Monthly Archives: October 2022
Does Filing Bankruptcy Affect My Ability To Buy A Car?
Yes, but in most cases, the effect isn’t nearly as drastic as some people believe it is, especially if the debtor filed a Chapter 13 bankruptcy. That’s good news for these debtors who drive used cars. Cars typically last about eight years. If a vehicle is more than three years old, and your Chapter… Read More »
Can You Have A Security Clearance With Bankruptcy?
The defense budget is the largest component of the federal budget. Much of this money goes to private security contractors. A high security clearance is usually a basic job requirement for these positions. Quite understandably, distressed debtors who rely on their security clearances are very hesitant to take any action that could threaten it…. Read More »
Reducing Debt Through Informal Talks
It is easy to see why medical debt is the leading cause of bankruptcy filings. Over 100 million American adults have such debt. Furthermore, a significant number of these people don’t think they’ll ever be able to pay it off. In as little as six months, Chapter 7 bankruptcy eliminates most medical and other… Read More »
Does Bankruptcy Protect Social Security Benefits?
In a word, yes. Generally, bankruptcy exemptions protect property, but they don’t protect income. According to the Social Security Administration, Social Security benefits are property, even though these benefits come in monthly installments, like income. So, even in the unlikely event trustees (people who oversee bankruptcies for judges) try to seize these benefits, the… Read More »
