Bankruptcy Archives

Is Chapter 11 bankruptcy the right choice for your business?

It is not easy to own, operate and sustain a small business. The expenses associated with start-up and day-to-day operations may outpace your ability to manage these costs, and this could lead to financial trouble. Many businesses just shut down when they reach a certain point in their money-related struggles, but that may not be the only option for your business.

Dropouts and student loan debt

Much of the ongoing discussion on the student loan crisis revolves around college graduates struggling to find work in their chosen field. The dream of starting the job they spent four years preparing for becomes a harsh reality of unemployment. Some find themselves taking lesser-paying jobs far outside of their field. Others decide to live at home with their parents until their fortunes turnaround.

IRAs may not be as safe from bankruptcy exemptions as you think

When debtors file bankruptcy, they feel safe that their IRA and other retirement accounts are protected from creditors seizing their assets. However, that “hands-off” rule is based on specific circumstances. Different types of creditors have different levels of protections based on governing law, including federal bankruptcy law and state-specific collection laws.

A third of all Americans still have debt in collections

Much has been made lately about the state of the economy, how more people are back to work and unemployment claims are down. Despite this good news, it appears that the number of consumers with past due debt in collections is still a problem. According to a 2014 study by the Urban Institute, 35 percent of consumers have a debt that is in collections.

How Chapter 7 and Chapter 13 are different from each other

One of the most common questions that gets asked about the topic of bankruptcy in general is: what is the difference between a Chapter 7 bankruptcy filing and a Chapter 13 bankruptcy filing? These are the two most common forms of personal bankruptcy, with nearly three-quarters of bankruptcy cases are Chapter 7 and the remainder are Chapter 13.

A looming student loan crisis?

Many financial experts see similarities between the 2008 subprime housing crisis and today’s $108 billion private student loan market. A decade ago, billions in subprime mortgage loans were ruled uncollectable by courts over missing or fraudulent documents.

Will new credit reporting rules boost accuracy and reduce errors?

For those who wage an ongoing battle with bad credit, help may be on the way. If you are dealing with unpaid taxes, doctor bills and judgments, you may not only receive much needed protections, but also a significant boost in your overall credit score.