Bankruptcy Blog Archives

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 [...]

This personal bankruptcy question was posted on the internet in 2011 in a bankruptcy discussion: “Can you get a repossessed car back by filing a Chapter 7 or Chapter 13 bankruptcy?” Once a car has been repossessed, filing bankruptcy will not guarantee you will get your car back, but filing can sometimes help you get [...]

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 [...]

If I decide not to file bankruptcy on my credit cards, is there a time limit as to how long they can collect from me, call me, or sue me and put a lien on my home? One of the main reasons people file bankruptcy in the United States is because they are overwhelmed by [...]

Filing for bankruptcy protection is primarily federal in nature and is governed by the Congress of the United States. The Constitution gives Congress the right to legislate bankruptcy laws. State bankruptcy laws are made to supplement the federal laws and to localize the process. The bankruptcy system allows for the complete discharge or forgiveness of [...]

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 [...]

Unfortunately, yes, if your house was sold on the courthouse steps, it is too late to file bankruptcy to save your home.  When your house has been sold at an auction, this generally means that your mortgage company has completed the foreclosure process and someone else now technically owns your home, because they bid to [...]

If you have more than one mortgage, what bankruptcy can do for you depends on if you have a first and second mortgage on your primary residence or if you have more than one property with a mortgage, with the first property being your primary residence and the other properties being investment properties or vacation [...]

Payday loans are cash advances which are a short-term loan made at a high interest rate. Payday loans are typically made for a relatively small amount of money, but because of the high interest rates (which may be as high as 300 percent) the debtor may find that they are unable to repay the balance [...]