How will bankruptcy affect my credit?

There is no single answer to this question. Under the current federal law, a bankruptcy can remain on a person’s credit history for up to 10 years. On the other hand, most individuals who file for bankruptcy already have poor credit. In some situations, bankruptcy may even improve a person’s credit, because bankruptcy can eliminate many debts and thus improve a person’s financial situation.

Will bankruptcy stop wage garnishments?

Yes, filing for bankruptcy will stop most wage garnishments. However, bankruptcy will not stop wage garnishments based on a domestic support obligation, like child support.

What debts can be discharged (eliminated) in bankruptcy?

Most unsecured debts can be discharged in bankruptcy. This includes credit card balances, medical bills, and personal loans. In addition, some secured debts, like judicial liens, can be discharged if they impair an exemption in a debtor’s property.

Student Loans Archives

Ultimate Guide to Eliminating Student Loans: Forgiveness, Settlement and Discharge

By German Yusufov | Updated May 24, 2020

Student loans are the second largest portion of all consumer debt in the United States, behind only mortgages. But, because of the special legal protections granted to student loans, they are notoriously difficult to reduce or eliminate, unlike almost any other type of debt. Still, even though student loans are more difficult to deal with […]

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Student Loans

Ultimate Guide to Eliminating Student Loans: Forgiveness, Settlement and Discharge

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