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October 2017 Archives

Bankruptcy law often favors the individual debtor

Bankruptcy is an extremely important part of our financial laws, allowing for a hard reset in instances when circumstances or unwise choices lead an individual to unbearable financial strain. The possibility of bankruptcy itself affects the way that interests rates for various types of lending get calculated, as lenders all have to account for bankruptcy when considering risk of the loan. When a person or private organization finds themselves sufficiently sideways financially, bankruptcy allows a pressure release valve. However, bankruptcy does have its limits.

Study suggests racial disparity in bankruptcy filings

Bankruptcy is one of those complex legal issues that is often deeply personal. In fact, a recent report published by ProPublica examines how different people groups participate in bankruptcy, suggesting that some aspects of the process may vary depending on the racial or socioeconomic background of an individual who files.

What if I qualify for both Chapters 7 and 13?

When it comes to consumer bankruptcy, the law offers a few different options. In almost all cases, an individual qualifies for either Chapter 7 or Chapter 13 bankruptcy. However, in some cases, an individual may qualify for both types of bankruptcy, which can create some interesting opportunities. If you believe you may qualify for both Chapter 7 and Chapter 13, you have some very important things to consider.

Is your financial bubble about to burst?

If you follow the news, you have probably heard financial pundits expressing fear that the economy is heading for another crash in the near future. This crash could potentially cause the closing of more businesses, leading to a ripple effect of stock market plummets, real estate slowdowns and mass unemployment. Perhaps this alarm is only one more thing to add to your already full plate of worries.

What is fraud in bankruptcy?

Part of executing a successful bankruptcy is avoiding bankruptcy fraud. If you're already in a difficult enough position to consider bankruptcy, you may also fall prey to the temptation to try and manipulate the system for your own gain. This is not wise, and may end up placing you in a bigger mess than the one that justifies the bankruptcy in the first place.