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Rising Interest Rates and Bankruptcy
The rapid rise in interest rates is having a big impact on the financial well-being of consumers and businesses. Although a rise in interest rates is often seen as a positive economic indicator, as it...
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Using Technology In My Bankruptcy Practice
When the Covid-19 pandemic hit with full force in the spring of 2020 I made the decision to stop having in-person meetings for consultations and bankruptcy schedule reviews and signings. To protect my...
View ArticleU.S. Assistant Attorney General Remarks on Bankruptcy Discharge of Federal...
At a recent conference of the National Association of Consumer Bankruptcy Attorneys (NACBA) (I’ve been a proud member of NACBA for many years), Assistant United States Attorney General Vanita Gupta...
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How Compound Interest Leads to Bankruptcy
Compound interest is the process of earning interest not only on the amount of money you deposit but also on the accumulated interest. In other words, you earn interest on both the original amount...
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Beware of Property Transfers and Payments to Family Before Filing Bankruptcy
A frequent problem for debtors in bankruptcy are the transfers of property and loan payments to family members before filing. In bankruptcy, fraudulent transfer refers to the transfer of assets by...
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Co-Signing Loans Can Lead To Bankruptcy
Co-signing a loan for someone can be a well-intentioned gesture, often done to help a friend or family member obtain credit when they might not qualify on their own. But this seemingly generous act...
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Romance Scams Lead to Bankruptcy
Romance scams, a heartless manipulation of trust and affection, can inflict profound emotional and financial damage upon their victims. As the web of deceit unravels, victims often find themselves...
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Personal Property Exemptions in Chapter 7 Bankruptcy
Personal property exemptions play a crucial role in Chapter 7 bankruptcy by allowing debtors to protect certain assets from being liquidated or taken by a bankruptcy trustee to pay off creditors....
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Hire a Bankruptcy Attorney. Don’t Go It Alone.
Hiring an attorney to file bankruptcy is crucial because of the complex nature of bankruptcy laws and procedures. While it’s technically possible to file bankruptcy without legal representation,...
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A History of Discharging Student Loans in Bankruptcy
From 1978 to 1990 all student loans owed for five years or more were dischargeable in bankruptcy. Student loans owed for less than five years were dischargeable if “undue hardship” could be showed. In...
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In the Face of Foreclosure
Given the current economic uncertainties and the end of many pandemic related programs preventing foreclosure, many people are again facing the threat of foreclosure of their homes. Chapter 13...
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Useless But Mandatory Counseling in Bankruptcy
People needing to file bankruptcy are required to complete two credit counseling courses as part of the process. This counseling is supposed to provide debtors with information and resources to help...
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Technology Helps Bankruptcy Practice
Technology, including video conferencing, artificial intelligence and document retention tools, has become vitally important to the Nancy L. Thompson Law Office bankruptcy practice. When the covid...
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Bankruptcy and Medical Debt
Some research has shown that medical debt is the primary reason people need to file bankruptcy. A widely cited study published in the American Journal of Public Health in 2019 estimated that about...
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Young Adults Struggle with Credit Card Debt
New research from the Federal Reserve Bank of New York finds that young adults born between 1995 and 2011 are especially struggling with credit card debt. The report shows that more than 15% of young...
View ArticleFederal Lawsuit Alleges Student Loan Servicer Illegally Collects Loans...
The Consumer Financial Protection Bureau (CFPB) has sued the student loan servicer Pennsylvania Higher Education Assistance Agency (PHEAA), which does business as American Education Services (AES), for...
View ArticleThe Automatic Stay of Debt Collection in Bankruptcy
The automatic stay is a fundamental provision in U.S. bankruptcy law, designed to provide immediate relief to debtors and preserve their assets while the bankruptcy case is processed. The automatic...
View ArticleHonesty in Bankruptcy Is The Best Policy
The vast majority of people who file bankruptcy are completely honest and forthright in providing accurate and complete information. Even if important information does turn out to be missing or...
View ArticleChapter 13 Bankruptcy Can Be The Better Choice
Many people say they would pay their debts if they could, but when given the chance to do that through a Chapter 13 bankruptcy plan they sometimes balk. But if you don’t qualify for a Chapter 7...
View ArticleChapter 13 Bankruptcy 101
Chapter 13 bankruptcy allows individuals with regular income to develop a plan to repay all or part of their debts over a period of three to five years. Chapter 13 bankruptcy is often used when an...
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