Top 10 Myths About Bankruptcy
If you are considering filing bankruptcy, consult with an attorney to help you understand your options. You should not take lightly the choice to file bankruptcy. But you should also not dread bankruptcy for the wrong reasons. Don’t fall prey to fake news. It’s time to dispel a few myths about bankruptcy. Myth 1: You will […]
Be Prepared When the Collection Agent Calls
When the collection agent calls, be prepared. Thanks to the Fair Debt Collection Practices Act, you don’t have to take abuse just because you owe a debt. The Fair Debt Collection Practices Act (FDCPA) strictly prohibits debt collectors from using abusive, unfair, or deceptive practices. The FDCPA defines a debt collector as someone who regularly collects […]
What is a Proof of Claim in Bankruptcy?
In bankruptcy, a Proof of Claim is a creditor’s written statement detailing the creditor’s claim against the debtor. A Proof of Claim is usually filed in Chapter 13 cases. But Proofs of Claim are sometimes filed in Chapter 11 and Chapter 7 cases, as well. Why file a Proof of Claim? A creditor may be […]
What is the Bankruptcy Discharge?
What is the Bankruptcy Discharge? Usually, the whole reason to declare bankruptcy is to obtain the bankruptcy discharge. Once you have received your discharge in bankruptcy, no discharged creditor can take any enforcement action against you, ever. In other words, the discharge order forever prohibits any type of collection effort against you for a discharged […]
Debt Settlement Companies are Rip-Offs
There exists no independent research on the success rates of so-called “debt settlement” companies. Both internal company reports and copious anecdotal evidence suggest that fewer than one in four of those who hire these companies actually complete their programs. Even more troubling, most debt settlement clients are sued by their creditors while in a debt settlement […]
How Will Bankruptcy Affect My Credit Score?
Bankruptcy fixes many past and current financial problems. But before you file, it’s smart to ask: How will bankruptcy affect my credit score? What is my credit score? Your credit score is a numerical expression (between 300 and 850) based on the statistical analysis of your individual credit data. Your credit score is very important. […]
Top Ten Movies About the Economic Crisis
Understanding how the economy got to where it is today is no easy task. What follows are the top ten movies about the economic crisis. Elizabeth Warren, Harvard Law Professor and whip-smart economic wonk, succinctly summarized the frightening state of our economy following the Great Recession: Tens of millions of once-secure middle class families now […]
Can I Buy a Car While in Chapter 13 Bankruptcy?
You are in Chapter 13 bankruptcy and you need some wheels. It is possible to purchase a car while in an active Chapter 13 case, but you will need to go through a few extra steps than the average car buyer. Considering that Chapter 13 bankruptcy last three to five years, you may wonder: Can I […]
Payday Loans Are Rarely a Wise Credit Choice
Payday loans are bad news. Defaulting on any loan reflects negatively on a person’s ability to re-pay debt, but not all lenders report defaulting loans. Payday loans do. There are lots of negative consequences to defaulting on cash advance or payday loans. If at all possible, you should steer clear of payday loans to avoid headaches, fees, and […]