From the category archives:
This is a guest post from Debbie. Debbie Dragon is a writer for Creditorweb.com, where she writes about credit card offers, rewards programs, and general financial topics.
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I’ve been reading the debt kid’s story with interest… how he came to be in as much debt as he is in and then decided bankruptcy was [...]
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While I haven’t seen the movie, “You got served” I’m pretty sure it’s different from the legal “serve” that I received today.
This actually wasn’t completely unexpected. About a week ago I received a call from a process server (I was at a BBQ) when she was at my apartment. A week later (Friday’s must be [...]
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A reaffirmation agreement in bankruptcy is a new contract signed between you and a lender that reaffirms your debt and personal liability for the obligation. Such an agreement is usually executed for secure property such as an automobile, a boat, a recreational vehicle (such as a motor home) or an airplane. Before signing an agreement [...]
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A Chapter 13 bankruptcy, also referred to as ‘reorganization’, does not discharge your debts as a Chapter 7 Bankruptcy does. Instead, it provides you with an opportunity to settle amounts past due through monthly payments made over time in addition to your regular monthly payments.
Chapter 13 is normally utilized by people who have suffered a [...]
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A Chapter 7 bankruptcy is a legal proceeding in federal bankruptcy court which can release you from any necessity to ever pay your debts.
In doing this, however, you do stand to lose any non-exempt assets you may have (stocks, bonds, cash in savings accounts, valuable artwork, etc) to the trustee-in-bankruptcy appointed by the court. These [...]
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As a general rule, it is best to consider bankruptcy as the least desirable option available to you when your finances have gotten out of control. However, if your financial situation has been going downhill for an extended period of time, your credit standing is probably so bad that filing for bankruptcy really won’t do [...]
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It costs money to declare bankruptcy. Seems backwards, doesn’t it?
You have no money, which is why you’re filing for bankruptcy, yet it costs money to file bankruptcy. There really is not such thing as a free lunch! (and Bankruptcy is no free lunch, let me tell you)
Bankruptcy Costs
The us bankruptcy courts have filing fees. [...]
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I had my “meeting of creditors” today in US bankruptcy court.
One word to describe the whole thing?
Awkward
You’re in this room with a dozen other “debtors” and the awkwardness is as thick as pea soup. I think my meeting with the trustee went fine, in fact, it was not nearly as stressful as I thought it [...]
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Sometimes I feel like the most screwed up 24 year old on the planet. I finished my bankrupcty paperwork last week, and I honestly haven’t thought about it since then.
A Bankruptcy is supposed to be like somewhere in the top 5 most traumatic life events right? I swear I read that somewhere, maybe I’m nuts. [...]
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I finally got all my bankruptcy paperwork finished last week and mailed off to the lawyer I’ve been working with. I could have swore I remembered the fee being $1,000 when we had a meeting a few months ago.
It’s $1500 + $299 Filing Fee.
Yikes. I have a family member who has offered to cover 1K [...]
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