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NABCA Advocating for Reform of Student Loan Bankruptcy Laws

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A report conducted earlier this year by the National Association of Bankruptcy Attorneys indicates that student loan debt has become a significant factor driving consumers to consider bankruptcy. According the report, 81% of bankruptcy attorneys say that the number of potential clients who carry some level of student loan debt has increased either “significantly” or […]

Bankruptcy Attorneys Issue Alert on Debt Settlement Companies

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The National Association of Consumer Attorneys has issued a consumer alert calling debt settlement companies the “#1 threat facing deeply indebted Americans.”  According to the report, most people who use such settlement services end up in worse financial shape than before. Debt settlement companies are private, for-profit negotiators that purport to negotiate with debt collectors […]

Zombie Debt – What It Is and What You Can Do About It

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Zombies seem to be popping up everywhere these days, and could even be making an appearance when it comes to your personal finances. With Halloween right around the corner, you may even have seem some Zombies running around your neighborhood asking unsuspecting homeowners for candy. While these kids in costume may seem cute and harmless, […]

Solyndra Chapter 11 Plan Approved

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Another green-energy company that received federal funding  had their Chapter 11 bankruptcy plan approved by a federal judge today. ­ Solar panel manufacturer Solyndra filed for Chapter 11 bankruptcy in the fall of 2011, and immediately suspended all business operations. Solyndra was once touted as a cutting-edge manufacturer of solar photovoltaic systems. The company developed […]

Corporate Bankruptcy Becomes Election Issue

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A high-profile corporate bankruptcy has worked its way into the issues being raised by the GOP in the upcoming election. On October 16th, battery maker A123 systems filed for Chapter 11 bankruptcy after amassing $144 million in debt and missing a $2.7 million interest payment earlier this month. A123 Systems, Inc. was founded in 2001, […]

Bankruptcy can Happen to Anyone

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If you are considering filing for bankruptcy, you may be having feelings of guilt or failure. Don’t. Bankruptcy can happen to anyone, regardless of their work ethic or their financial planning. Often, unanticipated events in life, work, or in the market can have disastrous effects on a person’s financial situation, leaving obligations and liabilities that […]

The Means Test and What it Means to Consumers

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The most common types of consumer bankruptcies filed are Chapter 7 or Chapter 13 bankruptcies. Chapter 7 bankruptcies are also known as liquidation bankruptcies, under which a consumer’s non-exempt assets are liquidated and the proceeds used to pay off creditors. Most unsecured debts that are unable to be paid after the liquidation are discharged, and […]

Chapter 7 Bankruptcy – Will I Be Able to Keep My Home?

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One question that many people face when considering filing for bankruptcy is whether they will be able to keep their home. Often, a home is the largest investment a person will make in their lifetime, and carries with it emotional, sentimental, as well as financial value. If a person filing for bankruptcy has a family, […]

Bankruptcy Basics – The Fraudulent Transfer

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When an individual is considering filing for bankruptcy, some people may be tempted to try and either transfer property to another or to “rack up” purchases through credit cards prior to filing bankruptcy. After all, all credit card debt is discharged in bankruptcy, right? The bankruptcy code has a mechanism by which to deal with […]

Bankruptcy and Non-Dischargeable Debt

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Many people under financial distress consider bankruptcy as an option to get back on their feet. Under normal circumstances, an individual files either a Chapter 7 or Chapter 13 bankruptcy. Simply put, a Chapter 7 is a liquidation bankruptcy in which a debtor’s non-exempt assets are liquidated and the proceeds from that liquidation are spread […]