Car payment not paid in full will creditor repossess?

Sometimes, despite your best efforts, you may not be able to pay all of your bills in full each month. Whether it’s an unexpected illness, temporary job loss, or expensive car repair, it’s not unusual for many individual’s expenses to cost more than their monthly income.

Recently on our bankruptcy forum a user asked, “I have a high car payment and I have been making regular payments, but for the last several months I have not been able to pay the full car payment amount. Is the creditor legally allowed to repossess my car?”

Continue reading

Steps to take after filing bankruptcy?

Filing bankruptcy is a big decision, and there are some financial ramifications after it’s complete. With this in mind, filing bankruptcy may only be the first step most debtors have to take to get their finances back on track. In fact, failing to take the right steps after bankruptcy may result in another financial crisis a few years later. Continue reading

California wage garnishment what do I need to know?

Everyone needs income to pay for their basic necessities- housing, clothing, and food. Eliminate income or have your income reduced for an extended period of time and it’s likely you will feel an automatic financial pinch or potentially face a financial crisis. Recently on our bankruptcy forum a user asked, “I live in California and I cannot pay my credit card bills and child support debt. I am afraid my creditors will garnish my wages and I will not have enough money to pay my bills. Are my creditors able to get a California wage garnishment?”

Continue reading

Chapter 7 Bankruptcy forms how do I file them?

Despite what some are calling a financial recovery, many individuals have not financially recovered from the 2008 economic downturn and may still be considering filing for bankruptcy protection. Recently on our bankruptcy forum a user asked, “If I am filing bankruptcy without a lawyer how do I file my Chapter 7 bankruptcy forms?”

Continue reading

Financial situation how can I improve it?

Although government officials claim the economy has recovered, many individuals continue to struggle to pay for their basic needs of food, clothing, and shelter. Others have had to rely on aggressive borrowing strategies, such as payday loans or high interest credit cards. Recently on our forum a user asked, “I have a job, but I am living paycheck to pay check. I am depressed and my debt obligations are growing. What can I do to improve my financial situation?” Continue reading

Debt collectors what are my rights?

Each year thousands of debtors complain to the Federal Trade Commission (FTC) about violations under the Fair Debt Collection Practices Act (FDCPA). The good news is debtors are wising up to the legal rights they have under the law and are willing to fight against abusive, unfair, or deceptive practices debt collectors have used for years.

Recently on our bankruptcy forum a debtor asked, “I have heard something about a law that protects me against harassing debt collector actions. What is this bill and what can I do to stop debt collectors?”

Continue reading

Failed means test why can’t I file Chapter 7?

For years, Chapter 7 bankruptcy has been the most popular bankruptcy to file. It is considered a liquidation bankruptcy, allowing debtors to sell certain assets and use the proceeds from the sale to repay their creditors. Dischargeable, unsecured debts which remain after the liquidation of the assets are generally discharged.

Continue reading

Filing bankruptcy top three questions to ask

Given the current state of the economy, high unemployment, high student loan debt, and increased medical costs, you may be suffering a financial crisis. You may have even considered filing bankruptcy.

For some people, filing bankruptcy may be the best option. For others, however, filing bankruptcy may not. Before filing bankruptcy it’s important to step back and ask yourself several important questions.

Continue reading

Online Payday loans destroying my life help!

Payday loans- experts have been warning consumers about them for years. Not only do they charge exorbitant interest rates, but consumers frequently are sucked into a black hole of debt with endless payments. But now, there’s new player in town. Not only do you have to avoid the brick and mortar payday loan down the street, but the Better Business Bureau has also issued a consumer alert to any customer who is considering using an online payday lender.

Continue reading