Despite bankruptcy’s bad rap in our culture, its benefits make it the best choice for many people needing a fresh financial start.

Bankruptcy often gets a bad rap in our culture, but the truth of the matter is that, for many people, it is the absolutely best option to escape the stress of insurmountable debt and [...]

Bankruptcy is a perfectly valid right granted by the U.S. Constitution so you shouldn’t believe the untrue myths surrounding it!

Unfortunately, there are a whole lot of bankruptcy myths out there, many of which lead people to fear bankruptcy as the boogie man in the closet that will destroy their financial well-being.  Many times, exactly the [...]

According to an article in the Market Watch, credit card consumers are launching a massive, but silent revolt against credit card companies in response to higher interest rates, outrageous fees and unwarranted cuts to their credit limits.
The article said:
“…consumers cut $11.98 billion in borrowing in August, trimming their outstanding debt to $2.46 trillion, representing a [...]

When a debtor purchases a product with credit, the creditor has a secured interest in the property. What that means is that anything you buy with credit, including furniture, vehicles, jewelry, electronics, computers, clothes and books can be treated as a secured item during bankruptcy.  For example if you purchased a $3,000 laptop using your [...]

Are you one of the 5 million Americans who have remained unemployed for more than six months?  There are more than 14 million unemployed Americans and five million of them are facing long-term unemployment that could extend well past a year.  Even after the economy improves, many analysts expect that the unemployment rate will continue [...]

If you’ve been hanging around any of the debt or bankruptcy forums, you’ve probably run across the phrase “judgment proof.”  But does it really mean? When a debtor is judgment proof, it usually means that he/she does not have assets that can be liquidated even if a creditor has a judgment against the debtor.  For [...]

Many debtors considering bankruptcy have a lot of questions about what they should do, what they should expect and how a bankruptcy filing will impact their credit and financial future.  Where here are five things you should know about bankruptcy before you file.
1. Filing for bankruptcy will stop all creditor [...]

There be sharks out there…and they’re called debt collectors!  As the economy gets tougher and more people default on their credit cards, mortgage loans and other debt obligations, more debt collectors are crossing the line and engaging in illegal debt collection practices. If you are considering bankruptcy and have faced illegal collection actions by creditors, [...]

Bankruptcy offers the perfect opportunity to rebuild your credit score by using credit cards and other forms of debt shrewdly.  Here a few tips on how to master the credit score game after filing bankruptcy.
Tip #1 – Go for the top credit cards and other loan products first.  Many debtors mistakenly believe that once they [...]

Most debtors remember that a credit counseling course is required before filing bankruptcy; but many forget or don’t realize that they must also take a personal financial management course within 45 days after filing bankruptcy.  Whether you’re filing for Chapter 7 bankruptcy or Chapter 13 bankruptcy, all debtors are required to take this course.  If [...]

If you’re facing foreclosure, filing an emergency bankruptcy can stop the foreclosure process in its tracks.  Chapter 7 and Chapter 13 bankruptcy protect the debtor’s assets with an automatic stay that forbids creditors from taking any actions against the debtor in order to collect on a debt. Automatic stay stops foreclosures, lawsuits, wage garnishments, [...]

According to an article in Bloomberg, Samsonite Co. Stores, the retail division of the luggage-maker Samsonite Corp., filed for Chapter 11 bankruptcy protection.
The article said:
“The recession has caused a severe decline in consumers purchasing travel-related goods and the company has responded to this critical situation with a substantial restructuring program,” Kyle Gendreau, chief financial officer [...]