Preferences: Getting Garnished Wages Back

When in a tight situation financially, it can get to the point where you thought you could manage or catch up and suddenly, your bank account has been cleaned out and your wages are being garnished. This can be completely devastating as it leaves the individual (and sometimes family) without any means of immediate support. […]

Purchasing a Vehicle Before Receiving Bankruptcy Discharge

There are many bankruptcy petitioners who fear the consequences wreaking havoc on their ability to have a vehicle and stay mobile. Bankruptcy laws may leave petitioners aware that they can’t keep the vehicle they have currently (for a number of different reasons), but equally aware that they will need a car to get around. This […]

Bankruptcy is Particularly Popular Amongst Baby Boomers

A recent study (American Bankruptcy Institute, ABI Journal, September 2007) indicated that 42% of people filing bankruptcy fall between the ages of 45 and 64. It appears that older Americans are filing for bankruptcy protection at a drastically faster rate than their younger counterparts. In fact, “Baby Boomer” bankruptcies are on the rise. The numbers […]

The Importance of Being “Credit Worthy”

What does it mean to be “credit worthy” and why does everyone care so much? Is it actually that important? Credit scores in today’s society can actually be critical. They are used as a determination of a borrower’s risk. They are used to determine insurance rates. They are used to obtain application approval for rental […]

Signs That You May Be Headed for Chapter 7 Bankruptcy

You may think that it should be obvious if you are headed for the type of financial situation that requires a bankruptcy filing. But in many cases, a number of issues come to a head at the same time, leaving consumers confused and unsure about where they are and if bankruptcy is on their horizon. […]

Bankruptcy Schedules: How Much Do You Spend on Healthcare?

When it comes right down to it, most people don’t have any idea how much they spend on health care. When you’re filing for bankruptcy, one of the forms or schedules that must be completed is a budget. When the discussion of bankruptcy gets rolling, it’s hard to get very far without talking about a […]

Can Your House Be Sold While You Are in Bankruptcy?

During bankruptcy, a house can be sold, but it requires the court’s permission. As soon as the petition for bankruptcy is filed, the home and all other possessions of the petitioner become a part of the bankruptcy case. Creditors cannot foreclose on your property while it’s shielded by bankruptcy, but the same laws prevent you […]

Student Loans, Parent Student Loans & Bankruptcy

Many couples “help” their adult children. Some buy them cars, some provide down payments for cars or housing. Others pay cell phone bills. But one of the most common methods of financial assistance that parents provide their “grown up” children is with finances for college: student loans. In some cases, life can throw a wrench […]

Converting Chapter 13 to Chapter 7 Due to Divorce

If you are in the midst of a Chapter 13 bankruptcy plan and you find yourself facing a divorce, you don’t want to add to the emotional stress with financial stress that can be avoided. Divorce typically comes with some major financial changes: two households instead of one, spousal maintenance, child support payments, etc. These […]