Stop Paying Credit Cards Before Filing Bankruptcy Before filing bankruptcy, many debtors work hard to pay every bill they possibly can even if they are sending less than what is required. But there are certain bills that debtors should stop paying immediately when they know they are going to file bankruptcy. What Bills Should Stop Paying Before Filing? If your credit [...]

Can You File Bankruptcy on Unemployment Overpayment? Some newly unemployed individuals are surprised to receive notices from the state that they have been overpaid in unemployment benefits and must repay the money they received. It doesn't happen all the time of course, but it happens enough for it to be an issue of concern. So [...]

Reaffirmation Agreements in Bankruptcy Filing bankruptcy is suppose to pave the way for a fresh financial start; but when a debtor signs a reaffirmation agreement in bankruptcy it keeps old debts alive well after the bankruptcy discharge.  Many debtors who want to keep their home after they exit bankruptcy feel pressured to sign a reaffirmation [...]

Five years ago the bankruptcy code was given a complete overhaul giving birth to the 2005 Bankruptcy Prevention and Consumer Protection Act, or BAPCPA for short.  The bankruptcy code overhaul was supposedly put in place to stop what some opponents of bankruptcy described as rampant abuse of the bankruptcy system. Proponents of the BAPCPA Act [...]

Many debtors considering bankruptcy prefer Chapter 7 bankruptcy ; but there are times when filing a Chapter 13 bankruptcy is a much better option. Filing Chapter 13 bankruptcy is beneficial for debtors when they have steady income, want to pay their debts; but want the protections and time that the bankruptcy court offers. Filing Chapter [...]

In 2009 the wife of Mark Fortier experienced a life changing event - she lost her husband to brain cancer and was faced with raising two children alone, paying medical bills, a large house note and other debts on a salary of only $40,000/year. "I went nuts," Reene Fortier said. "I'm trying to get myself [...]

Many debtors move assets such as cash and real estate in an attempt to protect them from creditors who may be threatening to file a lawsuit or seize their assets if they already have a judgment.  But moving assets right before filing bankruptcy may cause problems for the debtor. Below are three types of asset [...]

The baby boomer generation is filing bankruptcy at a rat far higher than any other group in America, according to the American Bankruptcy Institute's ABI Journal.  Baby boomers between the ages of 45 and 64 made up 42 percent of all bankruptcy filings in 2007.  That number had increased by 65 percent since 2002.  It's [...]

Bankruptcy can feel like a scary proposition, especially for those who have never been through the process and who have been bombarded by many bankruptcy myths.  Unfortunately, many of us are afraid of appearing uninformed or ignorant so we avoid asking the questions we really need answers to.  We won't be able to answer all [...]

The Differences Between Chapter 7 and 13 Bankruptcy Many debtors considering bankruptcy often wonder what the difference is between Chapter 7 bankruptcy and Chapter 13 bankruptcy . Below are a few core differences that every debtor needs to understand: Chapter 7 bankruptcy allows the debtor to discharge their unsecured debts and the case usually lasts [...]