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Bankruptcy Law Blog
Filing Chapter 7 Bankruptcy To Wipe Out Debt — A Sneak Peek Into The Process
Written by Dan Marshall A sluggish economy and mounting debt level have made repayment of loans a back-breaking task for the debtors. Debtors often go through dire financial straits when faced with unforeseen circumstances like undergoing hospital treatment or suffering [...]
In Debt? Don’t Empty Your 401(K) Before Considering Bankruptcy
If a job loss, medical bills or unexpected expenses have got your scrambling to pay your bills, you may have wondered whether it’s a good idea to liquidate your 401(k) account in order to pay them off. Before you take [...]
Strip A Second Mortgage In Bankruptcy
If you are filing for Chapter 13 bankruptcy and have a second mortgage, you may be able to “strip down” or “cram down” your second mortgage in something commonly referred to as “lien stripping.” If the value of your home [...]
Drowning In Medical Debt? Know Your Rights In Collections
As we discussed in our last post, more Americans file for consumer bankruptcy over insurmountable medical bills than any other reason. Of course, many people who can’t afford to pay their medical bills don’t end up filing for bankruptcy, which means there are [...]
Medical Bills The Leading Cause Of U.S. Consumer Bankruptcies
According to a recent study by NerdWallet Health, the leading cause of consumer bankruptcy filings in the U.S. is not credit card debt or mortgages, but rather health care bills. In fact, an estimated two million people in the U.S. will file [...]
‘Walk On By’ My Paycheck Processor, Chapter 7 Court, Says Warwick
As you may have heard, legendary singer Dionne Warwick filed for Chapter 7 bankruptcy in March, claiming only about $25,000 in assets but owing more than $10 million in California and IRS tax debt. According to reports, nearly $7 million of that [...]