The Bankruptcy Abuse Prevention and Consumer Protection Act is Ten Years Old!

The Bankruptcy Abuse Prevention and Consumer Protection Act turned 10 years old today. I guess I should say thanks. After all, the same relief that was available before the Act’s passage remains available today, but the level of complexity of the bankruptcy laws has expanded exponentially and the number of procedural niceties that must be met in order to obtain relief has likewise increased tenfold.

Lessons From the Chase Bank Credit Card Robosigning Scandal

Chase Bank agreed in July 2015 to pay more than $200 million to settle claims made by 48 states as well as the Consumer Financial Protection Bureau that it sold faulty credit card debts to third-party collectors.
Understanding what happened provides valuable lessons to anyone who’s being sued for a past due credit card debt.
Chase Halts All Collection Lawsuits

What Are the True Costs of Filing for Bankruptcy?

No one expects to be over their head in debt and thinking about bankruptcy. But sometimes there’s no other way out of your debt problems, and the only way to get your financial house in order is to wipe the slate clean.
Bankruptcy is designed to be a final option for resetting your finances, bringing your debt under control in an orderly fashion.
But debt freedom doesn’t come for free, so it’s important to understand the full scope of the costs you can expect when you file for bankruptcy.

Keeping Your Car Through Bankruptcy – Good Idea, or Budget Buster?

My clients who are looking at bankruptcy as a way to get out of debt worry about their car. Is it a good idea to get rid of it in favor of a less expensive vehicle? Will either the court or their car lender force them to surrender the vehicle?

Recovering Your Vehicle From The Pound With Chapter 13

Vehicle Impounded In Record Numbers During the last 10 days, I have seen a huge uptick in the number of Chicago residents who have had their vehicles impounded. This most certainly has to do with the city of Chicago and its effort to bring in revenue from parking ticket debt. When clients don’t pay their+ Read More

Penalty Owed to a Governmental Unit is Dischargeable in Chapter 13 - But Not Chapter 7 - Bankruptcy, Even if it Arises from Fraud

The scope and extent of debts that may be discharged is an often litigated issue in bankruptcy. In a recent Chapter 13 case in the U.S.

Thinking About a Second Job? Consider These 7 Risks First

Being in debt is like being overweight; you’ve got too much of a thing you want to get rid of. As with losing weight, the way to get out of debt is a simple equation – spend less money than you make.
There are only two ways for that equation to work, and those involve spending less or making more.
Spending less smacks of deprivation because it means limiting the things you love. Making more, on the other hand, sounds more palatable.

4 Simple Steps to Correcting Errors on Your Credit Report

It’s been estimated that about 80% of people in the United States have credit report errors.  Those statistics are from 2009, so it’s likely that those numbers are higher in light of the rampant mortgage-related issues over the past few years.

Can Credit Repair Really Raise Your Score After Bankruptcy?

When you use bankruptcy to get out of debt, the first thing you’re going to want is to work on your credit score. Getting your credit into tip-top shape, after all, helps put you in the best light with new lenders.
That’s where credit repair companies come in.
They play on your fears that bad credit will stand in the way of your dreams, and that bankruptcy is the end of the world. Once you’re hooked, they promise to remove bad marks from your credit report.
It sounds too good to be true – and that’s exactly what it is.
Your Credit Score After Bankruptcy

The Right Time To File Chapter 7 Bankruptcy

Seasonal Worker I recently met with a gentleman who was employed by the union as a contractor. He had long stretches of unemployment and other stretches of high employment. He wanted to hear from me as to when was the right time to file chapter 7 bankruptcy. His situation is somewhat unique. He will work+ Read More

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