The Truth of Credit

Do you feel that God has forsaken your financial future?Mrs. Field’s, the ever so lovable cookie-maker, despite most likely having Ivy League financial whizzes running its finance department couldn’t prevent the company from going up in smoke. So the next time someone asks if you filed bankruptcy just refer to it like major companies as a [...]

Myth: Filing bankruptcy will hurt your credit for 10 years.
You are getting 2 completely different scenarios [...]

Bankruptcy is the officially declared term defining the failure or impairment of organizations or individuals to pay off their debts. The legal formalities allow creditors to file a bankruptcy petition against debtors in an effort to recover the debt. In several cases, debtors start bankruptcy process in what is called “voluntary bankruptcy” filed by the [...]

Today I was reading an article in the Wall Street Journal regarding Barack Obama’s proposed changes to the 2005 Bankruptcy Laws. First a foremost this is not a political blog so I will try to keep my opinion to myself. Obviously, with a Democrat controlled Congress and current state of the US economy revisions to [...]

The goal of a bankruptcy is to obtain a discharge of debts. When a debt is discharged, it is no longer attached against the debtor personally.
However, if you have personal liability for a debt, a creditor with a judgment can use legal processes, like levy and garnishment, to reach your “non-exempt” (not [...]