The federal government makes changes to its bankruptcy laws every so often and states also pass measures of their own when they feel their laws require an update. In December of 2020, Senators Warren and Nadler introduced a new bill called the Consumer Bankruptcy Reform Act of 2020, which would make some changes to the […]
Bankruptcy Timeline
Filing for and completing the bankruptcy process is a long and complicated journey, and the bankruptcy timeline may take more than six months to complete. If you decide to file for bankruptcy, you will likely need to speak with a lawyer to start the process because there are so many steps involved. Not only must […]
Will the Coronavirus Pandemic Affect My Bankruptcy?
The coronavirus pandemic of 2020 has turned into a financial nightmare for millions of Americans. Tens of millions of households have had a family member apply for unemployment benefits, and the number of defaults on mortgages and other financial obligations has skyrocketed. So far, local and state governments, as well as Congress in Washington, D.C., […]
Do You Need a Credit Repair Service?
One of the effects of undergoing bankruptcy is the general destruction of your credit report, and it usually takes years to climb out from under the weight of a poor credit score. One of the options some people take after they go through bankruptcy, or after they experience financial difficulties that destroy their credit report, […]
Are There Any Alternatives to Bankruptcy?
Most Americans carry some type of debt, whether it’s school loans, credit cards, a mortgage, or other loans. Sometimes, these debts take over, and it becomes impossible to figure out a way to pay everything owed every month. In dire circumstances, the only option might be filing for bankruptcy, where the court takes over and […]
What’s the Difference Between Chapter 7 and Chapter 13 Bankruptcy?
Bankruptcy is a long and complicated process where the court and its officers will delve deep into your assets and debts and examine virtually every part of your financial life. However, every bankruptcy case is different, and there are even different programs available that will treat your possessions differently as far as what might be […]
Can I Keep Any of My Property During Bankruptcy?
When you file for bankruptcy, does the court take every possession you own to pay your debts? The answer is the court will never take everything you own, but you may lose some of your most valuable possessions and anything that isn’t exempt under bankruptcy law. One of the most-asked questions regarding bankruptcy exemptions is […]
Bankruptcy and Credit Rating
In some cases, it may take years to rebuild your credit fully and reach a point where you can apply for credit cards and receive the lowest rates on interest, as well as enjoy approval for car loans, personal loans, and mortgages. Read on to discover the relationship between filing for bankruptcy and your credit […]
Problems After Bankruptcy and What to Do
Designed as a way to give debtors a fresh financial start, bankruptcy helps many families start saving for their future rather than getting buried in an avalanche of debt. However, sometimes old debts may reappear even after bankruptcy, and dealing with them can feel like going through bankruptcy all over again. An essential step after bankruptcy […]
Declaring Bankruptcy with Student Loans
One of the first questions you might have about bankruptcy is whether bankruptcy will take care of your student loan debt. Unfortunately, the waters aren't so clear on this topic because several factors influence how student loans are treated during bankruptcy. Student Debt Reaching Record Levels One of the biggest topics in finance today is […]
