the Upsolve Team
Upsolve is fortunate to have a remarkable team of bankruptcy attorneys, as well as finance and consumer rights professionals, as contributing writers to help us keep our content up to date, informative, and helpful to everyone.
Articles written by the Upsolve Team
The Complete Guide To Refinancing Student Loans
Written by the Upsolve Team. Legally reviewed by Attorney Andrea Wimmer
Updated June 9, 2023
When you refinance your student loans, you take out a new loan and use it to pay off your existing student loans. There are pros and cons to refinancing: The biggest pro is that you may get a lower interest rate or be able to reduce the amount of your monthly payments. Reducing your interest rate means you pay less over the long run. Lowering your payments each month can help you stay on top of your debt if you’re struggling. If you have federal loans, the biggest drawback to refinancing is that you’ll lose certain benefits like access to student loan forgiveness and economic hardship programs. Regardless of the type of loans you have, you’ll need a good credit score (or a co-signer with a good score) to get approved for a student loan refinance and get a good interest rate.
Read More →Is Filing for Bankruptcy Bad?
Written by the Upsolve Team. Legally reviewed by Attorney John Coble
Updated June 8, 2023
Bankruptcy has gotten a negative reputation over the years. But there are many benefits to filing for bankruptcy that don't get as much attention as the drawbacks. Depending on your situation, filing bankruptcy can sometimes be the best course of action.
Read More →What’s the Best Student Loan Repayment Plan for Me?
Written by the Upsolve Team. Legally reviewed by Attorney Andrea Wimmer
Updated June 7, 2023
The best student loan repayment plan is the one that works for you, your goals, and your financial situation. To figure out your best option, do your research and consider the pros and cons of each plan. (Hint: Consider whether the monthly payment will be affordable and also how much interest you’ll pay over the life of the loan.) Then sign up for the plan that makes the most sense for you. The good news is that the federal government provides a lot of flexibility to borrowers, and you can change your repayment plan anytime. There are four types of federal student loan repayment plans. Most borrowers stick with the 10-year Standard Repayment Plan or choose an income-driven repayment plan. Though they are less common, Graduated Repayment Plans or Extended Repayment Plans offer a smart option for some borrowers.
Read More →Want To Get Rid of Student Loans? Try These 6 Ideas
Written by the Upsolve Team. Legally reviewed by Attorney Andrea Wimmer
Updated June 7, 2023
If you feel like you’re drowning in student loan debt and need help managing or getting rid of it, you’re in luck. In this article, we rounded up six potential options to deal with overwhelming student loan debt, including loan forgiveness programs, loan discharge programs, loan settlement options, repayment plans, refinancing options, and bankruptcy.
Read More →Student Loan Rehabilitation: How To Get Out of Default
Written by the Upsolve Team. Legally reviewed by Attorney Andrea Wimmer
Updated June 7, 2023
Student loan rehabilitation is one way to get your federal student loans out of default status. If you’re currently trying to get student loan relief but aren’t eligible for any programs because you’re in default, student loan rehabilitation may be exactly what you need for your fresh start. To get your student loans rehabilitated and out of default, you need to contact your loan servicer, create a payment plan, complete the required paperwork, and make a certain number of monthly payments.
Read More →Want To Pay Off Student Loan Debt? Ask These 9 Questions
Written by the Upsolve Team. Legally reviewed by Attorney Andrea Wimmer
Updated June 7, 2023
There are many ways to strategize to pay off student loan debt. You can develop a personalized strategy by exploring: - Your current financial situation - Your student loan (and how it compares to other debt you may have) - Your financial goals - Your risk tolerance and debt-repayment timeline - The type of student loans you have and their repayment options - Streamlining repayment through loan consolidation or refinancing
Read More →How To Pay Off Collections: A Complete Guide
Written by the Upsolve Team. Legally reviewed by Attorney Andrea Wimmer
Updated June 7, 2023
If you are being contacted by debt collection agencies or other types of debt collectors, then you have several options to choose from to protect yourself. But don’t ignore those letters or phone calls just because you can’t pay the debt right now. Keep in contact with your creditors and let them know where you stand so that they know that you are actively trying to work with them.
