Many people do not file bankruptcy because they fear that it will ruin their credit score. The reality is that by the time most people start thinking about filing bankruptcy, they already have a poor credit rating, and for those people, filing bankruptcy may in fact improve their credit rating. There are several reasons why […]
FILING BANKRUPTCY TO STOP GARNISHMENT OF ACCOUNTS AND WAGES
Debtors who are having their bank accounts or wages garnished may be able to stop garnishment by filing bankruptcy. Whether the garnishment can be stopped depends on the reason for the garnishment. Garnishments due to collection of judgments, collection of student loan debt, tax liability, and arrears due to domestic support obligations can all be […]
Is The Economy Recovering?
According to the American Bankruptcy Institute, consumer bankruptcy filings were down 13% in November from October. Credit card use by consumers is also at an all-time low compared to recent years, but spending is up, which signifies that consumers are finally able to start saving money. I’d like to hear everyone’s opinions on whether you think the […]
THE BANKRUPTCY ESTATE
When a debtor files bankruptcy, an estate is created. The estate includes all of the person’s legal and equitable interests in property at the commencement of the case, and may also include any property the debtor becomes entitled to during the 180 day period following the filing of the bankruptcy case. However, debtors can exempt […]
What is Chapter 7 Bankruptcy?
Everybody has bills. Perhaps you must be late on a payment or miss one entirely. It isn’t ideal for your credit score, but in the present condition of America’s economy, lots of people need to “rob Peter to pay Paul.” If this really is you, you most likely don’t need to think Bankruptcy, not just […]