2013,02


      REBUILDING CREDIT AFTER BANKRUPTCY

      Posted on 02,26,2013

      Two of the most frequently asked questions during a bankruptcy consultation is what is the best way to establish credit and how to improve a credit score. After the bankruptcy discharge, the income to debt ratio will improve since a lot of debt has been eliminated. The bankruptcy filing process will be posted on the credit reports.

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      ROLE OF THE BANKRUPTCY CASE TRUSTEE

      Posted on 02,13,2013

      Bankruptcy case trustees play an important role in both maximizing repayment to creditors and protecting debtors from unfair claims. When a debtor enters into Chapter 7 bankruptcy, a case trustee will be assigned to oversee the liquidation of certain types of property owned by the debtor. In Chapter 7 bankruptcy cases—which allows individuals to have many of their debts discharged—the debtor is legally entitled to keep certain assets (known as exempt assets). Other assets (known as non-exempt assets), however, must be surrendered to the trustee. The case trustee then oversees the liquidation—or selling—of those assets or the debtor's interests in those assets. The funds from the liquidation are used to pay the necessary expenses and then to pay back certain creditors, a process that the trustee also oversees. In Chapter 13 cases, involve repayment plans instead of immediate debt discharge, the trustee is responsible for collecting regular payments from the debtor and distributing those funds to the appropriate creditors.

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      NEW BILL COULD HELP DEBTORS WITH PRIVATE STUDENT LOAN DEBT

      Posted on 02,06,2013

      When a debtor enters into bankruptcy, the purpose is for that individual to be able to discharge certain debts that have become too financially overwhelming and to get a fresh start. Yet, one of the major forms of debt many people face today is generally not eligible for discharge today's bankruptcy law—that is debt from private student loans. Three U.S. senators are pushing to change that through a new bill. The proposed legislation, which is titled The Fairness for Struggling Students Act of 2013, is being cosponsored by Sens. Dick Durbin (D-Ill.), Jack Reed (D.-Ill.) and Sheldon Whitehouse (D-R.I.), as explained by a recent article by The Huffington Post.

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