Bankruptcy Law Blog

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…

The United States bankruptcy code is divided into chapters, and each chapter represents a section of the code. The different chapters will help various debtors in their unique situations. Some are personal bankruptcies, while others are farmers and business bankruptcies. Chapter 7 Chapter 7 bankruptcy is a type of bankruptcy that eliminates all of your…

If you find yourself struggling with your debt due to a job loss, being underemployed, or illness, you may find that you have fallen behind on your utility bills. If you are worried that your lights or your water are about to be shut off, contact a bankruptcy attorney to stop the actions against you.…

Bankruptcy was considered a creditors remedy in the beginning. The creditors could seize the property of the trader who was behind in payments and have them thrown in jail until his debts were paid. These jails were modeled after the workhouse debtor’s prison in London from the late 1600s to the early 1800s. The debtor…

Having easy access to a vehicle is essential for most of us to get to our jobs, schools, grocery store, etc. Therefore, having a vehicle payment is the most common type of consumer secured debt. Since it is a secured debt, the lender has the right to repossess the vehicle if you get behind in…