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Tag Archives: filing for bankruptcy

What Form of Bankruptcy is the Right Choice for Me?

The correct form of bankruptcy for you depends on the details of your situation. What sort of debt do you have? Bankruptcy law divides debts into two broad categories: secured and unsecured. Secured debts are debts backed by collateral to reduce the risk of lending. For example, a mortgage is a secured debt because your… Read More »

How Does an Automatic Stay Affect IRS Debt?

The automatic stay in a bankruptcy case is a court order that stops creditors from collecting debt. This order also applies to revenue agents from the Internal Revenue Service (IRS). The automatic stay prevents the IRS agents from: Garnishing your wages Filing a lawsuit against you Demanding payment Seizing your assets Issuing tax liens Taking… 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 »

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 »

What about Pre-Bankruptcy Credit Counseling?

Since Congress passed the Bankruptcy Abuse Prevention and Consumer Protection Act (BAPCPA) in 2005, debtors opting for bankruptcy face a new prerequisite—180 days prior to filing bankruptcy, they must complete a credit counseling session as an eligibility requirement. What does credit counseling involve? During credit counseling, you participate in a counseling session where the counselor… Read More »