Bankruptcy Blog

Bankruptcy and a Second Mortgage: What You Need to Know

Many homeowners have a second mortgage on their homes. It can be an effective tool for easing financial challenges, helping with renovations and other bigger expenses, or for creating a better arrangement when you first buy your home.   Like with any debt, there is a certain level of unpredictability as to how life challenges and financial challenges could affect a second mortgage and your ability to pay. Even if...
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821 Hits

How Will Your Spouse’s Individual Bankruptcy Affect You?

Finances are one of the most contentious issues in a marriage. This is especially true when one spouse has serious financial problems and the other has none – or at least not enough to warrant filing for bankruptcy .  It’s possible for one spouse to file for bankruptcy without the other doing the same, but rarely does the non-filing spouse go completely unaffected. Here’s what you need to know if...
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907 Hits

Can Bankruptcy Help You Live Longer?

Having to file for bankruptcy is often viewed as something negative, but recent evidence shows filing might actually extend your life.  Of course, nobody is saying if you have perfect credit you should rush out, overextend yourself, and get into enough financial trouble to qualify for bankruptcy. However, if you are currently facing financial challenges and spend your days stressed about how you will ever get back on track, bankruptcy...
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862 Hits

Four Tips to Help You Make Your Bankruptcy a Success

Bankruptcy can help you gain control of your financial situation and give you hope for the future. It also triggers some significant changes in your life. Those changes begin with filing and completing the lengthy list of to-do’s needed to ensure your bankruptcy is successful. Here are a few things you can do to make the process of bankruptcy easier for you and decrease the likelihood anything will go wrong...
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1218 Hits

What are Lien Stripping and Cram Down?

There are many tools that can be used during the course of bankruptcy to ensure your protection and make things just a bit easier in the long run. Lien stripping and cram down are two examples of useful bankruptcy tools. Lien stripping and cram down are used during Chapter 13 bankruptcy filings. They help you modify secured debts, such as car loans or mortgages, to make repayment of these loans...
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1419 Hits

Tips for Choosing the Right Bankruptcy Attorney for You

Filing for bankruptcy can be an intimidating experience, but working with a great attorney can make everything just a bit easier. Bankruptcy attorneys aren’t “one size fits all,” so if you are considering using bankruptcy as a tool to get you back on track financially, here are a few tips for choosing an attorney that works for you. The Importance of a Bankruptcy Attorney It is possible to file for...
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865 Hits

The Bankruptcy Trustee: Not Necessarily an Enemy!

There is a tendency to view authority figures and those with any control over one’s life as an adversary – maybe even an enemy. This is especially true when we have made mistakes. If we feel out of control, someone stepping in and taking control can be intimidating. This is often the case when a person files for bankruptcy and must work with a bankruptcy trustee. The good news is...
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1408 Hits

Everything You’ve Ever Wanted to Know about Bankruptcy Court

Bankruptcy court is often the most intimidating aspect of filing for bankruptcy . Someone who might be willing to file for bankruptcy if it were only a matter of filling out paperwork might choose a different path because the thought of “going to court” is just too overwhelming. The good news is bankruptcy court is not nearly as frightening as it might seem and it is nothing like courtroom scenes...
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1287 Hits

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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1470 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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1729 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

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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1562 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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1695 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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1375 Hits

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