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Recent Posts in Bankruptcy Category

  • Can I File for Bankruptcy Without a Lawyer?

    || 9-Mar-2017

    When it comes to legal proceedings, it is best to view them in much the same way you would a medical concern. When there are issues with your health, you visit a doctor or often a specialist when you have a certain ailment because they have the experience and specialized training you do not. Lawyers function in the same capacity, and they offer the experience, insight, and tools to help guide you ...
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  • Why Our Board Certified Bankruptcy Specialists Set Us Apart

    || 1-Mar-2017

    Choosing the right attorney to guide you through your legal journey is one of the most important decisions you can make in your case – and it can make all the difference in securing a swift and successful outcome. By vetting attorneys based on their experience, reputation, and record of success, you can gain a better understanding of whether or not a lawyer has the tools to help you succeed. ...
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  • What If I Don't Own Any Assets?

    || 20-Feb-2017

    Many people who are unfamiliar with bankruptcy assume that they will automatically lose all of their property to pay back their debts, such as their home, their car, or other valuables. But what happens if you don’t have any assets? Is bankruptcy still an option? If you are struggling with debt but don’t own any assets, such as valuables, cash, or non-exempt property, that can be sold ...
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  • Will Filing for Bankruptcy Ruin My Credit?

    || 9-Feb-2017

    Many people who are considering filing for bankruptcy worry about how bankruptcy will affect their credit. Among the top concerns are whether it cause permanent damage or whether a person will ever be able to borrow money or have a credit card ever again. Fortunately, there is no reason to worry. While bankruptcy may affect your credit in the short run, it is a long-term debt solution that can ...
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  • Nation's Largest Servicer of Student Loans Sued by CFPB

    || 24-Jan-2017

    Navient Corp, the nation’s largest servicer of student loans, was sued by the Consumer Financial Protection Bureau (CFPB), alleging that they cheated borrowers by failing to provide the basic functions of student loan servicing. As a result, borrowers struggled to pay the higher payments demanded of them. Navient, which was once part of Sallie Mae, deceived consumers for years, according to ...
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  • Divorcing and In Debt: Reasons to File Bankruptcy First

    || 8-Dec-2016

    When considering divorce and bankruptcy, it is crucial to time these actions in a way that best makes sense for your circumstances. Generally, it is most beneficial to file for bankruptcy first since filing for both simultaneously delays any distribution of assets or liabilities. Filing for bankruptcy first may be difficult if you are on hostile terms with your soon to be ex-spouse, but ideal if ...
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  • According to a new article published by The Wall Street Journal, the federal government is currently on track to forgive United States student loan debt by about $108,000,000,000 as more consumers are seeking help to pay down their student loans, leading to lower revenues for the US’s program to finance higher educations. This information was disclosed in a report on Wednesday when the ...
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  • Medical Debt and Bankruptcy

    || 22-Sep-2016

    In the United States, one of the top causes of personal bankruptcy is medical debt. The healthcare industry is responsible for more collections of debt than credit card companies. This is because medical expenses can reach into the tens to hundreds of thousands of dollars depending on the procedure. In some cases, medical bills also include out-of-network expenses — such as assisting doctors ...
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  • What Is The Brunner Test?

    || 9-Sep-2016

    When someone decides to file bankruptcy, they often wonder what kind of debts are dischargeable. One of the debts brought up most are student loans. While these are extremely difficult to discharge during bankruptcy, it is not impossible. Courts may consider allowing the student loans to be discharged if it can be demonstrated that paying them would cause an undue hardship. In order to determine ...
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  • If I Need to File Bankruptcy, How Can I Afford an Attorney?

    || 12-Aug-2016

    When a person makes the decision to file bankruptcy, it is because they are no longer able to afford their financial obligations. They may fall behind on credit card bills, personal loans, and other payments. With the addition of late fees and interest, they are not only unable to pay the original amount, but are driven even further into debt. With the decision to file bankruptcy, there comes the ...
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  • Student Loan Debt Crisis Harming Senior Citizens

    || 22-Dec-2015

    An article published last week by Bloomberg Businessweek tells the story of Robert Murphy, a 65-year-old man who holds nearly $250,000 in student loan debt. The balance was amassed from seven different Parent PLUS loans, which he used to send his three children to college. After losing his job in 2002, Murphy was no longer able to make payments on these debts, and even faced foreclosure ...
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  • Should I File for Bankruptcy After Christmas?

