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Archive for May 16th, 2007

Bankruptcy Basics: What is a Priority Debt? »

When a person files for bankruptcy protection, his debts are placed into three major categories: (1) secured (2) unsecured, and (3) priority. See Bankruptcy Basics: What is a Secured Debt? for details on secured debts. Priority debt is a debt that is generally non-dischargeable. Typically, [...]

What is a Debt Management Plan?, Part 2 »

In the ‘before’ times (before the revisions to the bankruptcy code in 2005), it was possible to attempt a payment plan with your creditors. This payment plan would be designed to pay off your debt by restructuring your payments over a fixed period of time.
A DMP (debt management plan) can take several forms. [...]

If You Like Payday Lenders, Then You Are Going To Lobe Finance Companies »

By now, most people have become aware of the trap that is the Payday lender:
Their high interest rates! (As high as 643%).
 
Unfortunately, many desperate consumers in need of money are returning to Finance Companies as an alternative to the Payday lender.
However, the Finance Company, in many respects, is as bad if not worse [...]

Is Bankruptcy the Right Decision #5 »

Families struggle with the idea of filing bankruptcy and ask my opinion about whether this is the “right” option for them. One of the factors that is decisive in my analysis is whether they have debt that isn’t dischargeable in bankruptcy. If so, the odds are increased that filing bankruptcy to eliminate [...]