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Personal Bankruptcy Archives

Beware of car financing scams after bankruptcy

A number of our readers may wonder what shopping for a car will be like for them after they emerge from bankruptcy. Specifically, they may wonder about qualifying for a loan at all, much less financing that they can reasonably afford. After all, they may be insecure about their credit rating as a result of a recent bankruptcy. These are legitimate concerns, especially considering how predatory lenders still operate in the used car market.

The basics of the automatic stay

People mired in debt may be afraid of losing their home or car, but the stress of constant phone calls from dogged collectors can be too much for one to bear. Fortunately, most debt can be eliminated through bankruptcy, and one of the principal benefits is the automatic stay. This post will describe what the stay is, how it protects debtors who have filed bankruptcy, and how it can be used to promote a fresh financial start.

How to responsibly pay down debt

Some people who are dealing with debt problems cannot fathom the possibility of seeking bankruptcy protection. They may believe that bankruptcy is only for cheats, deadbeats and financial failures; and since they do not fit into those categories, bankruptcy is not an option. While this notion may be noble, it may lead to terrible financial decisions when it comes to paying down debts.

The dangers of debt consolidation firms

You see the commercials now and again about people just like you who are trapped by crushing debt, unable to move on with their lives, or always living check to check. They also incorporate a consoling theme about it being okay to ask for help in getting out of debt through a debt consolidation plan. The ads may also end with a sentimental promise about how one phone call can put you on the path to a better life.  

Letting go of tax debt through bankruptcy

Tax season is certainly not fun for people dealing with debt. Not only are creditors breathing down their necks for payments they may not have, they may have to endure the possibility that they may owe income taxes at a time where most people are anticipating refunds. For many people, their income tax refund check is the largest check that they will receive all year (outside of their regular paycheck).

What should come first, bankruptcy or divorce?

When making the choice between pursuing bankruptcy and divorce (as far as which should come first) many couples dealing with debt can find this to be a difficult question to answer. Indeed, one spouse may be considerably vexed that their credit rating has been destroyed by the other spouse’s misdeeds and may not want to have any additional damage done. However, there are some instances where it’s better for both parties to cut their losses and start fresh. But should bankruptcy still come first?

Can you have good credit after bankruptcy

One of the benefits of bankruptcy is the ability to start with a clean slate…a fresh financial start for those who have been toiling in debt for years or even decades. However, those who are considering bankruptcy may be ambivalent about their ability to have good credit once again. After all, who wants to pay thousands more for car or home loans because of high interest loans set aside for people who have a previous bankruptcy.

Can creditors still collect on repos and charge offs?

We sometimes have clients who are dealing with bill collectors even though they have had property repossessed (such as a car or a boat) and the creditors are still trying to collect on the debt. The lender may also have “charged off” the loan, but the collection calls still come. For a consumer dealing with debt issues, this can be a confusing and frustrating experience.

How debt savvy are residents of Toledo?

How good a person is at handling debt can impact many things for them financially. This includes their likelihood of running into major debt struggles. How savvy are individuals in Toledo when it comes to debt? A recent report shows a mixed picture on this front.

20-somethings and their financial future

In their early years as an adult, there are many decisions a person makes which, whether they realize it or not, can impact them long into the future. This includes the choices they make on financial matters. The financial actions people take in their 20s can have major repercussions on their long-term financial health.

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