Legal Articles

Nine Debt Collector Tactics That Violate The Federal Debt Collections Practices Act



The loss of a job, an unexpected illness or injury, or other common situation that people face in their lives everyday can put a strain on your finances. Anyone who has ever fallen behind in paying their bills has probably received a demand letter or threatening telephone call from their creditors. Creditors are entitled to […]

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Mortgage Law: Judicial vs. Non-Judicial Foreclosure



Foreclosure is one of the most frightening and stressful experiences you can go through as a homeowner. If you fall behind on your mortgage payments then your lender may have the right to foreclose on your home. However, the process for foreclosure differs substantially depending on which state you live in. While some states have […]

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What Happens When Your Bond Issuer Goes Bankrupt or Defaults?



When you purchase a corporate or government-issued bond, you expect to reap the benefits of its steady coupon. Bond issuers default or become insolvent at a far lower rate than issuers of riskier investment products like equities. Interest rates are low on many government-issued bonds because these instruments are considered to be low-risk. Even many […]

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Is It Possible to Get a Mortgage One Year After Bankruptcy?



Bankruptcy is known as a "last resort" for beleaguered borrowers for a very good reason: It negatively affects the long-term credit outlooks of those who use it to discharge their debts. Depending upon the jurisdiction in which it occurs, the effects of a bankruptcy filing can persist for up to 10 years. Before you declare […]

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If I Have a Sallie Mae Student Loan Can I File Bankruptcy and Wipe It Away?



If you attended an expensive four-year college, chances are good that you graduated with a heavy burden of student loan debt. In a tight economy, millions of American graduates who can't find steady employment are struggling to repay their education loans. While these credit facilities typically carry lower interest rates than riskier credit cards and […]

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Does Your Name Go in the Local Paper when You Become Bankrupt?



Regardless of the circumstances surrounding your bankruptcy filing, you may be unable to keep the news of your insolvency from spreading. In many communities, the stigma surrounding bankruptcy is powerful and may linger for years. The social stain of bankruptcy may last longer than its practical effects, which can include limited access to credit and […]

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How Would Marrying Someone Who Has Filed for Bankruptcy Affect Their Credit?



Millions of marriages have been ended by financial disagreements. Millions more have been ended by poor financial decision-making. While marrying someone who has recently declared bankruptcy won't immediately damage your credit score or render you unable to secure certain loans, it may complicate your financial health as time goes on. You shouldn't feel shy about […]

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If You Go Bankrupt Can Your Debtors Take Your Savings Bonds and Cash Them In?



When you declare bankruptcy, you stand to lose a tremendous amount of your personal wealth. Your secured creditors, including your mortgage lender and auto loan provider, will seize the assets to which they're entitled under the terms of your loan agreements. Your unsecured creditors, including your credit card issuers, are likely to take the bulk […]

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How Long Do You Have to Move Out of Your House If It’s About to Go into Foreclosure and You Filed for Bankruptcy?



Whether you choose to declare yourself insolvent under Chapter 7 or Chapter 13 of the U.S. Bankruptcy Code, you stand to lose much of your wealth to the bankruptcy process. Before you can pay off your various unsecured debts, which may include your outstanding credit card bills and court judgments, you'll need to satisfy your […]

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Can You Collect a Judgment After the Company Files for Bankruptcy?



When you win a lawsuit and receive a judgment in your favor, you become an "unsecured" creditor of the losing party. Although you're entitled to receive the funds or property outlined in the terms of the judgment, the resulting debt is subordinated to certain other forms of debt. These types of debt, known broadly as […]

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Can You Apply for a Home Modification After Bankruptcy?



The bankruptcy process is inherently disruptive. Many homeowners lose their homes to foreclosure after their debts have been discharged. Since many personal bankruptcies are caused by sky-high mortgage payments on devalued pieces of property, homeowners often have no choice but to forfeit their real estate holdings during the bankruptcy process. Ironically, many banks are wary […]

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If a Company Files for Bankruptcy, Do They Have to Pay Vacation Time Accrued by Employees?



Personal bankruptcy is relatively straightforward. Individual bankruptcy filers typically declare themselves to be insolvent when their debts become unmanageable. Once their case is in process, a bankruptcy judge divides their assets among their creditors on the basis of “debt seniority.” Secured debts like mortgages and car loans are settled first. If the filer has assets […]

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How Can I Get Out of a Co-sign? I Cosigned for My Son in Law and Now He and My Daughter Are Going Bankrupt



When you cosign a loan, you assume a significant risk. From the lender's perspective, you're a crucial backstop that makes the loan workable and greatly increases the odds that it will be paid off on time and in full. This guarantee lessens the financial risks of the loan to the primary borrower as well as […]

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If You’re Summoned to Court Over Old Credit Card Debt, Can You Just File for Bankruptcy?



If you've been served with a notice to appear in court by any old creditor, chances are good that you've had plenty of other warnings about past-due debts and may be approaching insolvency. Credit card companies sue delinquent customers only after exhausting all other attempts to collect on their debts. Fortunately, many creditors are hesitant […]

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Filing Bankruptcy Before Enlisting in the Military?



Shoddy finances shouldn't prevent you from fulfilling your civic duty and enlisting in the military. After all, the enemy doesn't care about the state of your personal finances. As a rule, a past bankruptcy filing won't disqualify you from joining the military. Recruiters for most branches of the Armed Forces care more about your criminal […]

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Can AES Loans Be Charged Off in Bankruptcy?



American Education Services, a major student lender, provides federal loans from the Stafford and Perkins loan programs as well as a variety of private loan products. If you attended a pricey four-year college during the past decade, it's possible that you secured some of your financial aid through AES. These days, many recent graduates find […]

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Where Can I Open a Checking Account While Filing for Bankruptcy?



Filing for bankruptcy can devastate your credit score and render you unattractive to lenders and retail financial institutions. You're probably aware that you'll be unable to secure traditional forms of credit like credit cards and business lines of credit while your debts are being discharged. Unfortunately, it's likely that you'll also be prevented from performing […]

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How Soon After a Chapter 13 Bankruptcy Is Dismissed Will Creditors Begin Calling?



Some attempts to file bankruptcy end unsuccessfully. In fact, bankruptcy judges routinely dismiss Chapter 13 bankruptcy petitions for several common reasons. To avoid a costly and time-consuming mistake, familiarize yourself with these reasons for dismissal before you commit to hiring a bankruptcy attorney. If you've misrepresented your income or the value of your assets, the […]

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Auto Title Loan, If I File Bankruptcy and Never Give the Car What Will Happen?



Like most loans designed to finance the purchase of new or used vehicles, auto title loans are secured loans. When you take out an auto title loan, your promise to repay your lender in a timely fashion is backed by their claim on your vehicle's title. In other words, they reserve the right to repossess […]

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Home Mortgage Not Reaffirmed During Chapter 7 Bankruptcy?



When you file for a Chapter 7 bankruptcy, you'll begin a process through which the bulk of your tangible assets will be liquidated and distributed among your creditors. While your unsecured creditors will have to fight over your financial leftovers, your mortgage lender is guaranteed a sizable prize: your home. Unless your state offers a […]

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