Student loan debt could turn into another crisis for the economy, according to the president of the National Association of Consumer Bankruptcy Attorneys. William Brewer is putting a pessimistic spin on his group’s survey of 860 bankruptcy lawyers. “This could very well be the next debt bomb for the U.S. economy,” Brewer said in aREAD MORE
I know that this has been said on this blog numerous times about listening to what others, particularly non-attorneys, say about bankruptcy. Just because your friend got to keep his car free and clear of the creditor’s lien does not mean that youwill. Often, there is a substantial amount of misunderstanding and just plain wrongREAD MORE
If you wish to file for bankruptcy, it is highly advisable that you hire a competent bankruptcy attorney instead of filing for bankruptcy by yourself. But as in any profession, there are good bankruptcy attorneys and there are bad ones. A good bankruptcy attorney is a dream to work with but a bad one…well, let’sREAD MORE
Number 4. You received a Summons and Complaint for foreclosure. Now you are being sued by your mortgage company and in danger of losing your property. You have a short period of time to respond, usually 30days or less in Illinois. Number 3. You received a letter from a collection lawyer giving you a deadlineREAD MORE
One of the drawbacks to filing chapter 7 bankruptcy is that you may lose some of your stuff. Chapter 7 bankruptcy is a liquidating bankruptcy – meaning if you have assets that you own free and clear of any liens and that are not protected under one of Arizona’s exemption laws, then in chapter 7READ MORE
Bankruptcy can stop collection and eliminate tax debt in many situations. For more details on tax discharge see the article I wrote about Bankruptcy Tax Discharge on my personal site. While bankruptcy can be a very useful tool in dealing with the Internal Revenue Service and state collectors, it will not solve all problems. InREAD MORE
Bankruptcy was designed to protect the consumer. That’s right, the Bankruptcy law was created to protect you! The purpose of the law is top allow the consumer who is over burdened with debt to find a way out. The Bankruptcy law is designed to help you restore your credit, keep your home and car, and to return you to the road of life on a sound financial footing. 