Category Archives: Bankruptcy

Sader Law Firm can help financially troubled individuals and businesses file for Chapter 7, 11 and 13 bankruptcy to erase and restructure debts.

Are There Non-Dischargeable Debts in Bankruptcy?

Posted on August 30, 2019 by The Sader Law Firm

Bankruptcy is an extremely helpful option for people who are suffering from the effects of difficult financial situations and creditor collection actions. By filing for Chapter 7 or Chapter 13 bankruptcy, you can discharge debts while protecting your most important assets. Chapter 13 bankruptcy sets up a payment plan to repay your debts while allowing you to keep your property. With Chapter 7 bankruptcy, you discharge your debts and use exemptions to protect your assets. However, there are certain types of debts that are non-dischargeable. If you have non-dischargeable debts, then you should still consider filing for bankruptcy. By discharging your other debts, you can free up funds to pay back your non-dischargeable debts. Child Support, Alimony and Property Settlements in Bankruptcy You cannot discharge past due child support or alimony. This means that you cannot discharge family/domestic support obligations in Chapter 7, Chapter 13 or Chapter 11 bankruptcy. There…
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How Do I Stop a Wage Garnishment?

Posted on August 20, 2019 by The Sader Law Firm

There are a number of consequences you can face for falling behind on your debt obligations. You could experience financial problems due to a wage garnishment. This is where the creditor obtains a judgment and then attempts to collect on that judgment through a garnishment on your wages. With federal student loans, past due taxes and child support, a judgment is not necessary. The latter examples are cases that involve government entities. Not only are wage garnishments embarrassing because your employer finds out, a fairly decent chunk of your pay may be withheld to satisfy the debt. You may have a couple of options for stopping a wage garnishment for debts. Bankruptcy and negotiating with the creditor are two possible options for getting rid of a wage garnishment. How Filing for Bankruptcy Can Stop a Wage Garnishment Bankruptcy can halt credit collection attempts, including wage garnishments, because an automatic stay…
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Household Debt Increases for Q1 2019

Posted on July 17, 2019 by The Sader Law Firm

The New York Federal Reserve released quarterly data on U.S. consumer borrowing trends. Consumer borrowing has topped the previous peak hit during the Great Recession. The New York Federal Reserve released quarterly data on U.S. consumer borrowing trends. Consumer borrowing has topped the previous peak hit during the Great Recession. In the report, the New York Fed notes that household debt is on a steady trend upwards compared to prior quarterly data. Household debt increased for the 19th consecutive quarter, as more borrowers take on student loan, auto loan and mortgage debt. In 2008 Q3, household debt stood at $12.68 trillion. However, New York Fed data shows that household debt is at $13.67 trillion for Q1 2019 – a $993 billion increase from Q3 2008. Q1 2019 Trends for Mortgage Debt Mortgage balances increased by $120 billion since late last year. At the same time, mortgage delinquencies decreased by a…
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