Monthly Archives: November 2023
When Does Bankruptcy Stop Foreclosure?
In most cases, bankruptcy’s Automatic Stay stops foreclosure and most other creditor adverse actions, such as repossession and wage garnishment. The serial filer rule is the primary exception. If the debtor filed bankruptcy within the last six months, even under another name, Section 362 of the Bankruptcy Code has a more limited effect. This… Read More »
Student Loan Repayment and Your Bank Account
When the three-year student loan repayment pause ends in October 2023, American consumers stand to lose over $8 billion per month. The payment restart will reduce consumer spending by 0.8 percent in the first quarter of 2024 and by 3 percent in the second quarter, reversing from the estimated growth of 3 percent and… Read More »
How Long Does Chapter 13 Bankruptcy Affect My Credit Score?
By the book, a Chapter 13 filing falls off a credit report seven years after discharge (not seven years after filing), at least in most cases. The waiting period for Chapter 7 is a little longer, usually ten years. However, the judge usually discharges (closes) a Chapter 7 within months, and a Chapter 13… Read More »
What You Should Know About Non-Bankruptcy Debt Settlement
In August 2023, for the first time in history, Americans’ credit card debt passed the $1 trillion mark. Some people rack up credit card debt because they overspend. Much more often, people use credit cards to pay living expenses when they lose their jobs, business is slow, or another income disruption arises. Credit cards… Read More »