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Personal Bankruptcy Archives

A credit score can be restored after bankruptcy completion

Most Americans, including Arkansas residents, strive to obtain a good credit record and score. It can be particularly important in buying a house or even a car, and for obtaining other kinds of personal credit. However, sometimes financial crises unavoidably occur, and options such as bankruptcy must be chosen to support the family's survival.

Bankruptcy filings are prevalent in retired NFL players

While the careers of most Arkansas residents get well on track at about the age of 30, the careers of some professional sports people are over by that time. The National Bureau of Economic Research reported that a new study revealed that a high number of professional athletes file for bankruptcy within a couple of years after retirement. Sports Illustrated showed similar results in a 2009 report, in which it revealed that 78 percent of retired NFL players experienced financial difficulties due to unemployment or divorce within two years of retirement.

Councilwoman files for bankruptcy to discharge credit card debt

In recent years, news articles abound regarding the filing of personal bankruptcy by public officials.  These incidents are sometimes harmful to the individual's political career but not always. Where the debts comprising the bankruptcy are typical consumer bills, the public in Arkansas and elsewhere is more inclined to have an understanding perspective toward the person's need for help.

World Gym owner files personal bankruptcy over back rent claim

Sometimes a personal bankruptcy is precipitated by a lawsuit for back rent and/or an eviction proceeding. A bankruptcy may also be needed if an ejectment action is brought against a debtor after a foreclosure and sale has been consummated. In Arkansas, the manager of World Gym has filed a personal bankruptcy that appears to have been precipitated by a suit against him for $475,000 in late rent.

Common disasters cause good people to need bankruptcy relief

One of the harshest urban legends about bankruptcy is the perception that those who file are trying to "game" the system or acting in bad faith to wiggle out of their obligations. Nothing could be further from the truth. Those who file bankruptcy here in Arkansas, and elsewhere for that matter, are almost always industrious, sincere, hard-working people, with a long history of working and paying on time.

Tips on getting credit and a new mortgage after bankruptcy

There is no doubt that bankruptcy has some downside. In Arkansas and elsewhere, that consists mainly of a perceived devaluation of one's credit and the difficulty of getting future credit. Although that factor does exist, and despite the potential that a bankruptcy may be reported for up to 10 years,  there are nonetheless proven techniques for speeding up the process of regaining a top-of-the-line credit rating.

Let's be honest: disclosure is important in bankruptcy

Earlier this month, a federal grand jury indicted a man with bankruptcy fraud. The charges were based on a failure to disclose to the bankruptcy court an inheritance that was valued at approximately $800,000. In this case, prosecutors claimed that it was more than just a momentary lapse of judgment. They argued that it was an intentional scheme.

New bill proposes restoring bankruptcy relief for student loans

In 2005, the U.S. Congress made changes to the bankruptcy laws that were intended to cut down on the number of filings and to restrict relief in some situations. Nonetheless, most consumers in Arkansas and nationwide would qualify for effective Chapter 7 or Chapter 13 relief today despite the changes that were made. However, one type of relief that was effectively stymied since 2005 has been the ability to discharge student loans in a bankruptcy.

Bankruptcy may soon provide relief for more student loan debtors

In Arkansas and all other states, it is not quite true that student loans cannot be discharged. One expert who did a statistical study reported that 40 percent of requests to discharge student loans in bankruptcies were successful. The key is that the debtor must prove to the bankruptcy judge that retention of the loan will create an undue hardship.

Former Congressman pursues bankruptcy relief

Financial turmoil can affect anyone, regardless of his or her background, education or professional achievements. Fortunately, bankruptcy protection is available for any American consumer who is in serious financial turmoil, no matter how or why he or she became overwhelmed with debt. As the recent filing of one former Congressman demonstrates, bankruptcy protection is a tool that can provide a fresh financial start to whomever is in need in Arkansas or elsewhere.