Discharge Explained

After bankruptcy, as long as a person’s heart still beats, s/he can start over. Letting go of belongings may never be easy, but everyone lives with the consequences of their options and residues of their actions. Bankruptcy is not a tragedy. What is a tragedy would be to lie awake at night and wondering “what […]

Collections Activities

People only live once. Seize bankruptcy as an opportunity to stop collections with the automatic stay. The automatic stay is a court order effective immediately upon filing bankruptcy and usually stays in effect until a creditor obtains relief from automatic stay. Creditors who continue to collect after a debtor files bankruptcy are in violation of […]

Bankruptcy Players

In a bankruptcy case, creditors are individuals and businesses a debtor owes money to. Different types of debts take different priorities in getting paid off. Secured debts have to be paid in full or the debtor will lose the collateral. Unsecured debts don’t have collateral like a house or car that can be taken by […]

Chapter 7 Bankruptcy Timeline

The length of a usual Chapter 7 bankruptcy case is about four to six months. The bankruptcy begins with the bankruptcy petition. When working with an attorney, the attorney or his/her paralegal may prepare the petition. The petition is only as complete as the information the debtor provides. The debtor should have the attorney or […]

Credit Consolidation Companies

Credit consolidation agencies may be an alternative to bankruptcy when debts are not substantial or there are not many different creditors. A credit consolidation company usually charges fees based on the total amount of debt. Some fees can be as much as $1000/month. According to the U.S. Trustee and U.S. Department of Justice, many debt […]