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Tag Archives: debt

What Rights Do Creditors Have in Your Bankruptcy?

Like most legal proceedings, you can view a bankruptcy as an adversarial process where two sides have opposite goals and vie against each other.  In bankruptcy, creditors have the goal of receiving as much debt payment as possible, and debtors hope to discharge as much debt as possible. While most bankruptcies remain administrative in nature,… Read More »

Short Sale vs. Bankruptcy

A short sale is an agreement with a mortgage lender to accept the proceeds from a house sale as final payment, despite the fact that the proceeds will fall short of the house’s mortgage balance.  Through short sales, owners lose their homes but have no debt.  Similarly, bankruptcy trustees can sell homes and use the… Read More »

Some Background History about U.S. Bankruptcy

During the early years when our forefathers founded the United States, many people had immigrated to escape the harsh bankruptcy laws in their native countries.  England, for example, was well-known for its debtors’ prisons and the numerous debtors who died in prison. Under the First Article of the U.S. Constitution, Congress received the right to… Read More »

Bankruptcy, Levies, and Liens

When struggling with financial problems, you run into many legal and financial terms that can be confusing.  Some of these terms relate to actions that creditors can take against you.  And in many cases, bankruptcy offers a reprieve against such actions and the chance to become solvent again. What is a lien? A “lien” is… Read More »

The Rise and Fall of Bankruptcy Statistics

Sometimes a volatile economy makes it difficult to know what to expect in terms of bankruptcy filings.  The past two years saw extremely different trends. According to the United States Courts in 2010: Bankruptcy filings grew 14 percent to 1,596,355 Chapter 7 filings grew by 16 percent Chapter 13 filings grew by nine percent Chapter… Read More »

Timing Your Bankruptcy Filing

The saying timing is everything has merit for many situations in life and also holds true for filing bankruptcy.  It is important not to wait too long until your world comes crashing down on you before resorting to bankruptcy.  However, filing too soon may also deprive you of many advantages.  Discussing your finances with a… Read More »

What Is Wage Garnishment and How Can Bankruptcy Help?

If you owe money, it may come as a surprise to find out that a creditor can garnish your wages, leaving you to take home a smaller paycheck.  When debt mounts up and creditors become serious about collection efforts, they sometimes resort to garnishment. Wage garnishment is a court order that allows a creditor to… Read More »

Avoiding Credit Repair Scams

As increasing numbers of people struggle with debt and file bankruptcy, many credit repair services have cropped up.  However, it is important to understand that some credit repair agencies do not serve the individual’s best interests and there are pitfalls you should avoid. A number of federal agencies became concerned about how credit repair agencies… Read More »