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Legislation for student loan debt relief has just been introduced in the U.S. Senate.  The legislation was introduced by Democrat Dick Durbin from Illinois, and Republican John Cornyn from Texas.  The FRESH START Through Bankruptcy Act of 2021 will reinstate bankruptcy discharges for federal student loan debt.  This is huge! Since 1998, federal student loans […]

If you are going to be filing a separate bankruptcy while you are married, be sure that your spouse is willing to sign a waiver.  If you are married, you may file a joint or separate bankruptcy, just like you may file a joint or individual tax return.  For this purpose, it does not matter […]

For most people, filing bankruptcy won’t ruin your credit, contrary to popular opinion.  In fact, filing bankruptcy can actually fix your credit in addition to its main benefits of getting rid of your debts and protecting you from creditors. First, if you are behind on your bills, your credit is not your biggest problem.  Not […]

You may be able to strip 2d & 3d mortgages with chapter 13 bankruptcy!  “Lien stripping” changes junior liens like 2d & 3d mortgages from secured debts to unsecured ones that can be discharged in bankruptcy without losing your home.  The junior mortgage must be completely “underwater” in order to do strip it, so this […]

In order to prevent foreclosure, don’t wait to get help to save your house.  Waiting until the last second could prevent you from getting the help you need. I got a call on a Friday afternoon from a person facing foreclosure the following Tuesday.  While it was still possible to file a chapter 13 bankruptcy […]

Don’t be embarrassed by bankruptcy.  Many, if not most, people who have serious financial problems are embarrassed by those problems, but they are even more embarrassed by considering bankruptcy as a solution.  However, you should not be embarrassed by using bankruptcy to fix your financial problems. It is completely understandable that you are embarrassed because […]

A loan modification in chapter 13 bankruptcy can be the answer to your mortgage payment problems.  Are you unable to pay your mortgage because you can’t afford the payments, or because you’ve gotten behind on them and cannot afford to make them up while paying your mortgage?  If so, a loan modification may be your […]

Don’t be embarrassed by bankruptcy.  Many, if not most, people who have serious financial problems are embarrassed by those problems, but they are even more embarrassed by considering bankruptcy as a solution.  However, you should not be embarrassed by using bankruptcy to fix your financial problems. It is completely understandable that you are embarrassed because […]

You can lower your total debt payments, like credit card and medical debts, by consolidating your debts with a chapter 13 bankruptcy.  There are many debt consolidation companies, and a lot of them will rip you off.  However, you can use chapter 13 bankruptcy as a debt consolidation without the fear of being ripped off by a […]

If you receive unemployment, Social Security, disability, or other government benefits, keep your benefit money separate!  This will allow you to protect those benefits in certain instances, such as filing bankruptcy or being sued by a creditor. A person I’ll call Ted (not his real name) with debt problems recently contacted me for help.  Ted […]