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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  • Mortgages After Bankruptcy in New York

    Credit card debt. Bills piling up. Filing for bankruptcy. Bankruptcy proceedings. Destroyed credit. Foreclosure. All of these things can take a toll on a person, not just financially, but emotionally and legally. Though some might view bankruptcy as an admission of failure, bankruptcy is actually an opportunity.

  • New Proposals for Chapter 11 Bankruptcy from the American Business Institute

    This year, Chapter 11 bankruptcy is getting an overhaul. These changes are designed to make filing for Chapter 11 bankruptcy easier for businesses.

  • New Year, New Start: Life After Bankruptcy in New York

    Filing for bankruptcy changes your life. As you know if you recently filed for Chapter 7 or Chapter 13 bankruptcy, filing for bankruptcy takes a toll on your credit score, your financial well being, and your emotional health.

  • How to Collect Debts Owed by a Bankrupt Client
      by HG.org

    When business owners hear that a customer is going through the process of bankruptcy, they may start to write off the debt. However, this may cause business owners to lose funds to which they are entitled. By being aware of their rights and following these steps, business owners can protect their bottom line.

  • What Is the Fair Debt Collection Act?
      by HG.org

    The Fair Debt Collection Practices Act was enacted in 1977 in order to curtail abuses by debt collection companies. The act provides protections to consumers against harassing tactics, empty threats, telephone contact and dissemination of credit information by third-party debt collection companies. It also provides remedies to individuals who have had their rights violated regarding these matters.

  • What Actions Must a Collection Agency Avoid?
      by HG.org

    Third-party debt collectors must conform to a certain set of rules that are prescribed by a variety of federal and state laws. The primary consumer protection law that debt collection agencies must adhere to is the Fair Debt Collection Act. However, the state where the debt collection agency operates or the state where the debtor resides may carry additional consumer protection laws with which the agency must also comply.

  • Hounded By Debt Collectors, What Can I Do?
      by HG.org

    Debt happens to almost everyone at some point in their life. When one falls behind on those debts, it is natural to feel embarrassed, under fire, and alone. Many debt collectors take advantage of these feelings to unduly pressure, harass, and embarrass those with delinquent accounts.

  • Tax Offsets for Defaulted Student Loans
      by HG.org

    A federal student loan is one of the most difficult items to escape. Federal student loans are usually not dischargeable in bankruptcy. Furthermore, the federal government can take dramatic steps to ensure that it receives the money that is owed.

  • Inherited IRAs and Creditor Protection

    Your IRA is protected from creditors if you have to file bankruptcy, but what happens to that IRA if you die and leave it to a child? Many assumed that the inherited IRA retained that creditor protection in a child’s bankruptcy. The United States Supreme Court ruled otherwise in Clark v. Rameker, 134 S. Ct. 2242 (2014).

  • What Personal Property is Exempt from Chapter 7 Bankruptcy in Texas?

    Chapter 7 Bankruptcy allows debtors to retain all their exempt properties although the ones that are not exempt are typically turned over to the trusties of the chapter. Such pieces of property are usually sold and the proceeds distributed to the creditors. What applies in Texas?


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