Automobile repossession, or the threat of repossession, is one common reason people consider bankruptcy. Most people who ultimately file for bankruptcy have struggled with debt for years before deciding to take that step. Often, a crisis such as wage garnishment, a foreclosure action, or the threat of vehicle repossession is the trigger for seeking a […]
For years, we’ve been hearing about broke Millennials. There’s been a lot of controversy about the reasons. Some say Millennials can’t get ahead because of student loan debt, and have been condemned to living at home, delaying home purchases, and even pushing back marriage and children in service of their debt. Others paint them as […]
Senator Elizabeth Warren is arguably the nation’s leading consumer advocate in the area of bankruptcy and other financial protections. She strongly opposed the 2005 bankruptcy reform that made it harder for many Americans to file Chapter 7 bankruptcy, has published significant studies on the root causes of bankruptcy in the United States, and even authored […]
If you sometimes feel like you’re working just to pay your debts, you’re not alone. According to the Center for Macroeconomic Data, aggregate household debt in the United States increased to $13.95 trillion in the third quarter of 2019. This was the 21st consecutive quarterly increase in consumer debt. At a per capita debt of […]
For most people, bankruptcy isn’t like a typical legal proceeding. For most, there is no courtroom appearance and little or no contact with a judge. Instead, the bankruptcy process is usually accomplished through a combination of online or telephone courses, paperwork completed with the assistance of your bankruptcy attorney, and a single live appearance at […]
The federal Fair Debt Collection Practices Act (FDCPA) prohibits debt collectors from a variety of dishonest, abusive, and harassing behaviors. The statute offers broad protection, including: Placing an obligation on debt collectors to provide certain information in debt collection communications Prohibiting debt collectors from pursuing collections while a debt is in dispute Prohibiting debt collectors […]
Income tax refunds play an important part in many family budgets. According to a study conducted by JP Morgan Chase, the average tax refund in the United States is equal to nearly six weeks of the recipient’s take-home pay. And, what happens to those refunds shows how reliant on that money many Americans are. On […]
The key benefit of a Chapter 7 bankruptcy case is the discharge–the elimination of the legal obligation to pay many unsecured debts. If you’re considering Chapter 7 bankruptcy, you may have heard about “nondischargeable debt” and be unsure how much bankruptcy will help you, or which of your debts may be wiped out in Chapter […]
Many people view bankruptcy as a last resort, putting it off or searching for alternatives and letting debts continue to spiral out of control. While it’s good to take responsibility for your debts and investigate other possible options before filing for bankruptcy, it’s important to fully educate yourself and understand the pros and cons of […]
Since now-Senator Elizabeth Warren turned a spotlight on the connection between medical expenses and bankruptcy filing back in 2005, that link has been studied, scrutinized and debated. “Medical bankruptcy” got a lot of attention in the lead-up to the passage of the Affordable Care Act (ACA). And, initially, it looked as if the wider medical […]
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