    || 18-Dec-2015

    Bankruptcy is often the last thing anyone wants to think about around the holidays, especially with so many things going on during this time of year. Many people think that putting it off until after the first of the year is the best option. However, some of the reasons why people tend to wait until after Christmas to file actually won’t help them at all. For example, many people mistakenly ...
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  • Bankruptcy Appellate Panel Rules on Statute of Limitations Argument

    || 19-Nov-2015

    The Bankruptcy Appellate Panel (BAP) of the Ninth Circuit recently had an opportunity to consider a statute of limitations argument concerning fraudulent transfer actions based on actual intent. In deciding whether to consider the issue, the BAP had to determine whether the law raised factual issues or a purely legal issue. Ultimately, the BAP decided that the statute raised factual issues and ...
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  • Avoid Holiday Season Debt with These Financial Tips

    || 14-Oct-2015

    Oftentimes, the holiday season brings about the temptation to give to your loved ones. While this can be an enjoyable part of the holidays, it is important that you take the appropriate steps of budgeting to avoid drowning yourself in unpayable debts. To help, we have compiled a list of things you can do to avoid filing for bankruptcy during the holidays. Additionally, we have supplied this list ...
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  • Debt Collection Lawsuits and How They Progress

    || 17-Sep-2015

    Creditors may believe that you will end up defaulting on your debt if you start falling behind on regular payments. In many of these cases, creditors start in a subtle manner. First, they send out reminder notices to inform you of your missed payments. However, if your account remains behind, creditors or debt collection agencies may begin to antagonize you on a daily basis with phone calls, ...
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  • How Automatic Stay Can Help You During Bankruptcy

    || 11-Sep-2015

    Filing for bankruptcy may seem daunting. However, one of the most helpful tools for those filing bankruptcy is automatic stay. This United States bankruptcy law does not allow creditors or debt collectors to take legal action or file lawsuits against debtors. This can be useful for those people at risk for eviction or foreclosure, at risk for losing utilities, welfare, or unemployment benefits. In ...
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  • Can You File for Bankruptcy if you have a Huge Medical Bill?

    || 4-Sep-2015

    Even people with excellent credit and responsible financial habits file for bankruptcy. Unforeseen life events like expensive divorces, the sudden loss of a job, and a long-term illness can cause problems with debt that only bankruptcy can solve. One of the most difficult financial burdens to overcome is mounting medical bills. With rising healthcare costs and a growing number of Americans without ...
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  • Making the Most of Bankruptcy: Eight Things to Do After Your File

    || 18-Aug-2015

    You just received your bankruptcy discharge; now it is time to start thinking about your future. With a solution to your debt, you may be wondering what to do next. Consider the eight steps listed below to move forward, rebuild your credit, and ensure a solid financial future. Retain copies of your bankruptcy paperwork. While it does not happen often, creditors may still try to collect on a debt ...
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  • Four Bankruptcy Myths Debunked

    || 7-Aug-2015

    Over one million people file for bankruptcy in the U.S. every year. Bankruptcy can be a good option for many people to help them settle their debts and regain their financial freedom. While there are plenty of good reasons why a person would choose this option, there are many inaccurate myths surrounding bankruptcy that make it seem as though bankruptcy is a sign of financial irresponsibility or ...
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  • Four Reasons Why You Should Hire a Bankruptcy Attorney

    || 29-Jul-2015

    If you are considering filing for bankruptcy, you may be wondering whether it is worth it to hire a bankruptcy attorney or just take your chances handling it on your own. You may be thinking that hearing this kind of an advice from a bankruptcy lawyer is biased, but in order to explain why it is ultimately the best course of action, we have identified four reasons why you should not hesitate to ...
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  • Understanding Chapter 13 Bankruptcy

    || 24-Jul-2015

    Chapter 13 bankruptcy, also referred to as a wage earner’s plan or reorganization bankruptcy, allows people with a regular source of income to create a repayment plan for all or a portion of their debts. Debtors can restructure their debts and make arrangements to pay them back in installments over a three to five year period, depending on the amount of their monthly income. Creditors and ...
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  • How Chapter 7 Bankruptcy Works

    || 17-Jul-2015

    If you are an individual, partnership, or other business entity considering bankruptcy, you can qualify for relief under chapter 7 bankruptcy. Filing for chapter 7 can automatically “stay,” or stop, collection actions against the debtor, including phone calls demanding payment, wage garnishments, and creditor lawsuits, while it is in effect. Below, we have briefly outlined how chapter ...
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  • Bankruptcy and Retirement Plan Accounts

    || 9-Jul-2015

    What Will Happen to My Retirement Plan? Under Chapter 7 bankruptcy, virtually all retirement accounts, including pension plan funds, are exempt from creditors. Likewise, in Chapter 13 bankruptcy, retirement accounts are immune. Moreover, they will not affect the amount you are required to repay unsecured creditors. Importantly, the United Stated Supreme Court stated that any ERISA-qualified plan, ...
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  • The Change in Bankruptcy Law That Could Save Your Car

    || 23-Jun-2015

    In 2005, Congress amended the Bankruptcy Code in favor of the car finance industry. In short, the change meant debtors couldn’t file for bankruptcy and continue making their car payments with complete certainty their automobile wouldn’t be repossessed. After the amendment in 2005, filers were essentially forced to choose between keeping their cars and or discharging their debt. Now, ...
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  • Is Debt Settlement a Better Choice Than Bankruptcy?

    || 17-Jun-2015

    If you feel like you’re drowning in debt, you’ve probably considered bankruptcy. While bankruptcy can eliminate certain debts, isn’t the right solution for everyone. Advantages and Disadvantages of Debt Settlement In short, debt settlement allows consumers to alleviate the burden of debt without taking their case to court. This appeals to many people, especially since the ...
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