Bankruptcy Blog Archives

If you are a first time bankruptcy filer, you are going to hear a lot of misinformation about the bankruptcy process. One of the more complicated bankruptcy processes concerns filing a Chapter 13 bankruptcy. A Chapter 13 bankruptcy, usually referred to as a “Wage Earner’s Plan,” is for individuals who could not pass the Means [...]

There is some good news trickling out of Washington DC for the new year. According to the Fannie Mae Selling Guide Announcement SLE-2011-12, dated Nov 15, 2011, the federal government’s Housing Affordable Refinance Program (HARP) has been recently revised to make it easier for homeowners who are in foreclosure trouble to get refinancing on their [...]

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 [...]

Here are four questions many first time bankruptcy filers are asking about credit issues and bankruptcy: After 8 years of having a discharged bankruptcy can you still be denied credit? By law, credit reporting bureaus can leave the bankruptcy information on your credit reports for up to 10 years. Even though you can begin to [...]

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 [...]

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 [...]

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 is a legal proceeding designed to protect both creditor and debtor and to allow the honest person or business to work their way out of a bad financial situation, or in some cases, to completely start fresh. The key word here is “honest.” Bankruptcy fraud is a crime. While difficult to generalize [...]

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 [...]