Could private student loans be eligible for discharge in bankruptcy? The Fairness for Struggling Students Act of 2013 is legislation recently reintroduced to Congress that aims to get private student loans eligible for elimination under Chapters 7 , 11 and 13. The Act is working to reverse changes made to the bankruptcy code back in [...]
Liberty Medical Supply, a home delivery health care products provider, filed Chapter 11 bankruptcy a midst pressure from creditors. The company is known for providing diabetes supplies and products for a variety of medical aliments. According to the company's website, over 1 million Americans use their medical supplies on a daily basis. Liberty Medical is [...]
Bankruptcy has the ability to wipe out debt, but you'll need to understand which debts qualify to be eliminated if you decide to file. You need to learn about the process and depending on your situation, what it will and will not do for you. This includes reviewing your debt situation, getting an idea of [...]
Paul Teutul Sr., founder of Orange County Choppers Holdings Inc., filed Chapter 7 bankruptcy for the company's merchandising unit last week in Poughkeepsie, NY. The filing will be used to help liquidate assets to pay off creditors. The merchandising unit provided OCC apparel that at one time was flying off the shelves during peak popularity [...]
Collection After Bankruptcy When you receive a discharge at the end of your bankruptcy case you are not responsible for paying the debt. A discharge basically extends the protection of the automatic stay that went into effect when you filed your petition. Debts not eligible for discharge may continue to be the responsibility of the [...]
Bankruptcy and Public Assistance Some debtors are under the impression that receiving public assistance may make them ineligible to file bankruptcy. The truth is you can file if you are receiving public assistance or have low income. With economic uncertainty and the cost of living on the rise, many households are receiving some type of federal [...]
Garnishments are a legal actions enforced by the court to allow creditors to collect on outstanding debt. The most common is wage garnishment when funds are deducted from paycheck earnings. Bankruptcy may stop pending and active garnishment activity against you. When bankruptcy is filed an action called the automatic stay goes into effect. The stay [...]
Bankruptcy Exemptions to Protect Personal Property Debtors considering bankruptcy have several options to explore that can help them protect their property. Too often, people get caught up in myths and misconceptions about what happens to personal assets when they file, instead of focusing on how they maximize their exemptions. By conducting some pre-planning prior to [...]
Does Bankruptcy Protect Income Tax Refunds? January through April is tax season and like many consumers you may be anticipating a tax refund. If you plan on filing bankruptcy during this time period, you may have concerns about how you can protect your refund from creditors. While many debtors may not want to disclose they [...]
Many consumers consider bankruptcy as a final resort after other options have been explored. Yet, some may not realize it is time to file even though their finances are spiraling out of control. To help in determining if bankruptcy is an option, consider the following points. Has bankruptcy been an option you've considered for a while? Do [...]