Quick Answer: Millions of people each year take advantage of the fresh start provided by the U.S. Bankruptcy Code. In many cases, people who file for bankruptcy are able to eliminate all of their debts and are often able to obtain credit in a relatively short period of time after their bankruptcy has been finalized. …
Quick Answer: Chapter 13 bankruptcy, also known as a “reorganization bankruptcy,” is the second most common type of bankruptcy utilized by consumers in the United States. It differs from a Chapter 7 bankruptcy in that instead of liquidating a debtor’s non-exempt assets in order to pay off creditors, Chapter 13 allows debtors to keep their…
Quick Answer: Maybe you had an unexpected expense or perhaps you lost your job. Whatever the reason, you are now behind on your payments for your mortgage, car, credit cards, or a previous loan. While you might be trying your hardest to catch up, the companies you owe may be too quick to transfer your…
Quick Answer: This summer’s Supreme Court ruling to legalize same-sex marriage was life-changing for many people, and the ripple effects of the decision have yet to be realized in their entirety. New changes to debt collection law have come into play almost immediately following the ruling, and in reference to the past provisions made by…
Quick Answer: Credit card companies may be very giving when it comes to your credit line, but they can be very quick to remove you from their service if you fail to pay your balance. Though it is unlikely that a company will forgive all of your debt, they will often take one of two…
Quick Answer: Here’s the scenario-you have been chasing after a delinquent account and finally get the debtor to pay up. A few months later, you get sued by the debtor’s Bankruptcy Trustee for the money that the debtor just paid you! Sounds crazy, right? It’s called an “Avoidable Preference.” If you do business with individuals,…
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