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Consumer Debt

In the years following the Great Recession, consumer debt has steadily risen. Even as the economy has recovered a little bit here and there, our household debt has a way to go in terms of catching up. We’ve lost a job and it’s still been hard to find a new one. We have medical bills that are impossible to pay, credit card debt that continues to mount, or our homes are about to go into foreclosure. With family members struggling just as equally, it can seem like there’s nowhere else to turn. However, we do have options. Bankruptcy may be one of them. Learn more about consumer debt and bankruptcy from the National Bankruptcy Forum.

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Can Bankruptcy Be Denied? 6 Ways to Lose Your Discharge

Last updated April 13, 2017. While there are certain debts that cannot be discharged in a personal bankruptcy case, or are very hard to discharge (such as student loan debt), there are a variety of circumstances under which a court can deny you your ENTIRE discharge. This means that you will still be liable on…

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Is Filing Bankruptcy Bad? Can It Be Good?

You’ll hear a lot of people conclusively say: “bankruptcy is bad.” But why? Why is the general consensus that filing for bankruptcy is a bad thing? While it is true that filing for bankruptcy is evidence of trouble with personal finances, that’s not the whole story. A large part of the reason why people say…

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Credit Card Lawsuit Defenses: What to Do When You’ve Been Sued

You’ve fallen behind on your bills and now you’ve received notice that your credit card company is suing you. This usually happens in the form of a letter accompanied by a formal complaint. What do you do now? The first step is to read the complaint carefully. The complaint will have crucial information about what…

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What is a judgment? Can bankruptcy help?

A judgment is a legal determination that you owe a debt A judgment is really just a piece of paper signed by a judge that says you owe a debt. For example, in the event you can’t pay a credit card on time, the bank has no immediate recourse. They can call and write, but…

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Make Student Loan Debt Dischargeable in Bankruptcy…Again

Why Not Student Loans? In the famous decision, Local Loan Co. vs. Hunt, the Supreme Court summed up the relatively simple policy behind our bankruptcy laws: the “honest but unfortunate” debtor is given the opportunity to start over, “unhampered by the pressure and discouragement of preexisting debt.” The idea of periodic debt forgiveness is ancient, appearing numerous…

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Why is My Credit Card Company Suing Me?

Last updated Aug. 30, 2017. You’ve received a summons and complaint, your credit card company has filed a lawsuit. What to do now? Should you file for bankruptcy? First, understand that credit card debt is a type of unsecured debt, meaning that if you can’t make payments, your credit card company cannot come after your personal property…

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