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.

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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.

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Medical bills of dead husband do I have to pay the debt?

Recently on our forum a user asked, “If my spouse has died and I live in a community property state will I be responsible for repaying his medical bills?”

Having a spouse die can be one of the most devastating events in a person’s life. Unfortunately, even after death, life does not stop, and creditors may continue to collect debts, including medical bills. But whether or not you will have to repay your spouse’s debts after the assets of their estate have been distributed may depend on whether you live in a community property state (Arizona, California, Idaho, Louisiana, Nevada, New Mexico, Texas, Washington, and Wisconsin) and whether the debts were acquired during the marriage.

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Texas wage garnishment laws is my income safe?

The State of Texas offers many protections from wage garnishments for certain types of debts, including credit card debt, breach of contract debts, and tort claims. But before packing up your bags and moving to this great state, it’s important to understand that not all debtors will be protected from Texas wage garnishments. Texas does allow wage garnishment for some debts, specifically, those for child support payments, certain IRS tax debts (which are garnished under federal wage garnishment laws), and student loan debts.

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Supplemental Security Income overpayment and bankruptcy

Recently on our disability forum a disability recipient asked, “If I have been receiving Supplemental Security Income (SSI) benefits and the Social Security Administration has determined I owe them money for an Supplemental Security Income overpayment can the SSI overpayment be discharged if I file for Chapter 7 bankruptcy protection?”

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Lawsuit settlement can I keep it after bankruptcy?

If you have filed a personal injury claim, car accident claim, or any other type of civil suit you may be expecting a large lawsuit settlement. Unfortunately, it can take years to receive a lawsuit settlement, especially if the case has to be settled in court. So what do you do if you are in financial straits? Should you file bankruptcy now or wait for your lawsuit settlement? What happens if you file bankruptcy now but receive a settlement after the bankruptcy case has closed and you have received your bankruptcy discharge?

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Foreclosure can I get my house back?

Recently on our bankruptcy forum a user asked, “If my home has been sold through auction is there a way that I can get my property back?” Some states allow property owners who have lost their homes in a foreclosure to regain their property through a process known as statutory redemption. State laws vary, which means the amount of time you have to reclaim or redeem the property can vary, as well as the process for redemption.

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Chapter 11 vs. Chapter 13 bankruptcy whats the difference?

Both Chapter 11 and Chapter 13 bankruptcy may allow you to modify secured debt contracts, discharge certain unsecured debts that cannot be repaid over the term of the bankruptcy repayment plan, and to keep certain property needed to operate your business. There are some differences between the two bankruptcies, however, which are discussed below.

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