If you've been reading the news lately, it appears that out-of-control student loan debt is the dirge of American society. In fact, many are worried that unpaid student loans in default could bring down the American economy in a way that's much worse than the real estate market collapse of 2008.
The rights of your creditors in a bankruptcy case
Debtors have rights, and creditors do too. It's the responsibility of the bankruptcy trustee to administer your bankruptcy in a way that ensures that your creditors get paid back as much money as possible for their legitimate claims. This must be achieved before your remaining debts get discharged.
What's the most predominant reason for bankruptcy filings?
If you're facing the threat of bankruptcy, you might be curious how you got into your current debt circumstances, or you might know exactly the reason why. Interestingly, the predominant reason why Americans end up filing for bankruptcy is due to medical debt. The fact is, when faced with a life-threatening medical condition, the decision to go into debt is easy to make when it's a question of life and death.
Bankruptcy and your car: Will you get to keep it?
We love our possessions, and when it comes to many of them, we have a practical need to keep them. It's due to the fear of needing to liquidate all of one's property that a lot of Washington residents will avoid the bankruptcy process until the last possible moment. However, the longer you wait, the deeper into debt you may get and the more difficult and time consuming your bankruptcy process can become.
