You have questions, we have answers: What is an Automatic Stay? How is it created by filing bankruptcy?

One of the most powerful aspects of filing for bankruptcy relief is that it automatically stays, or stops, all debt collection actions immediately. This feature gives you much-needed time and space to get your finances back in order.

You have questions, we have answers: What are some landlord and tenant’s rights in bankruptcy?

Landlords have the possibility of being able to maintain evictions when a tenant has declared bankruptcy and stops paying rent. However, in many cases Chapter 13 bankruptcies can be used to assist a tenant in catching up on back payments and remaining in the leased property.

You have questions, we have answers: What is a Chapter 13 Bankruptcy?

Usually referred to as “wage earner” bankruptcy, this type of bankruptcy has become very popular over the years because of the way it deals more comprehensively with people’s financial problems. Like all bankruptcies, Chapter 13 cases can get rid of unsecured debt, but what makes Chapter 13 cases unique is that they can also be […]

Buy-now, pay-later: A new take on an ongoing debt problem?

“People have long financed purchases … cars, houses, and in the 1800s, farm equipment, sewing machines, and other necessities. But the trendy modern version known as BNPL (buy-now, pay -later) has exploded lately, thanks to a combination of proliferating installment-plan offers and a buying frenzy during the pandemic, as people stuck at home turned to […]

You have questions, we have answers: What is a Chapter 7 Bankruptcy?

This is traditionally referred to as “straight liquidation” bankruptcy. This constitutes a complete discharge of your unsecured debt and is most useful if you own a limited amount of assets – and you are primarily only interested in getting rid of unsecured debts (such as credit cards and medical expenses.)

Holiday Budgeting: How will you spend your money and your time this year?

Heading into the holidays without a plan for your money can set you up for a financial disaster in the new year: “According to the National Retail Federation (NRF), shoppers plan to spend nearly $1,000 on average during the holiday season. Spending on gifts accounts for $650, while food, decorations, and other non-gift items make […]

You have questions, we have answers: How many credit cards should I carry?

Once you succeed in getting a credit card, you might be hungry to apply for many more cards. Not so fast! Having too much credit may have contributed to your debt problems in the first place. Ideally, you should carry one or two credit cards. Banks want to see that you can handle more than […]

You have questions, we have answers: Will I ever be able to get credit again?

Certainly! Many people are actually able to obtain credit while their bankruptcy is still pending. If you handle new credit wisely, you can begin to improve your credit score almost immediately.

You have questions, we have answers: What’s the first step in rebuilding credit? (Hint: You need a plan!)

To avoid getting into financial problems in the future, you must understand your flow of income and expenses. Some people call this making a budget. Others find the term budget too restrictive and use the term spending plan. Whatever you call it, spend at least two months writing down every expenditure. At each month’s end, […]

You have questions, we have answers: If I file for bankruptcy, what happens to my credit score?

There is no doubt – your credit score will go down as a result of a bankruptcy filing, but a credit score is only one component lenders use in determining your credit worthiness. Remember, lenders will also look at your income and your debt burden. If you have missed payments, have accounts in collections, have […]