A Wonder Lake, Ill man admits he committed fraud when he filed bankruptcy protection in 2008. James Grossmayer, 51, was charged with bankruptcy fraud after admitting he intentionally left out details about interest he had ownership of from an annuity totaling thousands of dollars. He also admits paperwork submitted to the bankruptcy court was incorrect. [...]
A recent report completed by the Center for American Progress looks at how the economy could benefit from student loan discharge. While getting student loan debt eliminated in bankruptcy can be done only under strict circumstances, many hope lawmakers reconsider making changes to a bankruptcy law that dates back to the mid-1970s that made getting [...]
Small business owners can benefit from bankruptcy in a number of ways. Aside from using this powerful financial tool to help eliminate business debt, you can get legal assistance in restructuring or reorganizing your financial obligations. This may help you gain more control over business finances while remaining in business. There are a few aspects [...]
Some people may wonder if there is a specific time you should file for bankruptcy protection. Better yet, is there a good time to begin the filing process? In most cases, it depends on personal circumstances in your situation. Each person has different needs and this makes each case unique. Most who file are seeking [...]
Distinguishing differences between Chapter 7 bankruptcy and Chapter 13 bankruptcy may be just the beginning in understanding which chapter will provide the best solution for your situation. Even if you meet qualifications to file Chapter 7, it may be more beneficial for you to file Chapter 13. In other words, you may give yourself more [...]
Health Savings Accounts and Bankruptcy Many who have a health savings account (HSA) or a medical savings account (MSA) may wonder whether such funds can be protected in chapter 7 bankruptcy . In many cases it depends on where you live and if the state offers protection for these types of funds. This can be [...]
One of the reasons why debtors seek bankruptcy protection is to stop harassing collection attempts from creditors. While anyone should not be subject to such abusive measures, debtors have rights you need to know in order to protect yourself, even before you decide to file for legal protection. There are a number of debt collection [...]
Being "bankrupt" and not being able to pay your debts should be considered two different situations. You often hear people throw around the term or expression of going "bankrupt" when they file bankruptcy protection. Yet, it may not necessarily mean you can't pay what you owe. When a consumer is considered insolvent they may be [...]
The Center for American Progress (CAP) released a report that suggests Congress should reclassify how student loan debt is discharged in bankruptcy. The report encourages Congress to review laws for both private and federal loans and how they could be handled in bankruptcy. Currently, student loan debt is almost impossible to discharge and it has [...]
I Want to File Bankruptcy But I Have No Assets! Many who claim to have no assets file Chapter 7 bankruptcy. This is sometimes referred to as a Chapter 7 no-asset bankruptcy. In many cases, the process goes by quickly since the trustee won't have any property or assets to satisfy creditors with. Many consumers [...]