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Category Archives: Bankruptcy

Is it Possible to Discharge Student Loan Debt in Bankruptcy?

If you feel mired down in student loan debt, you are in good company. According to the Institute for College Access & Success, in 2012 the average debt for graduating seniors from private, non-profit colleges was $32,300. Those graduating from for-profit colleges had, on average, $34,950 in student loan debt, which is up 26% from… Read More »

Bankruptcy and Why You Shouldn’t Be Relying on Your Tax Refund

If you’re like many Americans, you’re looking forward to using your annual income tax refund to make a once-per-year payment on your debts. It’s always a positive step to pay down debt, but it’s a big mistake to treat your tax refund like some sort of “annual bonus.” Your tax refund is not a bonus;… Read More »

Bankruptcy and Retirement — How to Create a Sound Financial Future

Many baby boomers are struggling with credit card debt, most likely because their income is much lower than when they were working, but their expenses may not have decreased much. They may be facing high prescription and medical care costs, and any financial emergency seems magnified when you are living on a fixed retirement income…. Read More »

Overwhelmed by Debt? Stop Ignoring Your Mail & Do This Instead

Are you feeling overwhelmed by a mountain of debt? If you have reached the point where you feel hopeless about your ability to ever pay it off, then read on to discover some vital action steps you can take to get back in control. Stop ignoring your mail. A common reaction to large amounts of… Read More »

Can I File for Bankruptcy if I’m Unemployed?

The stress of being in debt is exacerbated if you are also unemployed. How can you repay your loans if you don’t have a steady income? Don’t worry – you still have options. You don’t have to be employed to file for bankruptcy. You can still file without having a job, although it may complicate… Read More »

Wiping Out Lawsuit Judgments with Bankruptcy

The only thing worse than having a debt in collections may be having a debt that’s become a judgment.    A judgment is a court decision that allows a creditor or debt collector to take legal steps to collect payment from a delinquent debtor. This can include freezing your bank account, garnishing your wages, and… Read More »

Can Bankruptcy Stop Creditors from Garnishing Wages?

From plummeting credit scores to harassment from bill collectors, there are many drawbacks to falling behind on debt payments. But perhaps none are as frustrating as wage garnishment. If you are delinquent on debts, creditors and debt collectors may be able to get a court order demanding that your employer garnish wages from your paycheck… Read More »

Should I File for Bankruptcy to Eliminate Medical Debt, Even If I Have Good Credit?

Medical debt is the leading cause of bankruptcy in the U.S. today, affecting people of all ages – and in all financial situations. It’s never easy to take on medical debt when you’re already struggling with a slew of other money troubles. But what if, until now, your credit has been close to perfect? Even… Read More »

What happens to a cosigner when the borrower files for bankruptcy?

Most people have the best of intentions when they ask a loved one to cosign a loan. But what happens when a well-meaning borrower can no longer afford to make loan payments? All too often, co-signers bear the burden when a family member defaults on a debt. It’s hard to say no when a child,… Read More »

Bankruptcy May Help Indebted Workers Save for Retirement

Could the days be over when reaching retirement age means actually being able to retire? A new survey seems to indicate so. Almost one third, or 31 percent, of adults in the U.S. say they have no savings or pensions as they approach retirement. As if that isn’t worrisome enough, nearly 20 percent of those… Read More »