Bankruptcy Facts: Common Bankruptcy Myths Dispelled (Part 1)
Knowing the myths versus facts about bankruptcy can give debtors a clear understanding about what to expect from a bankruptcy case. The bankruptcy process can seem particularly daunting to borrowers who have no idea about what it entails or what the outcomes of a bankruptcy case will be. While there are a lot of misconceptions about bankruptcy (italicized below), here are the facts that debtors should consider as they decide or prepare to file for bankruptcy. I will lose my house and my car if I file for bankruptcy. In many cases, debtors filing for bankruptcy are able [...]
How to Help Your Child Reduce His Future Student Loan Debt (Part 2)
Here are some additional tips on how to cut college costs and reduce the amount of student loan debt you or your college bound child may have to deal with later in life. As a continuation of How to Help Your Child Reduce His Future Student Loan Debt (Part 1), here are some additional tips on how to cut college costs and reduce the amount of student loan debt you or your college bound child may have to deal with later in life. Give back unused loan dividends: If not all student loan money is used during a [...]
How to Help Your Child Reduce His Future Student Loan Debt (Part 1)
With a little planning, you can cut college costs and reduce the amount of student loan debt you or your college bound child may have to deal with later in life. Student loan debt has recently exceeded credit card debt as the biggest debt that most Americans carry, and as of 2013, the amount of student loan debt burdening Americans surpassed the $1 trillion level. On an individual level, student loan debt is often a type of debt that stays with graduates for years, if not decades. In fact, in many cases, people approaching retirement are still paying [...]
An Overview of Bankruptcy Terms and Definitions (Part 2)
The following are some additional bankruptcy terms and definitions that will be extremely helpful to staying informed about what is happening during the bankruptcy process. As a continuation of An Overview of Bankruptcy Terms and Definitions (Part 1), here are some additional key terms commonly involved in bankruptcy proceedings: Discharge: The legal term that refers to debt that is eliminated through the bankruptcy process. While a number of unsecured debts can be discharged by bankruptcy, debt that doesn’t qualify to be discharged includes student loan debt, child support payments and any other court-ordered payments (such as restitution or [...]
Bankruptcy Fraud: A Serious Federal Crime
Avoid being accused of bankruptcy fraud, a serious federal crime, by working with the experienced Colorado bankruptcy lawyers at the Law Office of Jon B. Clarke, P.C. Bankruptcy fraud is a serious federal crime that both the IRS and the Department of Justice are increasingly focusing on prosecuting, as these agencies see bankruptcy fraud as: Undermining public confidence in the federal bankruptcy system Muddying the reputations of honest citizens who seek bankruptcy as a viable way to relieve them of overwhelming debt Negatively impacting voluntary compliance with the IRS’ income tax system. According to the Department of Justice, [...]
An Overview of Bankruptcy Terms and Definitions (Part 1)
Here is an overview of common bankruptcy terms and definitions that will be extremely helpful to staying informed about what is happening during the bankruptcy process. As you are preparing to go through bankruptcy or are going through the process of filing, being familiar with some of the most commonly used bankruptcy terms and their definitions can be extremely helpful to staying informed about what is happening and what you can expect from the process. The following is an overview of common bankruptcy terms along with their definitions: Arrears: Past-due payments on a specific debt, typically used as [...]
Judge OKs City of Stockton to Move Forward with Bankruptcy
A federal judge has ruled that Stockton will be able to move forward with its bankruptcy case, much to the dismay of creditors hassling the city for repayment of debt. A federal judge has recently ruled that the City of Stockton, California will be permitted to move forward with its bankruptcy case and, consequently, to reorganize the city’s debts. While this ruling has come to the dismay of the city’s many creditors, who feel that the city should be forced to try to come up with more money to pay its debts, others across the nation are closely [...]
