Will bankruptcy keep me out of jail?

Recently on our legal forum a user asked, “Will filing bankruptcy keep me out of jail?” Not only do most debt collectors not have the right to send you to jail, federal and state consumer collection laws, including the Fair Debt Collection Practice Act (FDCPA), have made it illegal to even threaten jail time for failing to repay debts.

So to answer the question- general debtor collectors will not have the right to send you to jail. But this does not mean there will not be any creditors which do not have this power. For example, the IRS may send you to jail for IRS tax fraud, and the courts may send you to jail for failing to pay child support.

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New judgments can they be filed after bankruptcy?

What a great feeling- you have completed your bankruptcy and received notice from the bankruptcy court that all your unsecured debts have been finally discharged! No more avoiding creditor calls, no more judgments, and no more lying in bed late at night wondering how you will make debt payments. You take a deep breath, close your eyes, and sleep peacefully knowing that you have a fresh financial start.

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Payday loans do they fall under unsecured debt?

Many debtors considering bankruptcy can become confused by a variety of financial terms: unsecured debts, unsecured creditors, protected assets, bankruptcy exemptions. It makes sense that you would have some questions about what is considered unsecured debt and whether or not your debts will be discharged if you file Chapter 7 or Chapter 13 bankruptcy.

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How do I get out of debt?

Recently on our legal forum a user asked, “How do I get out of debt?” Debt or accumulating debt is simply a function of spending more than you make, and when this problem persists and debts accumulate well above what you are able to pay, you will eventually find yourself in a financial crisis. So at the most basic level, to get out of debt you simply must earn more than you spend.

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What common mistakes can lower my credit score?

Credit scores are used to help lenders assess the risk of lending money. A credit score is supposed to determine a consumer’s likelihood to repay a loan or credit line based on their past credit history and current credit status. Credit scores are used by a variety of businesses including banks, credit card companies, auto dealers, and retail stores, and they are one of the primary indicators of a person’s creditworthiness.

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Student loans next big bailout

The job market is anemic and college graduates cannot find work. To make matters worse, according to Fox News, there are currently $1.11 trillion in student loans outstanding and $121 billion of them are 90-plus days delinquent or in default. Experts now suggest what many of us have known for years, we should expect the government to push for a taxpayer bailout of the government-subsidized student loans program.

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