Unless you are in the business of lending money to others, most of you might not think there is such a thing as a best interest of creditors, even when it comes to bankruptcy. The truth is that bankruptcy laws have been passed to make a level playing field for both creditors and debtors. Therefore, there is actually a bankruptcy law that looks after the best interest of creditors in the bankruptcy process. (more…)

College degrees may be a rip-off

In the past a bachelor’s degree may have been a “golden” ticket to a richer more intellectually fulfilling life but with the soaring tuition rates and current unemployment levels it’s not just William Bennett who is questioning whether college is worth it. In fact, some experts suggest that it may be better to invest tuition in stocks or another investment rather than in our nation’s colleges.

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Recently on our bankruptcy forum we had a user ask the following question, “My wife and I are attempting to restructure our home mortgage.  However, the bank says that we do not qualify for their restructuring program.  But with the downturn in the economy, our income has decreased significantly and we are considering filing bankruptcy.”

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As with all bankruptcy questions, it’s important to seek advice from a bankruptcy lawyer. Whether you will be entitled to keep your life or accident insurance payments if you declare bankruptcy can depend on where you live, why you received the money, and state and federal laws.

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Can my Gambling debts be discharged?

Heading to Las Vegas to score big on slots or poker may seem like a good idea, but what do if your luck runs out and you have accumulated gambling debts you cannot pay? Many debtors in this situation have considered filing bankruptcy and wonder if chapter 7 bankruptcy or chapter 13 bankruptcy really will discharge their unsecured gambling debts. Guess what? The answer is: it depends. Generally speaking, gambling debts are dischargeable, meaning the bankruptcy code does not expressly preclude discharge of gambling debts, but it may not be as simple as it sounds.

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When you are filing bankruptcy, whether it is Chapter 7 or Chapter 13, you must follow a defined process as defined by the bankruptcy laws of each state.  There are specific forms you must fill out accurately and completely, fees that you must pay, and court appearances that you or your attorney must attend.  It can be a lot to keep up with. But did you know that it is possible that your bankruptcy filing could be thrown out through a motion to dismiss, and if this happens you do not get to walk away from or reorganize your debts as you hoped to do?  Read on to find out how this happens, what it means, and what you can do if it happens to you.

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One of the most common questions we get on our bankruptcy forum is whether or not student loan debt can be discharged in a bankruptcy. If you have graduated with high student loan debts you are not alone.

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As the opportunity to purchase a home using a traditional mortgage has become more difficult at times over the past several decades, various non-traditional means of obtaining financing have been created.  One such non-traditional means of financing the purchase of a home is a contract for deed.

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How will my cosigner be affected when I file bankruptcy?

It is not unusual in these times for a person to have a few dings on their credit.  Such dings commonly happen when someone is late making payments for credit cards, utilities, or mortgage or rent payments. When someone who has less than a stellar credit score wants to get a loan to purchase a car or a home, they may find that because of those credit dings they are either charged an exorbitantly high interest rate or cannot get a loan at all.  That is where a cosigner comes in.

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Chapter 7 vs. Chapter 13

If you are facing a financial crisis and bankruptcy is your only option you may be wondering what type of bankruptcy you should file. Chapter 7 bankruptcy and Chapter 13 bankruptcy are the two most common types of personal bankruptcies, but many people do not understand the differences and what bankruptcy may be best for them.

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