Bankruptcy law is complex. It can be overwhelming for the consumer researching the subject to read technical legal jargon, which is why we created the Bankruptcy Basics section of the site. At National Bankruptcy Forum, our goal is to provide readers with useful information about bankruptcy and debt that can be easily understood. In this section of the site, we have published over 100 articles that focus on the basics of bankruptcy, such as exemptions, property issues, filing deadlines, and costs. You’ll want to consult with an experienced bankruptcy attorney before filing for bankruptcy, however. This site is not meant to be considered legal advice.
4 lessons from 50 Cent’s bankruptcy case
A federal judge recently discharged the bankruptcy case of rapper 50 Cent after he paid more than $22 million of his debt. 50 Cent filed for Chapter 11 reorganization in 2015, with debts of $36 million and assets of less than $20 million. The “Get Rich or Die Tryin’” artist, whose real name is Curtis…Read more
What Does Bankruptcy do to Credit Scores?
When you’re in debt and trying to decide what action to take, you may be concerned about how to protect your credit score. That’s often one of the last barriers to deciding to file for bankruptcy – what will this do to my credit? The answer may surprise you. Bankruptcy certainly does have an effect…Read more
Can I pay back family before bankruptcy?
In times of difficulty, we naturally turn to family and friends for help. The same holds when those difficulties are financial. Family and friends know you and understand your troubles; they’ll be willing to lend you a hand even when banks won’t. They trust you regardless of your credit score. If you borrow from people…Read more
Gift or Loan, and Why Does It Matter for Bankruptcy?
Last updated May 31, 2017. When you’re struggling with debt, it’s natural to turn to friends and family for help. They know you and they trust you, making it simpler and easier to seek financial aid from them than from a bank. If your financial difficulties continue and you decide to file for bankruptcy protection,…Read more
IRS Sanctioned for Willful Violation of Discharge Order
The Bankruptcy Discharge Applies Even To The Federal Government Creditors who attempt to collect on debts that have been discharged in bankruptcy often find themselves in serious hot water with the Bankruptcy Court. Bankruptcy judges take the discharge order very seriously and will dish out punishment to those who ignore its prohibitions against continued collection…Read more
How to Screw Up Your Bankruptcy Discharge
Last updated Oct. 30, 2017. In the vast majority of cases, the bankruptcy discharge is the primary reason debtors enter the Bankruptcy Court. After all, people file bankruptcy to get rid of debt, and a federal court order is certainly an effective way of making this happen. However, receiving a bankruptcy discharge is not guaranteed,…Read more