Bankruptcy Law Blog

If you fell behind in your secured debt and the bankruptcy court approved a payment plan for you. You may be wondering how you can live so frugally during the three to five years you will be paying the court toward your past debt. Filing bankruptcy can provide you with a fresh financial start, and…

The U.S. Constitution permits citizens to file for bankruptcy when they are no longer capable of repaying their debts. In such cases, you can file for personal bankruptcy by petitioning under the Bankruptcy Code, which is a Federal law. The Bankruptcy Code allows the petitioner to declare insolvency or to apply for restructuring their debts.…

Bankruptcy is one of the quickest and most affordable options to get out of debt. This is because bankruptcy stops debt collectors and even protects your assets. The most apparent benefit of filing for bankruptcy is to eliminate debts or dramatically minimize them. This legal process is known as “discharge”. In other words, the individual…

Are you struggling with overwhelming debt, but are you concerned about the consequences of bankruptcy? Does the bankruptcy process intimidate you? Are you worried you will never secure loans again after filing for bankruptcy? These are legitimate concerns; but, did you also know that the majority of your worries are probably based on myths about…

Are you juggling your monthly bills, or losing sleep worrying about your debt? Are you considering a debt consolidation loan or a risky title loan to get a fresh start? Not all debt relief options are equal, and one option could be the difference in saving your property or walking away worse than you started.…

When you are overwhelmed, and in debt, you may have tried other ways to get financial relief before you realized that bankruptcy is your best option. Most people don’t realize that there are some things that you should avoid before you file your bankruptcy paperwork with the court. There are specific actions that the court…

Credit card debt is a significant problem in the United States. Americans owed over a trillion dollars in credit card debt in 2019. The Credit Card Accountability Responsibility and Disclosure Act of 2009 put federal rules and regulations on the use of debit cards. Financial institutions have lost income due to excessive bank fees no…

When someone is considering bankruptcy, they may worry they will lose their assets such as vehicles, homes, jewelry, etc. Many times, debtors sell some of their property to pay for their bankruptcy attorney or bankruptcy fees. There are a few guidelines and rules you should follow if you sell the property to a family member…

In 2005 the bankruptcy abuse prevention and consumer protection act was signed into law, stipulating that many types of retirement plans, including IRAs, are exempt assets in bankruptcy. These accounts cannot be used to satisfy creditors’ demands for payment on your debt. Protected Retirement Plans Company retirement plans such as simplified employee plan or SEP…

You may wonder what will happen to your debt during your bankruptcy case. Unsecured debt like credit cards, medical debt, and payday loans will be eliminated, but the secured debt will be handled differently. Secured debt usually includes a home mortgage or vehicle loan. The lender holds the property as collateral until you have paid…