Repaying Debts Before Filing Bankruptcy Is A Bad Idea
Many debtors who are facing bankruptcy choose to repay their credit card or another debt prior to filing bankruptcy, even though this sounds counterintuitive. It is assumed that people file bankruptcy because they need to eliminate debts. The decision to repay some debts before filing could result in many unfavorable and unpredicted consequences. Please note […]
Filing Bankruptcy – What’s There To It?
The misconception of simplicity So many businesspeople share the common misconception that filing bankruptcy is nothing special, barely anything more than some forms and a couple of meetings before the tab is cleared. However, this is what people think before they have to file for one. After they do, they realize how deceptive the simplicity […]
Unintended Consequences: Did Bankruptcy Changes Crash the Economy?
A half-dozen years ago, bankers were testifying to Congress about the need for a sweeping reform of bankruptcy law to make it more difficult for Americans to file for personal bankruptcy. They got what they wanted in 2005 with the Bankruptcy Abuse Prevention and Consumer Protection Act.
Wage Garnishment and Bankruptcy
Creditors can use various methods to collect on a debt. One of the most effective collection methods is wage garnishment. By garnishing a debtor’s wages, the creditor does not have to be concerned with the debtor’s willingness to send payments or pay the debt in full. The money is simply taken directly out of the debtor’s paychecks.
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