If you owe money to a creditor (or debt collector), it can obtain a money judgment against you and have the funds in your bank account frozen and paid over to them. If a creditor takes you to court t...
Each state has its own laws which exempt certain property from being subject to execution and levy. However, it is important to note that even within these exemptions, there are exceptions to these ex...
When a business files Chapter 7 bankruptcy liquidation, that business essentially no longer exists. The assets of the business are sold and the proceeds distributed among the creditors the business ow...
There are times when you may need to know whether a company is in bankruptcy. Because both individual and corporate bankruptcy are considered public information under federal law, there are several wa...
If you invest in stock that loses its value completely, it is possible to claim this loss as a tax deduction, but you must do so at the correct time and only after making sure that the stock has actua...
Federal rules regulate the order in which creditors receive payment when a company is liquidated through a business bankruptcy. That order is generally based on who assumed the most risk when issuing ...
What property you will lose and what you may keep in a Chapter 7 bankruptcy case depends on your state's law and the types of exemptions, like wildcard exemptions, available in your jurisdiction....
Bankruptcy exemptions refer to assets that you may keep when you file for Chapter 7 bankruptcy. As a general rule, Chapter 7 or total liquidation bankruptcy will require that you surrender most of you...
Chapter 11 bankruptcy is a specific category that is used by businesses. Chapter 11 is not a total liquidation. Instead, Chapter 11 bankruptcy offers the business a chance to work out payment plans an...
Figuring out which bankruptcy exemptions to use and how to use them is one of the most challenging parts of filing for bankruptcy. It's difficult because bankruptcy law is a confusing mixture of feder...
It is illegal for a public or private employer to fire or discriminate against someone solely by reason of his/her having filed for bankruptcy, having been insolvent prior to discharge, or having fail...
Declaring bankruptcy if you find your self in debt is a legal and legitimate way to get back on your feet financially. If you declare bankruptcy, it can protect you from menacing creditors....
Wage garnishment is an unfortunate reality for some people in trouble with debt collectors. But you still have legal rights....
We recently interviewed Bud Hibbs, a debt collection consumer advocate and consultant for over 25 years who has written several books, is approved to teach CLE courses through the State Bar of Texas a...
The publicly traded Asset Acceptance Corporation is a junk debt buyer whose collection tactics have been deemed some of the worst in the nation. According to consumer advocate Bud Hibbs' website, the ...
Consumer Advocate Bud Hibbs, a debt collection expert and consultant for over 25 years, gives the top 3 things you should never do if you are being sued by a debt collector....
A bankruptcy means test is what the name implies. The purpose of the test is to see if you have the means to pay for at least some of your debts before they are discharged in bankruptcy. Learn the pro...
Though federal bankruptcy law allows states to opt out of most federal exemptions, a few apply in all jurisdictions. The most important are the pensions exemptions listed in this article. These exempt...
Chapter 7 is the bankruptcy provision most frequently used by individuals. Those who reside in, or own property or a business in, the United States can file for Chapter 7 bankruptcy. Chapter 7 involve...
Chapter 12 of the Bankruptcy Code is entitled “Adjustment of Debts of a Family Farmer or Fisherman with Regular Annual Income.” Chapter 12 is designed to help financially distressed family farme...
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