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Bankruptcy And Debts Blog 5 March 2008

5 March 2008

39 is the new 41 and Contractual Obligation

Posted by James Breen at 3/5/2008 9:24:00 PM

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tags: none Filings for Bankruptcy Up 18% in February - New York Times February was the busiest month for filings since Congress overhauled the bankruptcy law in 2005. Bankruptcy experts said the rise was particularly worrisome because those changes made filing for bankruptcy more complicated and expensive. "This number of bankruptcies may be under-representative of the true financial distress ..keep reading.

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Posted at 21:24 0 comments


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Both types of bankruptcy may get rid of unsecured debts and stop foreclosures, repossessions, garnishments, offs, and debt collection activities. Both also provide exemptions that allow people to keep certain assets, although exemption amounts vary among states. Note that personal bankruptcy usually does not erase child support, alimony, fines, taxes, and some student loan obligations. And unless you have an acceptable plan to catch up on your debt under Chapter 13, bankruptcy usually does not allow you to keep property when your creditor has an unpaid mortgage or lien on it.