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CFPB Finds Civil Judgements Are Not Evenly Distributed

Troutman Sanders

Noting a rise in credit card delinquencies, the Consumer Financial Protection Bureau (CFPB or Bureau) released a new blog post analyzing civil judgments, the final recourse for creditors to collect on unsecured debt. Civil judgments are governed by state law. Twenty times more common in some states than others.

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Who Can Declare Chapter 7 Bankruptcy?

Sawin & Shea

Chapter 7 is the most common form of bankruptcy for individuals and families, and it allows you to discharge many of your unsecured debts within only a few months. Chapter 7 bankruptcy is a form of personal bankruptcy that liquidates filers’ assets to discharge qualifying unsecured debts. What is Chapter 7 Bankruptcy?

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An In-Depth Guide to Bank Account Garnishment in Texas and How to Avoid It

Debt RR

This unpaid debt can lead to a serious problem for businesses: garnishment. Bank account garnishment can create serious cash flow blocks for companies of all sizes, and those cash flow problems can compound into other issues, like payroll concerns and late payments on other accounts.

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Bankruptcy Chapter 7 vs 13: Which Is The Best Option?

Debt Free Colorado

The United States Bankruptcy Code governs both chapter 7 and chapter 13 bankruptcy. Chapter 7 is a disaster when it comes to secured debt. . Chapter 7 will not assist you if your primary source of debt is a mortgage, auto loan, or other kinds of debt. Additionally, not all unsecured debt is dischargeable under Chapter 7.

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What Happens If I Get a Job After Filing Chapter 7?

Sawin & Shea

The bankruptcy discharge will eliminate your unsecured debts , including unpaid medical bills and credit card debt. It is against federal law for an employer to fire an employee due to their bankruptcy filing, and this applies both to government agencies and private employers.

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How an Old Checking Account Can Come Back to Haunt You

Credit Corp

The amount your account is overdrawn is a legal debt you owe, which means the bank can sue you and use legal remedies such as wage garnishment to get the money. What Is the Statute of Limitations on Collecting Overdrawn Bank Account Debt? In most cases, debts are removed from your credit report after seven years.

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10 Common Questions About Bankruptcy

Debt Free Colorado

What Debts are Discharged in Bankruptcy? Unsecured debts , including credit card and medical bills, as well as some judgments or past taxes, may be discharged.