Category Archives: Bankruptcy

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What Is the Means Test in Bankruptcy?

In 2005, the United States enacted the Bankruptcy Reform Act. Under the new guidelines, the courts are able to make a determination about whether or not you would be able to afford payments under a reorganization of your debt – in accordance with a Chapter 13 filing. One of the largest differences between Chapter 7……
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5 Factors That Affect How Credit Bureaus Calculate Credit Scores

Finding yourself in a position of contemplating bankruptcy can bring up a lot of questions such as: How does a new bankruptcy affect my credit score vs. an old one? Some might be surprised to find out that in a number of cases, filing bankruptcy might actually improve your credit standing. How a bankruptcy impacts……
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Why Americans Are In So Much Debt

Feeling like your debt is higher than ever? You’re not alone. The Federal Reserve reports on consumer debt each month, and recent stats show that consumer borrowing has reached a new milestone. Americans are diving deeper and deeper into the red as consumer debt just crossed the $4 trillion mark for the first time ever…….
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Bankruptcy and Debt Collection Lawsuits

When you have unpaid debts, creditors may resort to pursuing a lawsuit against you in an attempt to collect. Not all creditors have the option of pursuing this legal remedy, but in many cases, the creditor can obtain a judgment against you that may include wage garnishment. Debt collection lawsuits begin when the collection agency……
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The Rise in Elderly Bankruptcy

When you’ve gotten buried under piles of unpayable debt, one legal remedy is to file for bankruptcy status. Put plainly, bankruptcy means that you have been deemed legally unable to pay certain debts to creditors. This solution is often seen as a last resort for debtors, but in many cases, it is an effective solution……
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