Chapter 7 bankruptcy clears a lot of debt, but federal law prevents you from erasing everything. Debts you cannot discharge include child support, alimony, some student loans, recent income taxes, criminal fines, and debts caused...
Chapter 7 bankruptcy is often faster and more protective than debt settlement for people who are dealing with unsecured debt. Settlement usually works only if you can come up with real money to offer, and...
Yes, certain tax debts can be discharged in bankruptcy under federal law. Income taxes owed to the Internal Revenue Service (IRS) or the California Franchise Tax Board (FTB) may qualify for discharge under Chapter 7...
Filing for Chapter 7 bankruptcy in California can eliminate most unsecured debt in as little as three to four months. The process follows a structured series of steps under federal law, starting with credit counseling...
Most people try to pay their debts slowly over time, especially credit cards and personal loans. But high interest rates and penalties often mean they pay far more than they borrowed, and sometimes never fully...
Yes, banks can take your money to pay off debts you owe to them through a legal principle called the Right of Offset (also known as Right of Setoff). What Is the Right of Offset?...
One late payment can drop your credit score by 40-100 points, even after rebuilding. Your payment history makes up 35% of your score, the biggest factor. Even if it’s just one day late, credit card companies and...
The number one reason people file for Chapter 7 bankruptcy is overwhelming medical debt. Medical expenses are a leading cause because they can be unexpected, unavoidable, and often come with high costs that insurance may not fully cover....
Automatic Stay Automatic Stay is an order that prevents creditors from taking certain actions against debtors during Bankruptcy proceedings. Once you file bankruptcy, your creditors will be notified of your filing, and the Automatic Stay...
When you take a step back and really evaluate your financial situation, you may be shocked at just how much debt is truly costing you. Many people continue making minimum payments, struggling to keep up,...
