Debtors are usually able to discharge most or all of their debts. Once a debt is discharged, a creditor may not attempt to collect it from the debtor.
View the Discharge video.
In some cases, a debtor may be required to appear at hearings before a bankruptcy judge.
View the Court Hearing video.
A debtor must be honest and accurate in dealing with the court or face serious consequences, including being charged with a bankruptcy crime.
View the Bankruptcy Crime video.
Every debtor is required to appear at a creditors’ meeting conducted by a trustee who asks the debtor questions about the debtor’s financial condition and gives creditors the opportunity to do the same.
View the Creditors’ Meeting video.
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In order to file for bankruptcy, an individual must take a credit counseling course and accurately complete and file a number of documents.
View the Credit Counseling Video.
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The following debts and not discharged in a bankruptcy:
Child Support
Alimony
Most Student Loans
Some Federal Income Taxes
All Employer Withholding Tax
View the Debts Not Discharged video.
Continue → ShareThere are three main types of bankruptcy cases for individuals, the most common of which are chapter 7 and chapter 13.
View the Types of Bankruptcy video.
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Bankruptcy Basics provides basic information to debtors, creditors, court personnel, the media, and the general public on different aspects of the federal bankruptcy laws. It also provides individuals who may be considering bankruptcy with a basic explanation of the different chapters under which a bankruptcy case may be filed and answers some of the most commonly asked questions about the bankruptcy process.
View the Bankruptcy Basics Video.
www.uscourts.gov
Sean Engelking was pretty confident of his future when he arrived in New York in 2008 to pursue a career in banking. He had just taken an internship after graduating with a degree in economics.
Engelking’s internship ended abruptly soon after moving to the New York. He then got a job working for software firm BizTech, but was laid off several months later. Still out of work and collecting unemployment, he can no longer afford the payments on his student loans. ...
Continue → ShareGet your bankruptcy questions answered at DebtDrs.com. Ted Machi, the Debt Dr, has answered many of your frequently asked questions at the Debt Dr.’s website. All of the video answers are also listed on the Ted Machi YouTube channel. Below is the answer to the question, “What is Bankruptcy?”
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Congress is still debating who should qualify for a benefits extension as thousands of jobless Americans lose their weekly unemployment checks every day. The House last month approved lengthening benefits by 13 weeks for those in high-unemployment states. The proposal has stalled as Democrat leaders argue over the terms in the Senate reports CNNMoney.com.
Meanwhile, 400,000 people ran out of benefits in September and another 208,000 are set to lose them this month, according to the National Employment Law Project. ...
Continue → ShareA new battle is appearing in Congress. This is in the same wave of protest as the consumers had against credit card fees this year. There is a support behind a crack down on overdraft fees, the penalty a bank charges when a customer spends more than the balance of their account.
According to a study by the Federal Deposit Insurance Corporation more than 3 out of 4 banks automatically sign customers up for overdraft programs. May consumers only discover they ...
Continue → SharePeople using natural gas this winter stand to save $105, compared with last year, and propane users will get even bigger savings, the government said. Households that use heating oil or electric heat also are expected to spend less during the heating season.
The Energy Information Administration said in its annual winter outlook Tuesday that lower fuel costs across the board and an expected milder winter will cut average heating costs for the upcoming season by 8 percent compared to last ...
Continue → ShareMeet Ted Machi of Ted Machi & Associates, P.C. Ted Machi has more than 30 years of experience in North Texas Bankruptcy Courts.
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MarketWatch.com shows the nation’s job losses accelerated in September, driving the unemployment rate to a 26-year high of 9.8% economic data showed Friday. Nonfarm payrolls fell by a greater-than-expected 263,000 in September, the Labor Department reported. It marked the 21st consecutive month of job losses.
Since the recession began in December 2007, 7.2 million jobs have been lost and the unemployment rate has doubled. While disappointing, the September numbers were not catastrophic, economists said. “We are more inclined to view ...
Continue → ShareClaims for first-time jobless benefits increased more than expected last week. This a sign that employers are reluctant to hire and the job market remains weak.
The government’s Cash for Clunkers program in August helped consumer spending jump by the most in nearly eight years. Economists worry whether that rebound can be sustained with U.S. households facing rising unemployment, tight credit conditions and other obstacles.
The Labor Department said Thursday that initial claims for unemployment insurance rose to a seasonally adjusted 551,000 ...
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