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 […]
The core of a Chapter 13 bankruptcy case is a three to five year repayment plan. The ability to stretch out past-due balances across 36-60 months can mean the difference between chaos and financial stability, and Chapter 13 allows many people to regroup and rebuild their finances without surrendering property. But, three to five years […]
California and Texas have a few big things in common: they are the two most populous states in the United States, and the second and third largest by land mass. Both enjoy year-round mild to hot temperatures. But, there are significant differences as well. Those differences may explain why people are flocking to Texas while […]
While would-be Chapter 7 bankruptcy filers are subjected to a complex calculation involving debts, income, and expenses, the hurdles for those pursuing Chapter 13 bankruptcy are different. Generally, Chapter 13 bankruptcy will be an option if the debtor: Is an individual–there is no Chapter 13 bankruptcy for businesses, Is not disqualified by a recent dismissal, […]
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