Informative articles on bankruptcy

Is bankruptcy right for you? Weighing the costs and benefits The holiday season can be very stressful for those who live with debt.  For some, bankruptcy seems like the answer, but the negative stigma of the word can have some people denying the need for bankruptcy, even in dire situations.
Bankruptcy in the United States: A Brief History While bankruptcy laws have been amended numerous times in our country’s history, their primary purpose has never wavered: to allow individuals and businesses to eliminate or reorganize accumulated debt. The Bankruptcy Act of 1800 In 1800, Congress passed the first federal law
Priority Debt & Filing for Bankruptcy Before filing for bankruptcy, you should know that not all debts are treated equally. For example, certain debts,called Priority Debts, cannot be discharged, or forgiven, and must be repaid in full. What are Priority Debts? Priority Debts, or debts that take priority over other
2017: The Year of Retail Bankruptcies Studies show that more people are turning to online retailers to find the latest fashion, accessories and technology in 2017. Because of this shift in foot traffic, retail stores are filing for bankruptcy at a staggering rate. The Limited Just a few weeks before
3 Things you should avoid if you are considering bankruptcy Swiping your credit card One of the first things you should do if you find yourself in financial trouble is cease the use of your credit cards. No online spending, cash advances, or shopping. Just remember, if you know you
Changes to Bankruptcy Law Bankruptcy laws have changed, but most people don’t exactly know the changes. Let’s look at the changes in the bankruptcy law. I’m sure that after you review the changes, you will see that the changes aren’t that drastic, and most likely will have little or no
How often can a debtor file bankruptcy? A debtor can file a Chapter 7 bankruptcy once every eight years, if he receives a discharge in the first bankruptcy. There is no time limit in a Chapter 13 bankruptcy.
Can a bankruptcy stop garnishments, repossession, foreclosures, lawsuits, and harassment? Yes. By filing a bankruptcy under Chapter 7 or 13, an “Automatic Stay” is created by federal law, which immediately stops garnishments, repossessions, foreclosures and lawsuits against the debtor. Additionally, creditors and collection agencies can no longer contact the debtor.
What is Chapter 7 bankruptcy? The Chapter 7 bankruptcy is known as the “liquidation” bankruptcy. Basically, the debtor relinquishes his property to the bankruptcy trustee, and receives a discharge of his debts. However, there are exceptions to this basic rule. A debtor is allowed to claim some property as “exempt”
Is bankruptcy right for me? Studies have shown that the major causes of serious consumer delinquency are layoffs, illness, and marital problems. Bankruptcy was discussed among the founding forefathers when our nation was founded. They understood that chronic debt was bad for the fabric of society. Chronic debt creates health