Read More →What Does a Bankruptcy Discharge Do?
Written by the Upsolve Team. Legally reviewed by Attorney Paige Hooper
Updated June 7, 2023
A bankruptcy discharge is a court order that wipes out certain debts like credit card debts and medical bills. Once you receive a discharge, you're no longer legally obligated to repay the debts that were discharged. Some debts, like those that are secured by collateral, can only be discharged if you give up the collateral. In Chapter 7 cases, dischargeable debts will be eliminated in a matter of months. In Chapter 13 cases, the filers must complete their 3-5 year payment plan before their dischargeable debts are eliminated.
Read More →What Does a Bankruptcy Discharge Do?
Written by the Upsolve Team. Legally reviewed by Attorney Paige Hooper
Updated June 7, 2023
A bankruptcy discharge is a court order that wipes out certain debts like credit card debts and medical bills. Once you receive a discharge, you're no longer legally obligated to repay the debts that were discharged. Some debts, like those that are secured by collateral, can only be discharged if you give up the collateral. In Chapter 7 cases, dischargeable debts will be eliminated in a matter of months. In Chapter 13 cases, the filers must complete their 3-5 year payment plan before their dischargeable debts are eliminated.
Read More →5 Important Bankruptcy Questions (and Answers!)
Written by the Upsolve Team. Legally reviewed by Attorney Andrea Wimmer
Updated June 6, 2023
If you’re thinking about filing bankruptcy, you have questions. We’ll answer the most common bankruptcy questions for you right here so you can decide whether you want to take the next step in the bankruptcy process or explore other debt-relief options that might interest you.
Read More →What To Do if the Trustee Says You Owe Money to the Estate
Written by the Upsolve Team. Legally reviewed by Attorney Paige Hooper
Updated June 6, 2023
If you own property that's not protected, or not fully protected, by exemptions, you may owe money to your bankruptcy estate. You can either pay the money into the estate and keep the property or asset, or you can surrender the property, keep the exempted amount, and not have to pay into the estate.
Read More →Consolidating Federal Student Loans: A Comprehensive Guide
Written by the Upsolve Team. Legally reviewed by Attorney Andrea Wimmer
Updated June 5, 2023
If you’re like most students, you’ll take out multiple student loans throughout your college career. When repayment begins, you may find yourself juggling multiple loan payments, due dates, and interest rates each month. Consolidating your student loans can streamline the repayment process, and it may even save you money. The U.S. Department of Education currently offers one kind of consolidation loan called a Federal Direct Consolidation Loan. Here’s what you need to know to make informed decisions about consolidation.
Read More →7 Options if You Can’t Make Your Student Loan Payments
Written by the Upsolve Team. Legally reviewed by Attorney Andrea Wimmer
Updated May 30, 2023
If your student loans are coming due and you can’t afford the payments, don’t panic. This article explores 10 strategies to help: 1. Apply for an income-driven repayment plan. 2. Refinance your loans. 3. Seek financial counseling. 4. Increase your income and/or lower expenses. 5. Consolidate your loans. 6. Set up automatic payments. 7. Request student loan deferment. 8. Apply for student loan forbearance. 9. Negotiate with your lender. 10. File bankruptcy to erase student loans for good.
Read More →The Complete Guide To Disputing Student Loans on Your Credit Report
Written by the Upsolve Team. Legally reviewed by Attorney Andrea Wimmer
Updated May 22, 2023
Some student loan borrowers find errors on their credit report. So, it’s a good idea to get in the habit of checking your credit report from each of the big three credit reporting agencies — Equifax, Experian, and TransUnion — at least once a year. Luckily, you can get your credit report for free, without impacting your credit score. You also have the right to dispute inaccurate information on your credit report and have it removed. Let’s review what to check for and how to deal with inaccuracies.
