Bankruptcy Blog

What is a Proof of Claim in Bankruptcy?

Though it is possible for certain debts to be discharged when you file for bankruptcy, there are also cases in which creditors are paid the money they are owed – or at least a portion of it. If you file for Chapter 13 bankruptcy, you will pay your creditors back through a repayment plan that is arranged by the court. In Chapter 7 bankruptcies, assets that are not exempt are...
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1469 Hits

Top Five Reasons People File for Bankruptcy

There are many reasons why people choose to file for bankruptcy , but most fall into one of a few categories. If you are considering filing, it can be comforting to know that others have been in your shoes. If you face any of the following situations and feel backed into a corner financially, you are not alone. Bankruptcy has helped many people with similar circumstances to your own move...
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1790 Hits

Feeling Embarrassed about Your Bankruptcy? Filing Means Joining the Ranks of these Famous People!

Many people feel embarrassed or ashamed when they file for bankruptcy. Despite it being a tool to help you get back on track financially, society has attached a negative stigma to bankruptcy that prevents many people from taking action. It’s a shame, too, because not only is bankruptcy useful for helping you get control of your financial life, filing also puts you in the company of some elite individuals. Many...
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1728 Hits

Four Signs Your Current Situation is Predicting Future Bankruptcy

There are plenty of people out there struggling to make ends meet financially. In many cases, they are living paycheck to paycheck or lacking the savings needed for an emergency or unexpected expense. Something as drastic as filing for bankruptcy might seem a ways away, but if their current situation continues, bankruptcy could one day be a reality. The good news is a simple assessment can help you get a...
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1699 Hits

Overwhelmed by Student Loan Debt? Tips for Getting Things under Control

Securing a student loan might seem like a great idea to help you pay for college, but many graduates soon realize what seemed smart four or so years ago now leaves them strapped with a significant financial burden. If you feel as if your student loan debt is out of control and you are frightened you will never be able to pay off the amount, you are not alone. Hundreds...
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1605 Hits

What Does It Mean If a Creditor Gets a Judgment Against Me?

If you have not paid a debt it is possible the creditor will file a claim in court and obtain a judgment against you. What does this mean? A judgment is the result of a lawsuit. If a claim is filed against you regarding a debt and you do not file an answer within a certain period of time, a default judgment can be issued. If you do respond to...
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1702 Hits

Is Defaulting on a Student Loan the Latest Trend?

There are millions of people out there that have student loans and many are in the process of repaying these loans – a process that can take decades. And there are also those that are choosing to or not able to pay. The problem with debtors defaulting on student loans has become so widespread, lawmakers have even floated ideas concerning debt forgiveness. According to this information from the Federal Education...
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1684 Hits

What Do I Need to Know about Wage Garnishment?

If you are in debt and unable to make payments to your creditors, wage garnishment is a tool that can be used against you. Money is taken directly from your paycheck (wages) and given directly to the creditors without ever making it into your hands or your bank account. Though your creditors get paid, it can create a world of other problems for you. Anyone with extreme debt understands the...
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1561 Hits

Five Mistakes to Avoid before Bankruptcy

Bankruptcy is misunderstood by many as something they “declare” and move on from without debt. They know it damages their credit, but beyond that they do not understand that bankruptcy is a process. And because it is a process, there are things that should and should not be done in advance to prepare for filing for bankruptcy. Rushing into a bankruptcy without thinking about the consequences can be devastating. It...
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1634 Hits

Worried Your Chapter 13 Bankruptcy Claim Will Be Rejected? Here’s What You Can Do to Improve Your Chances of Success

Filing for Chapter 13 bankruptcy is an intimidating experience, but it is one that can help you wipe your financial slate clean and get a fresh start. Do your best to put whatever trepidations you might have concerning bankruptcy aside and make an effort to fix the problems you currently face. This might be the only way you can build a financial future. Unfortunately, even if you overcome your concerns...
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1702 Hits

What Should You Do If Your Ex Files for Bankruptcy?

