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Bankruptcy

Manos Legal Services > Bankruptcy (Page 11)

Student Loans and the Elderly: How to Stop Student Loan Collectors and Social Security Garnishment

[ad_1] An increasing number of our senior citizens are faced with the same problems faced by many of our young adults: student loans. A recent PBS story, “More older Americans than ever are struggling with student debt,” highlights an issue that many bankruptcy attorneys have seen in recent years. As the article notes, ” The number of Americans age 60 and older with student loan debt quadrupled between 2005 and 2015 to nearly 3 million. And the average amount they owe has nearly doubled from 12-thousand dollars to almost 24-thousand.” That’s a lot of debt–my cheap calculator doesn’t have enough digits...

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How Bankruptcy Exemptions Work

[ad_1] Did you ever wonder if you will lose your property if you file bankruptcy?  Can you keep your home, your car, your household goods?  What about your clothes and jewelry? [youtube https://www.youtube.com/watch?v=mlz5cNqERTE&w=560&h=315] The part of bankruptcy law that tells us what you can keep while using bankruptcy to get rid of debts are the bankruptcy exemption laws that apply in your case.  Exemptions are a strange part of bankruptcy law in that different rules apply depending on where you file your case.  Your state may have its own exemption statute, or it may use the federal statute, or it may allow...

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Why Surrendering Your Car or House in a Chapter 13 May Create Unexpected Problems

[ad_1] One of the more powerful tools available to you when you file a personal bankruptcy has to do with your option to cancel an installment contract and surrender secured collateral. This applies to all forms of secured collateral, including such things as houses, motor vehicles, furniture, and jewelry. In a Chapter 7, your surrender of secured collateral will usually mean an end to your obligation to the secured creditor. Any remaining debt owed to the creditor for a deficiency balance will be treated as unsecured debt and unsecured debt is generally going to be eliminated with your Chapter 7 discharge. In...

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What is the Automatic Stay and Who Does it Protect?

[ad_1] The Automatic Stay is an order entered by the federal bankruptcy court directing that all debt collection actions against a debtor that has filed for bankruptcy protection stop.  In most bankruptcies, the stay ordered is entered automatically by the court clerk when the case is filed.  There are some statutory exceptions that apply in the event of repeat filings. The automatic stay is authorized by 11 USC §362, a section of the bankruptcy code that details its provisions.  This important statute prevents the taking of just about any type of action that improves or advances the position of a creditor...

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Are We Seeing a Return to Debtors’ Prisons?

[ad_1] Some time ago, I posted a video on my YouTube channel posing the question “Can I Go to Jail for Not Paying Credit Card Debt?” The answer to this question is “no” – if you don’t pay your credit card bill, the lender bank can sue you for money damages, but they have not power to throw you in jail. Only the state or federal government has the power to incarcerate you for not paying debts and the type of debts that could result in jail time include unpaid such obligations as past tax debt, fines due to governmental units,...

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