Financial Debt

Consumer debt is at its highest ever. More than 1.5 million Americans in 2004 filed for bankruptcy.

The Federal Trade Commission (FTC) cautions consumers to read between the lines when faced with ads in newspapers, magazines or even telephone directories that say:

"Consolidate your bills into one monthly payment without borrowing."

"STOP credit harassment, foreclosures, repossessions, tax levies and garnishments."

"Keep Your Property."

"Wipe out your debts! Consolidate your bills! How? By using the protection and assistance provided by federal law. For once, let the law work for you!"

Get the facts on debt relief!

Frequently Asked Questions

• What Is A Discharge?
  The discharge order is issued by the court and permanently prohibits creditors from taking action to collect dischargeable debts against the debtor personally; this does not prevent secured … more
• Can a bankruptcy court cancel a promissory note?
  Yes.  If your debts are successfully discharged in bankruptcy, then your outstanding promissory notes that deal with your current loan obligations are effectively cancelled by the bankruptcy … more
• What Debts Are Dischargeable?
  11 U.S.C. Section 523 lists exceptions to discharge. In general, all other debts are dischargeable. Some debts listed in Section 523, such as those based on fraudulent conduct, embezzlement or … more
• Can you declare bankruptcy on a Small Business Administration (SBA) loan?
  While the common perception is that you cannot discharge government loans in bankruptcy, in reality, many such loans can be discharged in bankruptcy.  The Small Business Administration (SBA) … more
• Can a creditor object to bankruptcy discharge?
  In a Chapter 7 bankruptcy case, you are not automatically entitled to a complete discharge of your debts.  Rather, your creditors can object to the discharge of particular debts, usually on … more