Author Archives: Thomas Denaro

The practice of buying “junk debts”—debts that are significantly delinquent and have been given up on by the original creditors—and then attempting to collect on them has grown into a thriving industry worth billions of dollars.

When you file for bankruptcy, whether under Chapter 7 or Chapter 13, your property becomes part of what is called the “bankruptcy estate.”

Maybe you filed for bankruptcy once and felt the relief of finally being able to get your life back: your credit card bills were gone, you were able to get back on track with your mortgage payments and, with some luck, you were able to hold onto most of those things that were important to you.

Every year, thousands of people find themselves in a financial situation that seems insurmountable. Even as they struggle to pay their bills and keep food on the table and a roof over their head, they feel themselves sinking deeper into debt.

Filing for bankruptcy is seldom an easy decision, but sometimes it is the only way out of what may be an insurmountable debt. If it is the right path for you, you will have to list all your assets and property, including anything you may have transferred to somebody else, including relatives, within a specified period of time.

If you have fallen behind in paying on your credit cards, medical bills, utilities, rent or mortgage payments or student or car loans, you know what it’s like: the fear of answering the phone and the dread of going to the mailbox.

Back in the 1950s, credit cards were used mostly for dining out (hence, “Diners Club,” the progenitor of the modern-day credit card) and were held by few. Today, an estimated 183 million Americans have credit cards—and we use them for everything from big purchases, like furniture and appliances, to buying a cup of coffee.

No one is perfect. Even if you do everything right, you may find yourself with serious financial difficulties. If you feel like you can never get ahead. It’s time to contact a bankruptcy attorney. However, how do you know which one to choose?

Debt is a fact of life for nearly everyone. In fact, having some debt helps establish and improve your credit rating when you make regular, on-time payments. Debts fall into two categories: secured debt and unsecured debt.

According to a recent study, more than 65% of college seniors in 2017 graduated with student loan debt. The total student loan debt in the United States is estimated at about $1.53 trillion. It’s no wonder that nearly one in four Americans have student loan debt.