10 reasons why a Chapter 7 bankruptcy can help improve your credit score.
10 reasons why a Chapter 7 bankruptcy can help improve your credit score.
Current Bankruptcy News
United States Department of Education and the Department of Justice issued new guidelines on November 17, 2022 regarding the discharge of student loans in bankruptcy.
To discharge student loans in bankruptcy under the new guidelines, borrowers must first file an adversary proceeding in bankruptcy court. The adversary proceeding is a lawsuit filed against the lender or servicer of the student loans. In the adversary proceeding, the borrower must prove that repa...
How does bankruptcy impact your credit score?
Bankruptcy is a tradeoff. It typically wipes away debt that you can't afford to pay, but it tells the world that you're a credit risk. The bankruptcy may be noted on your credit report for 7 to 10 years, but it doesn't impact your ability to obtain credit that entire time. For example, many peop...
Bankruptcy & Your Credit Score
Bankruptcy is a tradeoff. It typically wipes away debt that you can't afford to pay, but it tells the world that you're a credit risk. The bankruptcy may be noted on your credit report for 7 to 10 years, but it doesn't impact your ability to obtain credit that entire time. For example, many peop...
Can you keep your car in a bankruptcy?
Yes, you can keep your car! Or even buy a new one!People often ask what will happen to their car if they file for bankruptcy. The answer depends on what type of bankruptcy they choose to file, as well as their personal situation. If a debtor chooses to file for chapter 7, and if there is no lien ...
Bankruptcy Filings Increase in January
According to Epiq Bankruptcy, compared to December 2022, every new filing chapter except Chapter 12 increased. Epiq Bankruptcy is a division of Epiq, a global technology-enabled services leader to the legal services industry and corporations, and is the leading provider of U.S. bankruptcy filing...
Younger Borrowers Are Struggling with Credit Card and Auto Loan Payments
Younger Borrowers Are Struggling with Credit Card and Auto Loan Payments,
CAN I REBUILD MY CREDIT DURING A CHAPTER 13 BANKRUPTCY?
Bankruptcy is a legal process that helps people find relief when they fall behind on payments and become overwhelmed by debt. The decision to file for bankruptcy can be difficult to make, but bankruptcy can be the best way to achieve a fresh financial start in many cases. When you initiate bankr...
New data is showing the number of car repossessions is hitting its highest rate in years.
According to Fitch Ratings more, Americans are falling behind on their car payments after a sharp decline in the midst of the pandemic when a surge in used car prices and low-interest rates on new cars had buyers taking out bigger loans. In May 2021, the number of subprime borrowers at least 60 ...
Interest Rates and Credit Card Balances are Skyrocketing,
The average credit card interest rate is 23.56%, according to Forbes Advisor's weekly credit card rates report. The Federal Reserve keeps tabs on the average interest rate that U.S. consumers pay for a variety of different financial products—credit cards included. In February 2023, the average c...
Corinthian Colleges student loans to be cancelled.
Did you attend Corinthian Colleges? Click on the link below to see if your debt was cancelled: Corinthian College News Contact Butwinick Law Office in Minnesota if you want to learn more about your options to eliminate student loan debt in bankruptcy. You can self-schedule an appointment by c...
Cars in Bankruptcy.
Yes, you can keep your car! Or even buy a new one! People often ask what will happen to their car if they file for bankruptcy. In a chapter 7 case, if there is no lien on the debtor's car, it is likely that the debtor will be able to keep his or her car (however, this depends on the ex...
Latest on Student Loan Bankruptcy
New Student Loan Bankruptcy Guidance Issued By Department of Justice
The Department of Justice, in close coordination with the Department of Education, is implementing a new process at the outset of adversary proceedings in which debtors seek to discharge federal student loans in bankruptcy. While the bankruptcy judge makes the final decision whether to grant ...
What is Chapter 20 Bankruptcy?
Sometimes a Chapter 7 bankruptcy is not enough. The same is true for a Chapter 13 bankruptcy. The combination of the two bankruptcies, however, may be enough to allow you to handle your debt and get back on your feet again. Chapter 20 bankruptcy in Minnesota combines the two, giving you yet anoth...
Gigantic Changes for Student Loans in Bankruptcy
The Department of Education and the Department of Justice have introduced new gudelines that makes it much, much easier and much, much more affordable to get student loan debt discharged as part of a bankruptcy proceeding. The process requires what is called an “adversary proceeding” to...