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life after bankruptcy Archives

Your rights under the Fair Credit Reporting Act

As a consumer, you have a number of rights that may help you retain control and confidence in the face of considerable debt. Among these are the protections you enjoy under the Fair Credit Reporting Act (FCRA), which seeks to promote fair and accurate practices within credit bureaus. If you find that some party or another violates your rights, you may have grounds to pursue legal action against them in addition to enforcing your rights.

Debtors have rights under the Fair Credit Reporting Act

As a consumer, it is always wise to understand the rights you have under the law, especially when it comes to carrying consumer debt. As a consumer accrues debt, he or she may find that creditors and debt collectors are surprisingly willing to violate a consumer's rights in order to collect repayment. Many instances of this type of behavior are illegal, but still remain common practices in debt collection and reporting.

Avoiding bankruptcy foreclosure scams

When a person faces foreclosure, it is very easy to make a serious financial blunder because of the enormous personal and financial pressures that accompany the foreclosure process. In desperation, many individuals find hope in the offerings of disreputable businesses that scam homeowners already in a dire situation. It is important to know the warning signs of a foreclosure scam if you find yourself facing a similar difficult season.

When should I file for bankruptcy?

Bankruptcy is a very useful form of financial relief for many different borrowers, and it is finally receiving more recognition as a normal part of doing business and living as a consumer in America. Under the protection of bankruptcy law, overextended debtors can discharge significant portions of their debt in return for restrictions on future financial privileges for a set amount of time.

Benefits of filing bankruptcy before divorce

When hard times arrive on your doorstep, they may not be alone. Often, a person considering a bankruptcy is also on the verge of divorce, for instance. You can ask any mental health professional and they will almost certainly agree that divorce and bankruptcy are two of the most stressful experiences that a person can endure. In such seasons of extreme difficulty, it is often difficult to see very far into the future, especially if a person is trying to determine whether he or she should file for bankruptcy or divorce first.

Bankruptcy on the rise among older Americans

Regardless of how you identify politically, there's a good chance that you and nearly everyone else in the country can agree on at least one thing: the cost of healthcare is currently very high. For many seniors, the costs of healthcare are gutting their retirements, leaving them with barely any resources once they pull through an injury or sickness.

Can my landlord evict me during my bankruptcy?

If you rent your living space rather than own it, it is important to understand your options and rights as a tenant when you consider bankruptcy. Depending on many factors in your rental history and your financial needs, you may need to take very specific actions to receive all the benefits a bankruptcy offers.

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.

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.

Using an automatic stay in bankruptcy

One of greatest sources of relief that bankruptcy can offer is the automatic stay placed on collection efforts. This stay affects different types of accounts differently and does not automatically halt every kind of collections. However, it can still offer a great deal of relief from many different types of collection actions.