You divorced your spouse in an effort to break the ties that bound you together, emotionally, legally, and financially. Unfortunately, for most couples, it is impossible to completely severe these ties once they are created. As strong as your desire to move forward and begin a new life, there will be certain things that could cause your lives to be linked forever. For many, bankruptcy is the culprit. The biggest...
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1548 Hits

What is Fraudulent Conveyance?

Serious money struggles can introduce you to a whole world of new terms and concepts. It is one of the reasons why bankruptcy is such an intimidating experience – you understand the basics, but when you are immersed in the process suddenly it is as if everyone around you knows what they are talking about and you are lost. This is why it is so important to work with an...
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1694 Hits

What Can You Do If a Creditor Refuses a Settlement Offer?

Financial problems are some of the most stressful a person can face. If you find yourself in a tough predicament, it is possible to offer a payoff settlement to creditors. This means you offer to repay less to the lender than the total amount owed on a debt and to make that payment in one lump sum. So for instance, if you owe a creditor $10,000, you can offer to...
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1374 Hits

Help! I Forgot to List a Creditor on My Bankruptcy Application!

By law, your bankruptcy application must be correction and complete, and if you omit information, even by mistake, it can lead to your request being denied. Not only might you ruin your chances for a successful bankruptcy, you could find yourself in serious legal trouble. Despite the dire warnings, there are instances in which information is mistakenly left out of a bankruptcy application. What should you do if you discover...
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1588 Hits

Can Student Loans Be Discharged in a Bankruptcy?

Student loans are one of the most common types of debt for Americans and are often the reason people get into financial difficulty. If your student loans and other debts have left you considering bankruptcy, there are a few things you should know. There is a chance declaring bankruptcy will only take care of some of your money problems. Up until 1976 student loans were dischargeable in bankruptcy and were...
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1517 Hits

Will I Have Any Disposable Income Once I File for Bankruptcy?

Filing for bankruptcy can be a frightening experience, especially if you are concerned it could change your day-to-day living. Though there are many things you will need to give up, at least temporarily, and many things that might change once you file for bankruptcy, these changes are worth it for many. Bankruptcy allows for a fresh financial start in life, and though it requires some sacrifices, it does not mean...
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1677 Hits

Three Steps to Help You Prepare for Bankruptcy in 2015

Bankruptcy can be one of the most effective tools available to help you get back on track in the New Year, but it is still a big decision. It is not the right option for everyone, but there are many who will turn their financial lives around by filing this year. If you are one of the millions who will start fresh by filing for bankruptcy in 2015, these three...
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  1661 Hits
1661 Hits

How to Avoid Accusations of Bankruptcy Fraud When Spending Opportunities Tempt You during the Holiday Season

We’ve all been there – we swear we are not going to spend another dime holiday shopping and suddenly a sale pops up that is too tempting to resist. Disregarding our current financial difficulties, you put the item in your cart, whipping out the credit card or clicking the “buy” button impulsively. There is something about the holiday season that encourages us to live in the moment and worry about...
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1918 Hits

What You Need to Know about Gift Giving this Holiday Season if Bankruptcy is on the Horizon

Are you contemplating bankruptcy ? Are your plans to start fresh in 2015 and finally get your financial struggles under control? The end of the year is a great time to begin planning for positive financial changes, but your intention to file for bankruptcy can have a significant effect on your holiday season. Generous gift giving before filing can get you into a lot of trouble and how you behave...
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  1573 Hits
1573 Hits

How Does My Former Spouse’s Bankruptcy Filing Affect Me?

For many divorced couples, the end of a marriage does not mean the end of the relationship. This is true when it comes to parenting and it is also true when it comes to finances. Financial decisions made by your ex spouse can affect you even after you are no longer married. If your ex-husband or wife files for bankruptcy , what do you need to know? Depending on how...
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2221 Hits

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