Bankruptcy

Bankruptcy allows individuals, couples, and businesses that cannot meet their financial obligations to be excused from repaying some or all of their debt. Bankruptcy has been in existence since ancient times. In the United States, the rules and procedures for filing bankruptcy are governed by federal law. States are prohibited from legislating in this area of the law.

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  • Deciding between Chapter 7 and Chapter 13 Bankruptcy
      by HG.org

    Many individuals who file bankruptcy file under the specific chapter that they qualify for. If they are not eligible for one filing, they explore the other. However, some people fall into multiple eligibilities and determine which bankruptcy filing will better suit their needs.

  • What Bankruptcy Can and Cannot Do
      by HG.org

    Millions of underwater debtors including individuals and businesses have turned to bankruptcy for relief. While bankruptcy is a powerful way to shield debtors from further debt collection efforts, it does not solve all financial problems. Additionally, there are different things that bankruptcy can accomplish based on the type of bankruptcy that is filed.

  • What Not to Do Before Bankruptcy
      by HG.org

    Bankruptcy laws are often complex in nature and some filers make mistakes before they ever file their petition at the courthouse. Making certain mistakes may have an adverse effect on bankruptcy or even prevent someone from qualifying for bankruptcy. Some mistakes to avoid include:

  • Three Benefits of Chapter 7 Bankruptcy

    Some of you may be at a point in your life when you are considering bankruptcy. If so, you may be wondering why a Chapter 7 Bankruptcy may be better for you. Some of the advantages to filing a Chapter 7 bankruptcy are as follows:

  • Defending a Debt Collection Lawsuit
      by HG.org

    If a person owes money to a creditor, the creditor or debt collection company may commence a debt collection lawsuit against the debtor. If the creditor secures a judgment, it can then take steps to collect on it through garnishment or attaching a lien on the debtor’s unexempted property. There are often several ways that a debtor can avoid these negative results, including the following:

  • What Happens in a Debt Collection Lawsuit?
      by HG.org

    Debt collection companies are often given a specific protocol to follow when collecting debts. Their owners may set out specific rules for these transactions. Additionally, federal and state laws often impose additional requirements regarding the collection of debt.

  • What is the Role of a Bankruptcy Attorney?

    Bankruptcy is a complex procedure that requires you to make a host of critical decisions from before the time you file straight through to the time your debts are discharged and the bankruptcy procedure concludes. An experienced bankruptcy attorney can guide you through the dizzying maze of decisions, paperwork and procedure that marks a bankruptcy filing, whether it is a chapter 7 or chapter 13.

  • What Is a Loan Modification Lawyer?
      by HG.org

    Loan modifications are most commonly made to mortgages, often because homeowners are having difficulty making mortgage payments. A loan modification lawyer restructures an existing contract to modify the repayment terms of a loan.

  • How to Use a Tax Return after Consolidating Student Loans
      by HG.org

    When a person files taxes in which he or she has paid a greater amount of taxes than his or her tax liability requires, he or she can receive a tax return. In some situations, a person may have taken the steps to consolidate student loans and may look for other ways to save. Some possible ways to smartly use these funds include:

  • Can You Recover from Bankruptcy and Foreclosure

    Former homeowners who have been foreclosed on have to go through an entire year of loss after loss. First, they lose their home and have to relocate. Next, they have to figure out how to re-establish credit because they have lost their once good credit rating. Then, as homeowners attempt to put this behind them, they go to the mailbox and receive a 1099. A 1099A or 1099C is issued by the creditor for the abandonment or cancellation of debt.


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