Bankruptcy Blog Archives

This personal bankruptcy question was posted on the internet in 2011 in a bankruptcy discussion: “If items are reaffirmed in bankruptcy and a credit report shows a zero balance because the items were discharged in bankruptcy, do you still owe the creditors?” I really do not understand how reaffirmed items in a bankruptcy were ever [...]

At the close of a bankruptcy filing, all unsecured and non-exempt debts that were not satisfied by the bankruptcy process will be discharged. That means the debtor no longer has a legal obligation to pay the debts. The bankruptcy is over, finalized, and protection for the debtor is guaranteed by the terms of the bankruptcy [...]

What happens to your home if you file for bankruptcy? When it comes to declaring bankruptcy, the most common question asked concerns what will happen to someone’s home.  It is not surprising that this question is asked so regularly, as the loss of someone’s home can be a very disruptive event in life, and a [...]

Bankruptcy may allow a person to get a financial fresh start by potentially reducing if not completely eliminating your unsecured debt.  With your debt reduced or gone, your existing income may be more than enough for you to begin to live life day-to-day in a comfortable manner without the stress of excessive debts. However, declaring [...]

Chapter 13 Bankruptcy or wage earners’ plan allows individuals with a regular income to create a 3 to 5 year bankruptcy repayment plan to repay all or part of their debts. The laws governing Chapter 13 bankruptcy can be found in Chapter 13 of the bankruptcy code also know as Title 11 of the United [...]

When it comes to declaring bankruptcy, the most common question asked concerns what will happen to someone’s home.  It is not surprising that this question is asked so regularly, as the loss of someone’s home can be a very disruptive event in life, and a majority of people who are considering bankruptcy are having financial [...]

In general, when you die, your assets become part of what is known as your estate.  If you created a will before you died, it would generally spell out two things: who the executor of your estate is—that is, the person responsible for ensuring your assets left behind when you died are distributed per your [...]

If you own a business that has been hard hit by the difficult economic environment in which we are currently living and you are not sure you can keep things afloat, you may be considering (if not actively pursuing) filing bankruptcy for the business.  One question you may have considered is if you can file [...]

Is debt consolidation a good alternative to filing bankruptcy? With the various economic issues facing many Americans today—such as the increase in credit card debt, the decrease in the value of homes, and the surge in the unemployment rate—there are many companies offering debt consolidation services.  You likely have seen or heard various advertisements for [...]

Mortgage debts are secured debts. What happens if you stop making mortgage payments? Does the lender have the legal right to garnish your wages? Collecting Secured Debt Payments Mortgage lenders have a variety of techniques they can use to pursue debt repayments: reporting the late payments to the credit bureaus, calling you at home and [...]