Category Archives: Bankruptcy

Cross-Collateralization and bankruptcy

Recently on our legal forum a user asked, “I filed for Chapter 7 bankruptcy last year and had $10,000 worth of unsecured credit card debts discharged. Unfortunately, one of those credit cards was with a credit union. I also had a car financed through the same credit union. I paid off the car loan, but the credit union is refusing to send me the car title. When I talked to them they said something about cross-collateralization. Can you tell me more about what this means?”

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Three reasons not to file bankruptcy

Recently on our bankruptcy forum a user asked, “My spouse and I are having an argument. We currently owe $25,000 in credit card debt, $50,000 in medical bills, a $300,000 mortgage we cannot afford, and a $50,000 car loan we cannot pay. He seems to think that if we file for bankruptcy that all of our debts and problems will disappear. I feel like we got ourselves into this mess and we should get ourselves out. What is your advice?”

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Loan company refuses to negotiate a settlement payment?

Recently on our legal forum a user asked, “I took out a personal, unsecured loan three years ago. Last year I lost my job and I have not been able to make any type of loan payments. I have talked to the company and requested that we come to some type of settlement agreement, but they have refused. What are my options if I cannot repay the loan?”

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Disability overpayment and Chapter 7 bankruptcy?

Recently on our legal forum a user asked, “I had a severe back condition, COPD, and depression for several years. I attempted to go back to work. I somehow generated about $10,000 in a disability overpayment. I tried to get the SSDI to waive the disability overpayment charges but was unsuccessful. My husband has also lost his job and we have about $30,000 of credit card debt. Can a bankruptcy discharge my disability overpayment?”

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Credit card bills do I pay them if filing bankruptcy?

Although the economy has improved in the last few years, there are still millions of Americans facing unemployment and high credit card debt. Recently on our bankruptcy forum a user asked, “I have been unemployed for six months. I have spent my emergency savings, and I am living off my credit cards. If I decide to file for bankruptcy protection should I keep making credit card payments or should I focus on paying my mortgage bills and keeping my home?”

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Payday loan and medical bill discharge with Chapter 7?

Can I discharge my payday loans and medical bills with Chapter 7 bankruptcy?

When deciding whether or not to file Chapter 7 or Chapter 13 bankruptcies there are several considerations. The first is whether or not you will qualify for Chapter 7 bankruptcy. Unfortunately, bankruptcy law changes have made it more difficult to file Chapter 7, and many debtors will now be required to file Chapter 13 and repay a portion of their debt over a 3 or 5 year repayment plan. Recently on our bankruptcy forum a user asked, “Can I discharge my payday loans and medical bills with Chapter 7 bankruptcy?”

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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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