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Category Archives: Bankruptcy

The Bankruptcy Process: Frequently Asked Questions

Even as the economy shows signs of recovery, consumer debt reached record high levels last quarter relative to disposable income. According to a study by the Federal Reserve , consumer indebtedness totaled $11.34 trillion.  These figures could indicate that more people will turn to bankruptcy for debt relief. Bankruptcy is a household term, yet most […]

Things Not To Do When Contemplating Bankruptcy

Before you file for bankruptcy, you should carefully plan with your attorney to steer clear of mistakes that could prove costly.  Here is a list of common mistakes that you should avoid: Trading unsecured debt for secured debt: Avoid paying off debt with money from a home equity loan or second mortgage. When you file […]

New Legislation Proposed to Discharge Private Student Loans in Bankruptcy

Millions of students enter college with high hopes of landing “the big job” after graduation.  Armed with good intentions and laden with student loan promissory notes, off they go into the world. Then, life happens and many graduates end up struggling mightily to repay their student loans. In addition to high unemployment rates and the […]

Credit Reporting Agencies: Rebuild Your Credit after Bankruptcy

Good credit isn’t everything, but it can highly influence your lifestyle options.  With good credit, banks and other lending agencies offer you liberal lines of credit at lower interest rates. If your credit is questionable, however, you could be denied financing altogether or pay exorbitant rates to get it. Several factors can negatively affect your […]

Life after Bankruptcy: Tips on How to Recover from Debt Overload

When your financial troubles force you to file for bankruptcy protection, you might have difficulty believing that you will ever recover. However, with a positive attitude, determination and family support you could be on the road to recovery sooner than you think. A change in your spending habits is an important step in your economic […]

Recognizing the Emotional Side of Filing Bankruptcy

Financial hard times can hit anyone and cause emotional stress. It doesn’t matter your position on the economic ladder.  People who have a high income as well as those with lower incomes may need to turn to bankruptcy to help resolve their debt problems.   Researchers recently released results from studies analyzing the emotional toll high […]

Is Bankruptcy Ethical?

Filing bankruptcy is not an easy decision for anyone. However, for some – particularly Christians – it presents a spiritual dilemma as well. Although it is always preferable to try and pay your debts first, if you are unable to do so, a better understanding of bankruptcy and its options for debt repayment often provides […]

Can Bankruptcy Help You Fend Off Foreclosure?

The process of foreclosure might be a necessary evil for the mortgage lenders, but it is a nightmare for a homeowner unable to keep his or her head above water to make the mortgage payments.  Foreclosures follow a specific pattern, which every homeowner in financial trouble should know about in advance. 1. The bank sends […]

Two Things You Never Bargained For: Bankruptcy and Divorce

There is a well-known adage that the thing husbands and wives fight about most is money.  Financial tension can put serious strain on a marriage and can often lead to divorce. It should therefore come as no surprise that when many marriages fail, the spouses wind up with financial difficulties, as well. Couples should consider […]

The Presumption of Fraud under BAPCPA

Most agree that every effort should be made to curtail abuses of the bankruptcy system. Some, however, argue that the last major change to the Bankruptcy Code went too far.  The Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 (BAPCPA) has been widely regarded as one of the greatest successes of the banking industry.  […]