BKHQ Bankruptcy Blog: Bankruptcy

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BKHQ Bankruptcy Blog

Providing commentary and information on bankruptcy issues with a focus on consumer bankruptcy and debtorsā€™ rights.

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Last Entry: May 13, 2008 at 11:59:21

The Cosigner Stay: How Filing a Chapter 13 can also Protect the Cosigners on your House, Cars and Other Debts

Posted on May 13, 2008
One of the many invaluable benefits of filing a Chapter 13 bankruptcy is what?s referred to commonly as the ?Cosigner Stay?. From my experience, not many of my Chapter 13 clients realize when their case is filed that the cosigners on many of their debts are also protected from creditor collection...

850,912 Bankruptcies and Counting?

Posted on April 17, 2008
850,912 ? That?s the number of personal and business bankruptcy filings in 2007. When put in context of a nation of 300 million people operating thousands of businesses, that might not seem like a large number. But, when measured versus 2006, that is a 38% increase...

Bankruptcy and Income Tax Refunds

Posted on January 29, 2008
Tax refunds are generally considered to be assets and can be taken by the bankruptcy trustee and distributed to your creditors. However, in many States it is possible to exempt all or a portion of the refund and protect it from your creditors. The Earned Income Credit portion of your refund can also be completely exempted in some States...

Good Debt vs. Bad Debt: The Pizza vs. Your Mortgage

Posted on December 04, 2007
Admit it, you?ve all been there. It?s midnight, you spent all your cash on the $2 special at the pub, and you and your crew are starving. ?No problem,? you declare, ?I got it on my card.? Problem solved, you?re a hero, end of story, right? Right, if you understand the responsibilities which accompany carrying debt...

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Are Mortgage Lender?s to Blame For Increasing Bankruptcy Filings?

Posted on November 29, 2007
There?s been a lot of talk lately about how bankruptcy filings are increasing again, after a short period of stagnation due to more stringent bankruptcy filing laws. I?m sure there are a myriad of reasons for this happening. I?ve heard some pundits call it the perfect storm! I can?t help thinking to myself though, that one of the large causes of the current crisis in the US mortgage industry is the mortgage lenders themselves...

Can Chapter 13 Save My House?

Posted on November 19, 2007
Many people are concerned about the mortgage crisis so widely reported in the news today. Foreclosures are nationally at a record-high. Unfortunately refinancing is not an option for most because they do not have enough equity in their home, so a good alternative can be filing a Chapter 13 bankruptcy...

Am I going Bankrupt? - Sure Fire Signs You?re Headed For Chapter 7

Posted on November 19, 2007
Am I going Bankrupt? - Sure Fire Signs You?re Headed For Chapter 7 It should be pretty obvious if your financial health is sick enough to warrant filing bankruptcy, but sometimes a multitude of factors just end up occurring at the same time which can easily cloud what should be a clear situation...

Oklahoma Chapter 7 & Chapter 13 Bankruptcy Filings on the Rise

Posted on November 14, 2007
More Oklahomans are filing Chapter 7 bankruptcy and Chapter 13 bankruptcy again. Total statewide Oklahoma bankruptcy filings are up a total of 11.5 percent so far for 2007 compared to 2006. In fact, many Oklahoman bankruptcy court officials and bankruptcy attorneys believe that bankruptcy filings will eventually return to the pre-2005 bankruptcy law change numbers...

30 Percent Interest? Thoughts on the Credit Card Quagmire

Posted on November 12, 2007
Those of us who are or have been in debt know the drill. Money gets a little tight so we rely on the credit card. Maybe we even splurge on a couple nights out to feel like a normal person. Then the minimum payments get a little out of reach but, what?s this? I can get another card at 8%? Great, I?ll transfer the balance and buy some time...

I Just Filed Bankruptcy. Can My Employer Fire Me?

Posted on November 12, 2007
Employers can dismiss employees for many reasons. A bankruptcy filing cannot be one of them. If you?re worried about taking the next steps to filing bankruptcy because you are worried you might lose your job if your employer finds out, don?t fret. You cannot be let go because you file bankruptcy...

What the FICO? A Quick Look Inside Your Credit Score...

Posted on November 09, 2007
While most everyone knows they have a credit score that creditors use as the end-all and be-all of a consumer?s financial responsibility, I would bet just as many don?t know who ? and especially how ? their magical three number credit score is determined...

Can a College Student File Bankruptcy?

Posted on November 02, 2007
Many people think that if you?re currently enrolled in college or a school program, you?re not allowed to file for bankruptcy. Nothing could be further from the truth! Bankruptcy laws only require that you be 18 years old, a resident of the state where you are filing from for the last two years, and be capable of making the choice to file bankruptcy voluntarily...

Why Can?t I Get Rid of This Debt?

Posted on October 25, 2007
It?s no secret that people have a lot of trouble paying down their credit cards. Take me for example. I got a credit card in my early twenties (I won?t say which one, but it starts with an ?A?, and ends with a ?merican Express?.) That zero percent interest rate sounded great, and for the first few months everything was just fine...