According to dailyfinance.com, more than half of all American parents were planning to take on at least some holiday debt in order to buy presents for their children, and its likely you did, too. Consumer credit card debt in the U.S. totals almost $800 billion -- second only to student loans in the total held by Americans.
Rapper DMX, whose real name is Earl Simmons, filed for Chapter 11 bankruptcy in New York last week, just days after being arrested in South Carolina on alleged drunk driving and driving without a license. DMX is a resident of South Carolina, but it seems the Bankruptcy Court in Manhattan was the best option for the performer, who hopes to use Chapter 11 to resolve perhaps $10 million in personal and business debts.
Written by Dan Marshall
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."
The following are the main advantages to filing a Bankruptcy: