Our firm receives this question pretty often. So, we've decided to answer it on our blog. Yes. Filing for bankruptcy will affect your credit rating. Initially, you may see a sharp decline in your FICO score. Once your debt has been discharged, and you begin making on-time payments and wise financial decisions regarding your credit, you…
The Washington Mutual bank failure is the largest in U.S. history. WaMu filed Chapter 11 Bankruptcy in the U.S. Bankruptcy Court of Delaware. The company has listed $4.5 billion in assets, including valuable artwork. WaMu is now facing claims totaling $7.8 billion filed on behalf of shareholders, businesses, and individuals. Read more...
If you're wondering whether or not the new bankruptcy law will prevent you from filing for relief, you should take a look at this video from NACBA.
What is Chapter 13 Bankruptcy? Chapter 13 Bankruptcy is often referred to as a bankruptcy repayment plan. This type of bankruptcy enables wage earning individuals to propose a three to five year plan to repay their creditors. After the repayment plan commences, creditors are forbidden from pursuing other collection efforts against debtors. Chapter 13 is…