Both state and federal law provide for property exemptions–items that you can keep even after the bankruptcy process ends.

As we often discuss on this blog, many debtors wait to the absolute last minute to file for bankruptcy.  They wait until the foreclosure has been posted or until after the credit card company has begun garnishing their wages.  What a huge mistake! Fortunately, for those who procrastinate, the bankruptcy code allows a debtor access [...]

Around one and half to two years after your bankruptcy is discharged, you will likely be able to qualify for a home loan again.  You must make sure to begin improving your credit long before you are considering buying a home, but once your credit is back in shape and a little time has passed [...]

Many business owners/debtors considering bankruptcy are concerned about protecting their personal assets. If a business is a corporation, some debtors assume that creditors cannot pursue them personally for debts owed by the corporation. The truth is that creditors may have the power to pursue the debtor’s personal assets under certain circumstances. The most [...]

As more credit card consumers make use of the credit lines, some companies are taking the opportunity to increase their interest rates. Many credit card consumers don’t realize that they may have the right to “opt-out” of an interest rate hike in most cases. The first thing credit card consumers need to know [...]

According to an article in the Star-Telegram, Gov. Rick Perry is poised to fight national healthcare because he believes it is a violation of states’ rights and could lead to “debt-inducing expansions of government.” Instead he presented Washington with his own single state plan to treat the poor and uninsured. Being uninsured or underinsured causes [...]

A divided 8th U.S. Circuit Court of Appeals panel reversed a decision allowing a Chapter 7 debtor to discharge his student loans because they found that he did not face an undue hardship despite the immense amount of the loans.
In the case of Educational Credit Management Corp. v. Jesperson (In re Jesperson), No. 07-3888 [...]

There is a nasty myth about bankruptcy that stops many debtors from seeking much needed relief. The myth states that once you file bankruptcy your credit is ruined for life. This is completely and dangerously false. After filing for bankruptcy most former debtors are eventually able to restore their good credit standing [...]

Facing foreclosure can be one of the most nerve-wracking experiences for even the most financially seasoned amongst us. But if you’re facing foreclosure, there a few simple rules that can help you navigate the process.
Rule #1 – Don’t delay in seeking help. Don’t wait until you receive the foreclosure notice to seek help, [...]

According to an article in the Star-Telegram, Americans are drastically cutting back on spending as the number of job losses and bankruptcies continue to rise. The Conference Board reported this week that its Consumer Confidence Index is now at 49.3 percent, a significant decline from the May level of 54.8 percent.
The article said:
“Job security [...]

With mounting debts, pending foreclosures and the possibility of bankruptcy, many educated, highly-skilled workers are turning to the food service industry to make ends meet, according to an article in the Dallas Morning News.
The article quoted Lisa Johnson, a real estate agent:
“I started borrowing money from my parents,” said Johnson, 33, who works full time [...]

Senator Dick Durbin (D, IL) introduced S. 61, the "Helping Families Save Their Homes in Bankruptcy Act" to congress this week. Other congressman such as Rep. John Conyers (D, MI), chairman of the House Judiciary Committee and Rep. Brad Miller (D, NC) will also introduce legislation to congress supporting loan modification in bankruptcy early [...]