The automatic stay: It has exceptions and there are ways you could lose its protection

In a previous article about the automatic stay provision of the bankruptcy code we lined up a few situations in which this section of the bankruptcy law stops bill collectors in their tracks. As a general rule, when a petition for bankruptcy relief is filed and accepted by the bankruptcy court, the automatic stay provision … Continue reading The automatic stay: It has exceptions and there are ways you could lose its protection

The automatic stay: It stops bill collectors in their tracks

Compared to many laws on the books in the U.S., the bankruptcy code sometimes seems like magic. For no other reason than you have a right to apply for it and a desire to wipe out debt, you can petition the bankruptcy court to either eliminate your debts and/or pay them back for pennies on … Continue reading The automatic stay: It stops bill collectors in their tracks

How the FDCPA and the automatic stay help stop bill collectors from harassing you

Do you enjoy being harassed by bill collectors who ask excessive invasive questions and never seem to let up? Nobody enjoys harassment by creditors. There are several ways you can protect yourself from the harassment including making them stop calling you for good if you decide that the relief offered by the bankruptcy courts will … Continue reading How the FDCPA and the automatic stay help stop bill collectors from harassing you

Examples of the automatic stay and how it operates in bankruptcy law

“Automatic stay” is protects you from creditors during bankruptcy. While a bankruptcy case is active, be that a Chapter 7 or 13, no creditors or collectors may contact or harass the individual or organization in bankruptcy. Specifically the definition of automatic stay on the U.S. Courts official website is, “An injunction that automatically stops lawsuits, … Continue reading Examples of the automatic stay and how it operates in bankruptcy law

How is Chapter 7 different from Chapter 13 Bankruptcy?

When consumer confidence is high and the financial markets are doing well it may be time to drop some of your financial dead weight to clear space for new jobs, more money and less debt. Many people have added it all up and said, “If I only had this amount of extra money, I could … Continue reading How is Chapter 7 different from Chapter 13 Bankruptcy?

7 situations leading people to take advantage of bankruptcy laws

Despite our best efforts at living responsible lives, paying our bills on time and saving for the future, bad things happen to good people. Instead of being saddled with debts you cannot pay and bill collectors hounding you, consider wiping the slate clear of misfortune and getting the fresh start you need with a Chapter … Continue reading 7 situations leading people to take advantage of bankruptcy laws

Can my college transcripts really be withheld if I owe the school money?

At various times in life we may be asked to produce our college transcripts for a new job or an application to a program or further education. This issue arose in a question covered in the Chicago Bankruptcy Update podcast series where real questions are asked and answered by Chicago bankruptcy attorney, Joseph Wrobel. The … Continue reading Can my college transcripts really be withheld if I owe the school money?

Taking the sting out of bankruptcy: You may be surprised how liberating it can be

There are many people who consider filing for bankruptcy for a while before they finally decide it is time to go ahead. Some of the common fears people have is that everyone will find out about the bankruptcy and shun them or talk behind their back. In all likelihood, the people you think may be … Continue reading Taking the sting out of bankruptcy: You may be surprised how liberating it can be

Debt settlement pitfalls and issues, get it in writing

When deals look too good to be true, they probably are. Credit card companies and bill collectors may reach out and offer settlement “deals” to customers who owe them money. Unfortunately, many dishonest bill collectors out there make deals with customers and then completely fail to honor those agreements once the money is paid. With … Continue reading Debt settlement pitfalls and issues, get it in writing

Credit counseling: Required before bankruptcy

The bankruptcy laws and courts give bankruptcy petitioners a fresh start, with a partial or full discharge of certain debts and financial obligations. They also require individuals filing for bankruptcy to attend a credit-counseling course and obtain a certificate of acknowledgement to file with the court before it accepts a petition for Chapter 7 or … Continue reading Credit counseling: Required before bankruptcy