The downturn in the economy and rising consumer debt has caused the number of Americans filing for bankruptcy to grow.  According to the Administrative Office of the U.S. Courts, there were over 520,000 bankruptcy fillings in the first half of 2008.  Bankruptcy is a federal court process that helps consumers remove their debt in bankruptcy court. [ READ MORE ] Sometimes, despite our best intentions to pay back our debts, our individual circumstances make it an impossible task. Bankruptcy can occur in two different ways – the most common is when an individual or business voluntarily files for bankruptcy. The other potential route to going bankrupt is when your creditors ask the court to order you bankrupt after excessive nonpayment. [ READ MORE ] Before doing any research, you may believe that bankruptcy is simply the process people go through to get out of paying their financial obligations. Bankruptcy is actually very complicated, and neither option (Chapter 7 or Chapter 11) will allow an individual to get out of paying all of your debt! [ READ MORE ] The number of people filing bankruptcy in the United States continues to increase with every passing year. Regardless of the individual circumstances that led you down that path – you should do everything in your power to avoid bankruptcy. Some people think filing bankruptcy results in “starting over” with a clean slate. The truth is, bankruptcy is very rarely as easy as it sounds and the ramifications of filing bankruptcy stay with you for a very long time. [ READ MORE ] Collectors only have a limited amount of time to collect on a debt.  That amount of time varies by state, and knowing your rights can greatly improve your negotiations with debt collectors.  Learn what the statutes of limitation are in your state. [ READ MORE ] Consumers who are considering filing bankruptcy are faced with a lot of questions and are often not sure what the advantages could be- if any. Besides the obvious advantage of not having the debt that hangs over their head everyday, are their any other ad [ READ MORE ] Bankruptcies can be called “reorganizations” or ‘liquidations”, depending on which type of bankruptcy you decide to do. Both a “Chapter 7” and a “Chapter 13” bankruptcy are federal court processes that are meant to assist businesses or consumers to get r [ READ MORE ] Nobody likes to get phone calls from collection agencies. Despite laws intended to protect consumers from harassment, most collection agencies make you very uncomfortable when they’re trying to get the money from you and will call you several times a day [ READ MORE ] While bankruptcy is sometimes the ideal solution for individuals who have buried themselves under excessive debt, it isn’t the answer to all debt problems. Unfortunately, not all debts can be completely erased by a bankruptcy- and in some cases, the debt [ READ MORE ]