McBride Law Firm

Free Consultations 318.625.0471

Main Menu

personal bankruptcy Archives

What is a reaffirmation agreement?

Before we can dive in to the topic of reaffirmation agreements and, thus, answer the question posed in the title, let's discuss some basics about bankruptcy. As you know, when you finalize your bankruptcy, your unsecured debts will be eliminated in the discharge process. This is great because it means that you no longer have an obligation to pay your creditors. However, some of those debts may be attached to important pieces of property assets that you have, like your car.

The automatic stay, your debt, and your rights

Put yourself in the shoes of someone who has significant debt and is being called, emailed, and contacted by creditors on a daily basis. The interactions with these creditors and their associated debt collectors can be hostile, and the individual can end up living in fear of his or her cell phone or email account. Collection efforts are often ruthless and unyielding.

Have medical debt? A bankruptcy could help

Debt can pile up in an instant, and all it takes is a major life event for your debt to run out of control. Purchasing a new car or home may be too much too quick, and as a result, your bank account runs dry. You may have a lot of student debt that drains your finances for a long time. Or maybe you make an impulse purchase with a credit card but you aren't able to handle the balance. All of these situations could lead to someone needing a bankruptcy filing to help with their finances.

What is wage garnishment and how can you prevent it?

The phrase "wage garnishment" gets thrown around quite often when the topic of debt or bankruptcy comes up. This is because some creditors will pursue debts that you owe, and when you fail to pay, they take legal action. Wage garnishment is the legal process by which a creditor forces your employer to withhold a portion of your paycheck to ensure they get paid. Wage garnishment can cripple the financial lives of people who are already in a difficult financial position.

Loan forgiveness program in limbo after lawsuit

If you haven't heard of the Public Service Loan Forgiveness program, that's okay. It was created a decade ago for people who work for the government or for a non-profit. The purpose of the program was to allow these workers to clear out their student debts if they had on-time monthly payments for ten years. Well, it has been ten years, and these workers have patiently awaited the day for their loan forgiveness. In fact, roughly 500,000 people applied to the program.

When married, how does bankruptcy work?

Bankruptcy is an inherently complicated process that will leave filers feeling confused about what the next steps are for them. Bankruptcy is certainly meant for individuals, but there are obviously situations where one spouse in a married couple needs to file for bankruptcy. So how does this work? How does it affect the other spouse? And what can the filing spouse expect going forward?

Student debt: why it's nearly impossible to get rid of

There was a time, many decades ago, when student loan debt could be forgiven -- or, at least, it would go unpaid. But in the 1970s, a new law was passed that made student loan debt virtually impossible to discharge. This was in response to a wave of nonpayments. This doesn't make it any more palatable or fair, but it was done in response to an issue.

The benefits of filing for bankruptcy

You would be forgiven for thinking that bankruptcy is purely a negative act that has few benefits. Bankruptcy has been portrayed as a disastrous step that everyone should avoid. Now, obviously, no one wants to go through a bankruptcy and you should do everything in your power to avoid a financial situation that results in a bankruptcy filing.

Time limits exist between bankruptcy filings

Some people may mistakenly think that bankruptcy is a one-shot deal: that once you file for bankruptcy, that is the only chance you get. However, this is incorrect. There is no limit to the number of bankruptcy filings you can go through. But there are time limits between your filings.

When the discharge process starts, which debts can be eliminated?

One of the most important aspects of a bankruptcy filing is the debt discharge process. This is the stage of the bankruptcy that sees many of your past debts eliminated (either partially or wholly) and it can free you up after the bankruptcy so that you can get your financial life back on track.

McBride Law Firm

McBride Law Firm
301 Jackson Street Suite 101
Alexandria, LA 71301

Phone: 318-625-0471
Fax: 318-445-8066
Alexandria Law Office Map

Back to top