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Credit Scores and the Bankruptcy "Bump"

Many people fear filing for bankruptcy because they’re concerned it will hurt their credit rating. But often, after you file for bankruptcy, your credit score will actually improve. In the credit industry, it’s known as the “bankr… Read More
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When Payments Come Undone: Preferential and Voidable Bankruptcy Transfers

In this shaky economy, businesses that extend credit to customers are taking a big chance. If that customer files for bankruptcy, the business could find payments the customer recently made to the business confiscated by the bankruptcy trustee and re… Read More
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Do I Need to File Chapter 7 or Chapter 13 Bankruptcy?

If you are concerned you may need to file for bankruptcy, your mind is probably racing with questions about the best way to move forward. There are two main types of bankruptcy commonly used by individuals, and they are distinctly different. Here… Read More
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Bankruptcy, Evictions and The “Automatic Stay”Bankruptcy, Evictions and The “Automatic Stay”

As soon as you file for a Chapter 7 bankruptcy or Chapter 13 bankruptcy, you are protected against certain types of collection activities by what is known as an “automatic stay.” The automatic stay is meant to give you time to get your finance… Read More
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What Is A Reaffirmation Agreement?

A reaffirmation agreement is an agreement between you and a loan provider stating that you will continue to pay on a debt that could have been discharged during bankruptcy in return for being allowed to keep a piece of personal property (an automobil… Read More
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Will I Lose My Retirement Savings When I File Bankruptcy?

Except for in specific, rare circumstances, your retirement accounts are considered exempt assets under bankruptcy law. This means that when you file for either Chapter 7 bankruptcy or Chapter 13 bankruptcy you get to keep the money in your r… Read More
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Discharging Student Loans

Under most circumstances, declaring bankruptcy will not discharge your student loan debt. This means that you will still be required to pay back your student loans. However, when you file for bankruptcy, you are granted temporary relief from harassi… Read More
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Bankruptcy - Relief from Financially Crippling Medical Bills

High health care costs can cripple you financially. In fact, according to a Health.com article by Theresa Tamkins (June 4, 2009), more than 60% of U.S. bankruptcies are caused by medical bills. If you are one of the many Americans struggling under th… Read More
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The Bankruptcy Automatic Stay - Stopping all Collection Efforts

As soon as you file for bankruptcy, the “automatic stay” goes into effect.  An automatic stay is provided for in section 362(a) of the Bankruptcy Code. The purpose of this court order is to give the debtor “a breathing spell fro… Read More
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What can I keep if I file Bankruptcy in Michigan?

Ann Arbor / Ypsilanti Bankruptcy Attorney Lander McLoyd discusses what you can keep if you file for bankruptcy in Michigan. “Exemption” is the bankruptcy term that describes what you keep when filing for bankruptcy. You are allowed to e… Read More
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