Can I lose it all

Most bankruptcy (BK) filers can keep all of their personal property as "exempt property." With real property and luxury personal property (e.g,...

Debt collection notice on debt already paid

Debt collectors are governed by the Fair Debt Collection Practices Act (FDCPA). I would help your son send a "cease communication" letter to the...

Affect on credit rating

While a bankruptcy can hurt your credit score in the short term, it gives you a "fresh start" so that you can build up your credit over time. Debts...

Affect on record

You can immediately begin repairing your credit after filing a bankruptcy petition. A bankruptcy can stay on your credit report for as long as 10...

Credit card debt

The bankruptcy laws for student loans are quite complex, and you should seek the advice of a bankruptcy attorney if you are contemplating...

As a co-signer, you are liable for the loan. If the vehicle is repossessed and sold for less than the loan amount, then the lender can come after...

Collections

If the debt is owed, then a creditor can assign the debt to a collection agency. Creditors typically use collection agencies as a last resort...