Read More →Navigating Bankruptcy: Understanding Which Debts Can't Be Discharged
Written by the Upsolve Team. Legally reviewed by Attorney Andrea Wimmer
Updated May 17, 2023
Though bankruptcy provides real debt relief for folks who are struggling to make ends meet, not every debt is treated equally under bankruptcy law. Bankruptcy is a great way to get rid of credit card debt, medical bills, and personal and payday loans. But bankruptcy can’t wipe out recent income tax you owe, alimony, child support, or debt incurred from illegal acts (embezzlement, larceny, etc.) Though there’s a common misconception that student loan debt can’t be erased in bankruptcy, you can discharge, or wipe out, your student loan debt in Chapter 7 or Chapter 13 bankruptcy. You must prove that repaying it is causing undue hardship and that you’ve made good faith efforts to pay in the past.
Read More →Navigating Bankruptcy: Understanding Which Debts Can't Be Discharged
Written by the Upsolve Team. Legally reviewed by Attorney Andrea Wimmer
Updated May 17, 2023
Though bankruptcy provides real debt relief for folks who are struggling to make ends meet, not every debt is treated equally under bankruptcy law. Bankruptcy is a great way to get rid of credit card debt, medical bills, and personal and payday loans. But bankruptcy can’t wipe out recent income tax you owe, alimony, child support, or debt incurred from illegal acts (embezzlement, larceny, etc.) Though there’s a common misconception that student loan debt can’t be erased in bankruptcy, you can discharge, or wipe out, your student loan debt in Chapter 7 or Chapter 13 bankruptcy. You must prove that repaying it is causing undue hardship and that you’ve made good faith efforts to pay in the past.
Read More →Consequences of Not Paying Student Loans: Explained
Written by the Upsolve Team. Legally reviewed by Attorney Andrea Wimmer
Updated May 17, 2023
Federal student loan borrowers have had a three-year reprieve from monthly student loan payments, but that’s likely to end in August 2023. Though Biden proposed a one-time forgiveness program to help with the student loan debt crisis in the U.S., many legal experts believe the Supreme Court will strike it down in the summer of 2023. Regardless of the result, payments are set to resume in 2023, so it’s good to start preparing now. If you can’t make your student loan payments, your credit score, employment opportunities, and emotional well-being can all suffer. This article explains the consequences you may face if you don’t make your student loan payments and proposes some strategies to deal with student loan debt when you can’t make your monthly payment.
Read More →REPAYE Plan 101
Written by the Upsolve Team. Legally reviewed by Attorney Andrea Wimmer
Updated May 16, 2023
The Revised Pay As You Earn Repayment Plan (REPAYE Plan) is an income-driven repayment (IDR) plan for federal student loans. Borrowers who aren’t in default and have an eligible federal student loan can make payments under the REPAYE Plan. It requires you to pay 10% of your discretionary income, and the repayment period is 20-25 years.
Read More →8 Strategies To Lower Your Student Loan Payments
Written by the Upsolve Team. Legally reviewed by Attorney Andrea Wimmer
Updated May 16, 2023
If you’re struggling to pay off student loan debt, you may want to look into lowering your student loan payment. Getting a lower monthly payment can help tremendously, and there are many options to do this. Some strategies for achieving this include signing up for an income-driven, graduated, or extended repayment plan; enrolling in autopay; refinancing your student loans; consolidating your federal student loans; applying for deferment or forbearance; and requesting a temporary payment decrease or deferral if you have a private student loan. The best option for you depends on your financial goals and the type of loans you have. This article will go into detail about each of them.
Read More →What’s the Difference Between Subsidized and Unsubsidized Student Loans?
Written by the Upsolve Team.
Updated May 16, 2023
There are two types of federal student loans: subsidized and unsubsidized. Subsidized loans are granted based on financial need, but you don't have to show any financial need to qualify for an unsubsidized loan. Both types of loans must be repaid with interest, but the federal government covers some of the interest payments on subsidized loans. Because of this you'll usually pay less over the life of a subsidized loan than you will for an unsubsidized loan.
