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What an automatic stay is and how it can keep debt collectors away

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When a debtor files bankruptcy, a “legal shield,” called an automatic stay, goes into effect immediately. It serves to stay, or stop, all collection efforts in effect at the time of the bankruptcy filing. One aspect of the automatic stay…

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Why hiding assets is a bad idea when filing bankruptcy

You have likely heard the expression that “Honesty is the best policy.” Not only is that true, but telling the truth is absolutely necessary when it comes to filing bankruptcy. Lying in a bankruptcy case is a violation of federal…

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What to expect when going to court for a Chapter 7 bankruptcy

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It is natural for people to worry about what to expect when they go to court for their Chapter 7 bankruptcy’s “341 Meeting,” also known as the “Meeting of Creditors.” Concerns about a creditor or the Trustee being angry with…

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What happens to my secured debt if I file Chapter 7 bankruptcy?

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There are two kinds of debt: secured and unsecured. A debt is secured when the creditor/lender can recover a specified asset from the debtor/borrower if the borrower does not repay the loan on time. A car loan is an example….

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Tips for Rebuilding Your Credit After Bankruptcy

How do you begin to rebuild your credit following a bankruptcy? A common misconception about bankruptcy is that it will forever ruin your credit. Many people fear that they will never again be able to obtain a mortgage, car loan,…

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Top Reasons People Go Bankrupt

It’s easy to assume that someone who files for bankruptcy protection has been financially irresponsible, but according to a recent post in the Huffington Post, some of the most common reasons people file for bankruptcy have nothing to do with…

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What is Strategic Bankruptcy?

What is Strategic Bankruptcy?

When many people hear the word bankruptcy, the first thing they think of is fear and despair. While the aftermath of bankruptcy will result in a period of change, it doesn’t have to be synonymous with fear. Filing for bankruptcy…

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Mediterranean Mayhem: Understanding The Greek Debt Crisis

Mediterranean Mayhem: Understanding The Greek Crisis

International finance may be Greek to you, but national bankruptcies are surprisingly similar to personal ones. To understand the current financial crisis in Greece, it helps to think of the Greek nation as an individual caught in a cycle of…

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Read This: Bankruptcy Glossary

Bankruptcy Glossary

Even the most responsible borrowers can’t always repay their debts, so if you plan to start a business or obtain a mortgage, make sure to have an exit strategy. Bankruptcy can provide a way out of unmanageable debts. The terms…

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How to Talk to Your Parents About Bankruptcy

If your parents are still connected to your financial life or simply involved in your well being, there comes a time when you will need to tell them about your bankruptcy. Needless to say, this can get very awkward. Here…

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