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Bankruptcy Basics – What is a Chapter 7?

What is the difference between a Chapter 7 case and a Chapter 13 case? A Chapter 7 bankruptcy case is sometimes called a “no asset case”.  A Chapter 7 debtor will usually file a bankruptcy case in order to discharge all of his/her unsecured debt such as credit cards, bank lines of credit and judgments…
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Bankruptcy Courts start to chisel away at the non-dischargeability of student loans:

Under the Bankruptcy Code, Congress created certain exceptions to discharge of debt. Student loans are specifically excepted from discharge under Sections 523(a)(8)(A)(ii) and 523(a)(8)(B): “(a) A discharge under section727,1141,1228(a),1228(b), or1328(b)of this title does not discharge an individual debtor from any debt— (8) unless excepting such debt from discharge under this paragraph would impose an undue hardship…
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How Your Credit Report is Affected by a Bankruptcy Case

During the financial crisis, more than 50 million Americans watched their credit scores plummet due to financial hardship or foreclosure. Credit reporting companies are required by the Fair Credit Reporting Act to indicate each debt that has been discharged by bankruptcy and to indicate that debt as zero dollars. However, those of us in the…
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Predatory Lending Against Our Military?

In one of my previous articles I discussed the continuing predatory lending practices by the mortgage and credit card industry by continuing to add fraudulent charges or unnecessary services. The government has finally taken action against high cost lenders who prey upon active duty service members and their families by offering so-called “Payday Loans” (a loan…
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