Read More →The Ultimate Guide to Student Loan Forgiveness Programs for Healthcare Workers
Written by the Upsolve Team. Legally reviewed by Attorney Andrea Wimmer
Updated May 16, 2023
There are many programs designed specifically for healthcare workers to receive student loan forgiveness. Most serve specific types of healthcare workers and have other requirements around the length of time you work in healthcare and where you work. Consider each of these factors as you look at your options. If you’re struggling to pay your loans, you can also consider applying for a loan deferment or forbearance or switching to an income-driven repayment plan to help make your monthly payments more manageable.
Read More →Why Do I Keep Getting Calls About Student Loans?
Written by the Upsolve Team. Legally reviewed by Attorney Andrea Wimmer
Updated May 16, 2023
If you’re a student loan borrower, you’re probably used to receiving phone calls, letters, emails, and text messages about your student loan debt. While some of these are legitimate messages from federal loan servicers, many are scams. If you're getting calls about student loans and you don't have any loans, that's a good sign it's a scam. Below, we go into detail on how to spot/prevent a scam. Bottom line? If it seems too good to be true, it's most likely a scam.
Read More →Should I Lower My Student Loan Payments With An Extended Repayment Plan?
Written by the Upsolve Team. Legally reviewed by Attorney Andrea Wimmer
Updated May 16, 2023
An extended repayment plan lowers your monthly payment amount by stretching your repayment over 25 years. Rather than consistent payments, on a graduated plan your minimum monthly payments start lower and increase every two years.
Read More →What Is the Standard Repayment Plan for Student Loans?
Written by the Upsolve Team. Legally reviewed by Attorney Andrea Wimmer
Updated May 15, 2023
Standard repayment plans are available thanks to several different repayment option choices. These plans include extended, graduated, income-contingent, and income-based. All of these options provide borrowers with the ability to lower their monthly payments or extend the term of their loan thereby keeping their payments low.
Read More →Student Loan Forgiveness Programs for Nurses
Written by the Upsolve Team. Legally reviewed by Attorney Andrea Wimmer
Updated May 15, 2023
In this article, you will learn about student loan forgiveness programs available to nurses. Loan forgiveness eligibility qualifies you to have your loan eliminated. Forgiveness programs are only available for federal loans. The following will guide you on how you can reduce or eliminate your student loan debt if you are a nurse.
Read More →Paying Off Debt vs. Investing: What’s Better?
Written by the Upsolve Team. Legally reviewed by Attorney Andrea Wimmer
Updated May 15, 2023
You may feel like you’re getting conflicting messages about debt and savings. On the one hand, you know it’s not good to carry too much debt. It’s expensive, can lower your credit score, and creates some risk. At the same time, you’re advised to have savings to help weather the unexpected. And, you’re warned about your retirement investments falling short and leaving you in a bad situation as you grow older. But, your budget will only stretch so far. There’s no one-size-fits-all answer. The right choice depends on your circumstances and your personal financial goals. This overview will help you make the right decision for your situation.
Read More →Cancellation Of Debt & Related Pitfalls
Written by the Upsolve Team. Legally reviewed by Attorney Andrea Wimmer
Updated May 15, 2023
If you have debts that you are unable to pay, bankruptcy is not your only option. You might be able to negotiate with your creditors to have some of your debt canceled. Learn what debt cancellation is, how it works, and forms of debt cancellation have to be declared as taxable income and which. Also find out which method of debt cancellation might work best for your situation.
Read More →If I Go To Grad School, Can I Defer My Loans?
Written by the Upsolve Team. Legally reviewed by Attorney Andrea Wimmer
Updated May 15, 2023
Yes you probably can. Deferring your loan will help you concentrate on graduate school and make the most of your grad school experience. In this article, we’ll help you understand how deferring your undergraduate school loans can help you to successfully manage your student loan debt while you attend grad school.
Read More →Does Bankruptcy Clear Judgments?
