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How Bankruptcy Can Help You Negotiate with Creditors

When it is feasible, negotiating with creditors is an excellent alternative to bankruptcy that allows troubled borrowers to resolve debt while minimizing credit consequences. But negotiation requires leverage. If the amount or validity of a debt is not in dispute, a lender usually has no incentive to negotiate. The prospect of bankruptcy, however, can give… Read More »

How Long Does Bankruptcy Take?

How long the bankruptcy process takes can vary greatly from case to case and chapter to chapter. In some Chapter 7 cases, the petitioner can receive a discharge in as little as two months. Depending on what assets are present, the case may continue after the court issues a discharge as property is sold to… Read More »

How to Prepare for a Meeting with Your Bankruptcy Attorney

If your financial situation has gotten to the point where you think bankruptcy might be the best option for you, the time has come to consult with an experienced bankruptcy attorney. But before you meet with your bankruptcy attorney for the first time, get prepared by doing the following: Know your assets. Write a list… Read More »

How Effective Was the BAPCPA?

In 2005, Congress passed the Bankruptcy Abuse Prevention and Consumer Protection Act (BAPCPA) to reform bankruptcy and in an attempt to make it more difficult for abusive bankruptcy filings to occur. By definition, reform should improve an unsatisfactory condition. Forbes ran an article in 2012 that tax rebates boost bankruptcies. This fact suggests that tax… Read More »

Filing Bankruptcy Does Not Bar Success

For many people, the idea of filing bankruptcy conjures up ideas of business or personal failure.  However, bankruptcy has existed for decades as a means for people to put debt behind them, learn from their mistakes, and forge ahead.  Bankruptcy is a safety net and serves an important economic function. Trump bankruptcies Donald Trump is… Read More »

What Should I Bring to My Meeting With My Bankruptcy Attorney?

In life, it’s absolutely important to be prepared. This is also true when preparing to meet with an attorney. If you are considering filing for bankruptcy, your first meeting with your bankruptcy attorney can end up being a big waste of time if you don’t come to the meeting prepared. Following is a list of… Read More »

What is a Credit Score?

Your credit score can make or break you financially. It determines whether you can get a loan or credit card, it determines whether or not you’ll get a high or low interest rate, and it can even help you get your utilities turned on in your new home or apartment. A credit score is a… Read More »

What Is Wage Garnishment?

Wage garnishment is a powerful collection tool for creditors as a way to force you to pay them by taking money directly from your paycheck.  With wage garnishment, creditors get a court order to take your wages straight from your employer. The sheriff presents your employer with papers that order him or her to make… Read More »

What is the Role of the Trustee?

During the bankruptcy process, you’ll be working very closely with your bankruptcy lawyer. However, another person you’ll meet is your bankruptcy trustee. The main duty of the trustee is to represent all of your creditors collectively and to administer your estate. Early in your case, the trustee will hold a meeting of creditors, during which… Read More »

How Do I Find A Good Bankruptcy Attorney?

Making the decision whether or not to file for bankruptcy isn’t an easy one. You will need a bankruptcy attorney you can trust—one you feel comfortable with and who has the knowledge to walk you through the process with skill and compassion. Look for an attorney who practices bankruptcy and only bankruptcy. You want an… Read More »