Bankruptcy Can Help Older Americans Take Control of Their LivesMany elderly live in terror of a debt collector calling.

Did you get called by Bayview Legal for CashNetUSA? Elle came to talk to me yesterday about bankruptcy. At our meeting, she told me about Bayview Legal.  She said she had made payment arrangements with “Bayview Legal” to pay a debt to CashNetUSA.  She wanted to file bankruptcy, but figured she had to pay Bayview.

According to an article in the New York Times, Bank of America and JP Morgan Chase are finally agreeing to properly identify debts that were discharged in bankruptcy.  Bank of America and JPMorgan Chase have agreed to update borrowers’ credit reports within the next three months to reflect that the debts were extinguished.

Bank of America and JP Morgan Chase finally agree to properly identify debts discharged in bankruptcy.

There is a huge misconception out there that basically states that in order to file for bankruptcy relief you have to be penniless. This misconception stems from the fact that most people are not aware of Illinois personal property and real property exemption laws. The exemption laws are actually independent laws separate from the United+ Read More

Upon the filing of a bankruptcy petition, an automatic stay goes into effect which provides a debtor with immediate protection from collection efforts by creditors. But the automatic stay is not without limitations.

Third-Party Citations One of the ways that a creditor with a judgment against you can attempt to collect a debt is to attach or seize your bank account. This is done by filing a third-party citation to discover assets in the Circuit Court and having it served upon the bank. Once the bank receives notice+ Read More

Ten years after the passage of the “new” bankruptcy law we find a new class of Americans “the permanently insolvent”.    You won’t find reference to this group in any financial magazine.  But, hundreds of thousands of Americans are in a position of being hounded mercilessly by debt collec

Hundreds of thousands of Americans are hounded mercilessly by debt collectors, but unable to afford to file for bankruptcy.