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People who are facing debts that seem insurmountable often look for ways that they can reduce those debts. Once it becomes evident that their options are limited, some people may decide to explore the possibility of filing for bankruptcy. Filing for bankruptcy...
The surge in used car prices post-pandemic along with high interest rates caused car payments to be less affordable for hard-working people. Now, car payment delinquencies have increased, putting people at risk of losing their sole source of transportation to...
On November 17, 2022, the United States Department of Justice (DOJ) issued new guidance for U.S. Department of Education student loan discharge cases filed in Bankruptcy Court. The new guidance is designed to increase fairness in the handling of these types of cases. If you qualify under the new guidance, the DOJ could recommend that you are no longer required…
No matter what circumstances ultimately led to filing bankruptcy, both the practical and the emotional impacts on the debtor will be enormous. Learning how to deal with bankruptcy isn’t easy. But confronting the emotional and psychological issues surrounding bankruptcy and reaching an understanding and acceptance of the situation is essential to rebuilding and maintaining a successful financial life. Understanding Loss…
Few segments of the population in the United States have been untouched by economic difficulties. One group hit particularly hard by slow job growth and stagnant wages is recent college graduates. Indeed, faced with rising tuition costs, many students take out thousands of dollars in loans while in school. Only later do they find that it is difficult—if not impossible—to…
What is credit counseling for bankruptcy? In 2005, Congress passed and President George W. Bush signed the Bankruptcy Abuse Prevention and Consumer Protection Act (BAPCPA), a bankruptcy reform law. One of the requirements BAPCPA imposes on a bankruptcy debtor is to receive credit counseling from an approved credit counseling agency before the bankruptcy filing. Credit Counseling and Bankruptcy Specifically, BAPCPA…
Many people hold the misconception that they will lose everything they own when filing for bankruptcy. Unfortunately, they may be tempted to take steps that in the long run can cost them dearly under the Bankruptcy Code. That’s why ethical and lawful bankruptcy planning can help protect your interests. So, what is pre-bankruptcy planning? In an emergency situation, such as…
Debt problems can slowly build for a long period of time before spiraling out of control. You may believe or at least have hope that you can manage your debt problems and find a way to repay your creditors. As your financial picture deteriorates, you may feel the need to take increasingly drastic measures. While most of the people we…
When a local woman was facing an unexpected wage garnishment that was draining up to 25% of her wages, she approached the experienced bankruptcy lawyers of Minnillo Law Group for help. To stop the garnishment, she filed a Chapter 13 bankruptcy in Cincinnati to invoke the “automatic stay” to stop the wage garnishment. The automatic stay is at the core…
As a result of the staggering economy, more and more people are finding it difficult to pay their bills. As a result, the payday loan industry has popped up to lend a hand to cash-strapped consumers. These entities have been lifesavers for many people in desperate need of financial assistance. However, doing business with these so-called loan sharks, or quickie loan companies,…