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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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When Dealing With Debt Collectors, It Pays To Know Your Rights

So you bought something on credit, but then never saw a bill for it. Perhaps you think: no bill = winner/free stuff! At some point, the company is likely to balance their books and find your debt. But just how long can a creditor wait before attempting to collect on that debt? Am I off……
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Personal Property Exemptions During Wage Garnishment

When you’ve incurred unpayable debts, creditors may be awarded a judgment against you in court. A creditors judgment may include wage garnishment, which means money will be taken out of your paycheck and sent to the creditor before you ever receive it. Sometimes, a creditor’s judgment may include taking your existing property and assets. It……
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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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