Category Archives: Bankruptcy Help

Are you eligible for Ch. 7 or Ch. 13 bankruptcy?

Eligibility can turn on 1) who is filing the bankruptcy, 2) the kinds and amounts of debts, 3) the amount of income, and 4) the amount of expenses.

Lots of business debt can allow you to qualify for Ch. 7 more easily

If you owe more business debt than consumer debt, then you can avoid not only the “means test” but also some other roadblocks to a successful post-business Chapter 7 bankruptcy case.

What happens to general unsecured debt in Chapter 7?

Your “left-over debts”–those which are neither secured by collateral nor belong to any of the special “priority” categories–often don’t drive the decision about whether to file Chapter 7 or 13. But you still need to know how these “general unsecured debts” are handled under these two options.

Options with Your Vehicle Loan under Chapter 7

Your car or truck loan may be the most important debt you have. Chapter 7 puts you in the driver seat for dealing with this debt.

Capital One making it easier for debtors to open bank accounts

Capital One bank soon will be making it easier for those with bad credit to open checking and savings accounts, under the terms of a settlement with New York Attorney General Eric Schneiderman.
Previously, Capital One would use a credit reporting agency called Chexsystems to screen out bank account applicants who had bad credit.  Now Capital [...]

Film Review of Spent: Looking For Change

A recent documentary available on YouTube highlights the high cost of being poor.  Spent: Looking For Change, a film sponsored by American Express, explores the financial lives of people who lack access to banks or who have bad credit or no credit.  Here is a basic summary of the important topics covered:
According to the film, [...]

Inherited IRAs not exempt, U.S. Supreme Court says

The U.S. Supreme Court recently made an important decision regarding Individual Retirement Accounts (IRAs) that have been inherited by someone who then files for bankruptcy.
At issue was an IRA account that the bankruptcy filer had inherited and that contained $300,000.  Bankruptcy law allows those filing for bankruptcy to keep IRA accounts, so long as those [...]

Links – stuff worth reading from the weeks of 5/18/14 and 5/26/14

Yes, A New Government Rating System for Colleges is Actually in the Works. On May 25, 2014, the New York Times had an interesting article on college presidents’ reactions to President Obama pressing ahead with his plan to impose a new government rating system for colleges.  In a funny quote, a Dept. of Education official [...]

Links – Stuff worth reading from the week of 5/11/2014

At the very beginning of this week, the Wall Street Journal had an interesting article on how banks that are located mainly in Wal-Mart stores collect a lot of fees from their customers, who tend to have bad credit histories.

From the Washington Post, there is an article on the debt buying industry and the sloppy [...]

This Week’s Links

Student Loan Interest Rates to Rise With Treasury 10-Year Note
 - The Congressional Budget Office predicts that interest rates on new Stafford and PLUS Federal student loans will rise for the 2014-2015 school year because Congress tied the rates to the yield on the Treasury 10-year note.
Democrats Plan Push to Refinance Student Loans 
 - Roll Call’s blog [...]