I have been contacted by debt reduction organizations that say they can negotiate a lower interest rate, cut my debt by 50%, and not destroy my credit like bankruptcy.  How does bankruptcy differ from a debt reduction program? If you owe more money than you can afford to pay, seeking the help of a debt [...]

Filing Chapter 7 Bankruptcy After you file for Chapter 7 Bankruptcy, a court-appointed trustee gathers your assets, which are not exempt, and this property is now considered part of the “bankruptcy estate.” The idea behind Chapter 7 Bankruptcy is that the court will sell your assets, repay your creditors and grant a discharge of your [...]

This personal bankruptcy question was posted on the internet in 2011 in a bankruptcy discussion: “What if I file bankruptcy and then have a bad accident or illness soon thereafter and accumulate a lot of bills again, can I add those bills to my bankruptcy?” The answer to the debtors question depends on the type [...]

Creditor’s and their bill collectors can be very annoying and persistent at times. So, what do you tell your creditors when they call before and after you file? Telling your creditor you are going to file before you do can be a two edged sword. You do not have the protection of the automatic stay [...]

The Bankruptcy Abuse Prevention and Consumer Protection Act (BAPCPA) of 2005 changed the way bankruptcy courts now handle the repossession of a secured asset. The Kansas State Supreme Court recently upheld the new law in Hall vs. Ford Credit, mandating the debtor had to reaffirm his vehicle if he wanted to keep it, despite remaining [...]

This personal bankruptcy story was posted in August of 2010 as a blog in a discussion on bankruptcy: “Filing Chapter 7 Bankruptcy was the healthiest, most positive action in all my adult life. Though it follows me at least 10 years, admitting it has become easy, and the gift of starting over without such stress, [...]

I am a freelance content writer that writes legal blogs online. A great part of my job is to research laws, news, and interesting stories about what I am currently writing, and what I am currently blogging on is bankruptcy law. This morning while doing my research, September 1, 2010, I came across a personal [...]

This personal bankruptcy story was posted on the internet in May of 2009 as a comment in a discussion on bankruptcy: “In 2003 I was laid off from my job. The bank I worked for was purchased by another bank and my position was eliminated. I worked at odd jobs for years while searching for [...]

One judge dismisses foreclosure suit while another awards damages to beleaguered  couple By Mike Hinshaw Slight improvements in nationwide unemployment and the rates of mortgage defaults are encouraging, but news of a recent decision in a New Jersey foreclosure-in-bankruptcy has erupted across the Web, intensifying concerns not only about Bank of America/Countrywide’s exposure but also [...]

by Mike Hinshaw A  Nov. 18 editorial in The New York Times reminds us that although the Great Recession may have ended officially, many, many folks across the country continue to languish and simmer in the aftershock. The editorial reacts to a story by one of its own reporters: “The Times’s Sabrina Tavernise recently reported [...]