If you owe more on your assets than they are worth, you may be what’s called “upside-down” in your debt. If you sold everything you owed, you would still not be able to pay off your debt. Just being upside-down in debt...
In 1978 Congress passed the Fair Debt Collection Practices Act (FDCPA) to regulate the debt collection industry. The purpose of the act is to eliminate abusive practices that creditors use to collect a debt from the consumer....
Most consumer debt can be classified into two types, either secured and unsecured. This can be useful to know what type your debt is when you are considering bankruptcy. Secured debt has collateral attached to it, such as a...
The goal of most bankruptcies is to discharge as much debt as possible. You are eliminating your obligation to pay on your late and missed unsecured debts. Bankruptcy is a relatively easy way to get rid of your debt...
The meeting of the creditors is also referred to as the 341 meeting after the bankruptcy code it falls under. The meeting of the creditors usually occurs within a few weeks after you file your bankruptcy paperwork. The...
