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Category: Bankruptcy

Effective strategies to pay off debt

Debt can be a dangerous thing to have. It can quietly grow into a massive problem over months or years or happen overnight because of a medical emergency. No matter the cause of your debt, it is important to know what you can do to combat it. The average debt for an American is more than

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Can debt collectors contact you on social media?

Individuals who face financial peril are no strangers to the collection efforts employed by various agencies. Creditors take significant steps to ensure repayment and often blur the lines between harassment and the regulations they must follow. A new tactic, however, is to rely on a debtor’s daily use of social media sites to bolster communications.

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Can bankruptcy stop foreclosure on my home?

If you are facing foreclosure on your home in 2021, you aren’t alone. The economic downturn of 2020 has led many homeowners to get behind on their mortgage payments. You now may be considering your options, hoping for a way to avoid foreclosure. Seeking bankruptcy is one option you should consider. Avoiding home foreclosure through

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How long will bankruptcy affect your credit?

When you decide to seek a bankruptcy, you know it will impact your credit. You may worry about when you can qualify for a loan again and when your credit score will begin to rebound. Yet, exactly how long will a bankruptcy affect your credit? Bankruptcy affecting credit First, if you seek a Chapter 7

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Can debt collectors call me whenever they want?

If you have mounting debts, you’ve probably become all to familiar with receiving calls from debt collectors. You may feel like your phone rings at all hours of the day. You’re tired of it. You wonder if debt collectors can just call you whenever they want to. Aren’t there some rules about this? Understanding the

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Sixth Circuit Case Summaries

Tagnetics, Inc. v. Kayser, No. 20-3556 (January 14, 2021). Kayser and two other former employees of Tagnetics filed an involuntary chapter 7 bankruptcy against Tagnetics seeking to be paid their wages.  The parties came to an agreement through email correspondence in which they agreed that Tagnetics would pay the three employees a certain sum and

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What debts can’t be discharged through bankruptcy?

If you feel your drowning in debt, you may see bankruptcy as your best option. If you seek Chapter 7 bankruptcy, you can get nearly all of your debts discharged. With a Chapter 13 bankruptcy, you can reorganize your debt and reduce debts. However, bankruptcy won’t discharge some debts, and some are difficult to discharge

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Business bankruptcies reach record highs amid pandemic

More U.S. businesses filed bankruptcy in 2020 amid the coronavirus pandemic than in any other year since 2009. Energy, retail and consumer services companies filed the largest number of bankruptcies last year: 244. Bankruptcy experts expect the high number of business bankruptcies to continue into early 2021, as more businesses run out of money during

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When medical expenses become overwhelming debt

Many Americans are afraid of getting sick, especially during the current global crisis. However, a recent study reiterated another fear of most Americans have with the medical care system, its unruly debt. According to Healthcareinsider.com, more than half of the respondents expressed concerns that a health problem or situation would lead the household to significant

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What should I know about Chapter 13 bankruptcy?

Deciding to seek bankruptcy protection isn’t easy. You may have tried to overcome your debt for years, but a recent hospitalization grew your debt even more. Now, you are ready to file bankruptcy but have another tough choice to make: Should you seek Chapter 7 bankruptcy or Chapter 13 bankruptcy? Chapter 13 bankruptcy basics When

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