Bankruptcy Law Blog

Declaring Chapter 13 bankruptcy is the process by which an individual compiles all debt owed, along with income and assets, in order to establish a repayment plan to pay back what he can afford over a period of 3-5 years. During this period you make payments to the bankruptcy trustee. Obviously, a lot can happen…

In order to have your debts wiped out in Chapter 7 or Chapter 13 bankruptcy case, you must disclose all your monthly income. This is performed using the “means test” which can qualify you for a discharge in Chapter 7 bankruptcy or a discharge in Chapter 13 bankruptcy. In certain situations, showing your monthly income…

Bankruptcy is a highly efficient form of debt relief that can legally eliminate many of your debts. There are exceptions to this, however, as some types of debts that are not eliminated or “discharged” in bankruptcy. These debts include family obligations, student loans, and debts incurred from court fines or personal injury cases resulting from…

A beloved childhood icon that brought warm memories during our childhoods will be no more by the end of 2018. Toys R Us filed bankruptcy in September of 2017 citing huge losses that caused an inability to answer debt payments by the toy seller. In both a sad and slightly worrisome announcement this week, Toys…

There are several unnecessary worries when deciding to file for Chapter 13 bankruptcy. While keeping your job is of the utmost importance, you should find solace in the fact that you can’t be fired solely for filing bankruptcy. In fact, if an employer fires you for no other reason than bankruptcy, you may have an…

If you are in the predicament of being behind on payments, you have most likely received an attempt to collect the debt from the company or person. While debt collection “bullies” are less common due to more awareness of debt collection laws, there may be instances where you are faced with false representation, threats, and…

A subprime loan is commonly referred to a secured interest loan made to an individual with a credit score of 620 or lower. Interest rates are normally higher on these types of loans in order to offset the riskier lending. In subprime auto loans, serious delinquencies are showing signs of another financial crisis, leading to…

As we enter the last two shopping weeks before Christmas, more and more people are reaching for their credit card, and unintendedly adding to the record level of consumer debt in America. The total household debt in the United States continued its rise last quarter reaching just under $13 trillion dollars total. Additionally, the Federal…

For many of those in extreme debt, Chapter 13 bankruptcy is a shining beacon of hope and relief. Not everyone qualifies, however, for Chapter 13 bankruptcy in California. It’s also noteworthy, that like all decisions, the decision to declare bankruptcy comes with advantages and disadvantages. A Chapter 13 bankruptcy can take up to five years…

Anyone who has been in debt knows that it can be a stressful situation. Consequently, a number of studies have shown an adverse relationship between debt and your physical and mental health. These studies compile data using panel surveys, epidemiological surveys, and psychological autopsy studies and have found a strong relationship between debt and poor…