Avoiding Wage Garnishment Wage garnishment is a tool used by creditors to collect any unpaid debts through the court system. If you have unsecured debts, like credit cards or medical bills, these creditors are limited as to their ability to collect these debts if you refuse. The most powerful remedy available to them is to…
What Is a Bankruptcy Discharge and How Does it Work? Generally, a bankruptcy discharge is the desired objective when you file a bankruptcy case, whether it is a Chapter 7 or Chapter 13 bankruptcy. A bankruptcy discharge eliminates your personal liability for debts listed in the bankruptcy petition. By eliminating your personal liability for the debt, you are no…
Does Bankruptcy Affect Student Loan Debt? As the cost of higher education has skyrocketed, more and more Americans are finding it difficult to meet the ever-increasing costs of getting an undergraduate or advanced degree. U.S. News reported last year that among schools ranked in its National Universities category, tuition and fees for the 2020-2021 school…
Possible Fallout from Mortgage Forbearance During the COVID-19 pandemic, many people put off debt due to job loss and other financial challenges. Many homeowners turned to mortgage forbearance for much-needed financial relief. Now, the forbearance period is beginning to end, and homeowners may need a new form of relief. In an interview with WSAV News…
There is more than one type of bankruptcy option available to those struggling with debt and, depending on your specific circumstances, one may be more appropriate for you than another. A Chapter 13 bankruptcy is generally designed for those who have regular income, which will be a determining factor in the length of time of your repayment plan. Depending…
Can You Keep Your Car During Bankruptcy? Yes, Chapter 13 bankruptcy allows you to file for bankruptcy without liquidating your assets, which means you can keep your car – and even save your home from foreclosure. Instead of liquidating your assets as you would in Chapter 7 bankruptcy, you can develop a 3-to-5-year repayment plan and use this time…
Bankruptcy can make a positive difference in your finances when you are struggling with extensive debt. This is an effective legal option for many individuals, but bankruptcy can still have a bad reputation due to many misunderstandings about it. Separating myths from facts can help you get a clearer picture of what bankruptcy can do and…
Credit card debt is one of the largest types of consumer debt in the United States. While most people carry some credit card debt, some borrowers use more credit than they can pay back and may get behind on their payments. When this happens, borrowers could get a lower credit score, higher interest rates on…
Attorney Mark Bandy recently made a guest appearance on WSAV News, where he discussed managing monthly personal debts. The segment highlighted the average amount of debt Americans have as well as how many people use credit cards and loans to just live. Attorney Bandy was questioned initially about whether people would reach out to him…