student loans
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How Do I Stop a Garnishment?
Garnishment (or “attachment”) is a last-ditch effort at debt collection, a tool of last resort for creditors. When you default on a debt, and the creditor is unsuccessful in recovering on the debt, a judgment may be issued against you to garnish property, bank accounts, or wages. Garnishment can often severely impact your monthly finances, and…
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What are the Bankruptcy Chapters?
Most consumer debtors have two main bankruptcy chapters under the Bankruptcy Code: Chapter 13 and Chapter 7. There are, however, two other types of bankruptcy: Chapter 11 and Chapter 12. Here are the principal differences between the bankruptcy chapters. Chapter 7: Liquidation Chapter 7, also called straight bankruptcy, allows you to discharge most types of…
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Do Not Run Up Your Credit Cards Before Bankruptcy
Chapter 7 bankruptcy is an excellent option for those who have accumulated large credit card debts. But if you run up your credit cards before bankruptcy, you may be found to have committed a form of bankruptcy fraud. When you file for bankruptcy, credit card companies carefully review all of your most recent purchases. Do…
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How Often Can I File Bankruptcy?
If you have filed a previous bankruptcy and you received a discharge, you may wonder: “How Often Can I File Bankruptcy?” The Bankruptcy Code specifies certain time limits as to when you can file bankruptcy again and obtain a discharge. If your case was closed or dismissed, however, and you did not obtain a discharge…
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Are student loans dischargeable in bankruptcy?
In the United States there is more than $1.2 trillion in outstanding student loan debt, 40 million borrowers, an average balance of $29,000. Are student loans dischargeable in bankruptcy? No. If you are considering filing for bankruptcy in the Washington, D.C. area, you should know that student loan debt is generally nondischargeable, which means that…
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Gambling Debts Can Be Discharged in Bankruptcy
Gambling is a form of entertainment for some, but a serious addiction for others. Most people gamble for fun and know when to stop. But compulsive gamblers suffer from an addiction disorder and need professional help. In the past, bankruptcy courts regularly found gambling debts nondischargeable in Chapter 7 bankruptcy. Today, however, courts allow the…
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What is a Reaffirmation Agreement?
In bankruptcy, a reaffirmation agreement refers to a contract between the debtor and a secured creditor. The reaffirmation (or “reaff”) is an agreement that waives the discharge of a debt that would otherwise be discharged. They allow the debtor to keep collateral that may otherwise be subject to repossession. Reaffirmation agreements are usually filed on…
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File a Chapter 7 Bankruptcy: A Step-by-Step Guide
You may be aware that bankruptcy involves a complex set of laws and procedures specific to each individual jurisdiction. Filing for bankruptcy may seem daunting at first. If you are considering filing Chapter 7 bankruptcy in DC, Maryland or Virginia, read below for the ten steps of a successful Chapter 7 bankruptcy. The steps to…
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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…
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A Short Glossary of Bankruptcy Terms
Here is a short glossary of essential bankruptcy terms. Many definitions are not included. Do not attempt to manipulate concepts you do not fully understand. Call an attorney if you have a legal problem. Bankruptcy terms: A – C Adversary Proceeding: A lawsuit related to a bankruptcy case and commenced by filing a complaint with…