Written by the Upsolve Team. Legally reviewed by Attorney Andrea Wimmer
Updated May 15, 2023
When a creditor or debt collector gets a judgment against you, it's dischargeable as long as the original debt was dischargeable. The question becomes a bit more complicated if the creditor gets a judgment lien on your property. Here’s how it works.
Read More →Chapter 7 vs. Chapter 13 Bankruptcy: What’s the Difference?
Written by Attorney Andrea Wimmer.
Updated May 15, 2023
Chapter 7 and Chapter 13 bankruptcy are the two most common types of personal bankruptcy filings. Chapter 7 bankruptcy can wipe out unsecured debts like credit card debt and medical bills in just 3-4 months. Though the filing can stay on your credit report for 10 years. You must pass a means test and meet certain criteria to qualify for Chapter 7. Chapter 13 takes longer — usually 3-5 years — because filers are on a repayment plan. After the plan is up, any remaining unsecured debt is discharged. Chapter 7 can stay on your credit report for up to 7 years. Some filers choose Chapter 13 because they don’t qualify for Chapter 7 or because they own certain assets they want to protect. Even though there are differences between Chapter 7 and Chapter 13 bankruptcy, each one grants the filer a fresh financial start in the form of a bankruptcy discharge — a court order that relieves you of your debt and bans creditors from trying to collect from you on this debt.
Read More →How Much Do I Owe in Student Loans?
Written by the Upsolve Team. Legally reviewed by Attorney Andrea Wimmer
Updated May 15, 2023
If you want to go back to school, finance a house, manage your debt, or file for bankruptcy, you’ll want to find out how much you owe in student loans. It might feel like you need a degree in finance to keep track of your financial aid, but we’re here to help. Keep reading to learn about how you can find out how much you owe on your student loans and how to effectively manage your student debt.
Read More →What You Need To Know About Wrongful Foreclosure
Written by the Upsolve Team. Legally reviewed by Attorney Andrea Wimmer
Updated May 11, 2023
If you’ve defaulted on your mortgage, your lender has the right to start the foreclosure process. Foreclosures that happen outside the court are called nonjudicial foreclosures. But even with nonjudicial foreclosures, you still have legal rights and defenses against the foreclosure proceeding.
Read More →How To Buy a Car After Repossession
Written by the Upsolve Team. Legally reviewed by Attorney Andrea Wimmer
Updated May 11, 2023
Repossession might feel like an insurmountable obstacle to getting another car. It’s important to realize that you can repair bad credit. Working to reach a healthy financial situation after a repossession means that even this unpleasant experience will move into the past.
Read More →Bad Credit: The Problem & Solutions
Written by the Upsolve Team. Legally reviewed by Attorney Andrea Wimmer
Updated May 11, 2023
It is possible to increase your credit score if you are proactive. This article will look at what’s considered a poor credit score, the consequences of having bad credit, and strategies to improve your credit.
Read More →What You Need To Know About Divorce and Bankruptcy
Written by the Upsolve Team. Legally reviewed by Attorney Paige Hooper
Updated May 11, 2023
If you and your spouse get along, you can file Chapter 7 together before you get divorced. Doing so means you'll benefit from larger exemptions and you can wipe out marital debt to ease the divorce process. If you don't get along well, you may want to get divorced first and file your case individually later. Once you file your bankruptcy case, the automatic stay goes into effect, which will delay your divorce proceeding.
Read More →Are Credit Repair Companies a Bad Idea?
Written by the Upsolve Team. Legally reviewed by Attorney Andrea Wimmer
Updated May 11, 2023
If a credit card repair company is telling you that your debt can be wiped out and you can start over with a new identity, stop listening. These types of credit repair company scams steal Social Security numbers and account information. That doesn’t mean the credit repair industry doesn’t have any legitimate credit repair agencies. They’re just hard to find.
Read More →Which states allow me to use the federal bankruptcy exemptions?
Written by the Upsolve Team. Legally reviewed by Attorney Andrea Wimmer
Updated May 11, 2023
Find out which states allow filers to choose between their state's exemptions and the federal bankruptcy exemptions.
Read More →What Happens If The Bank Takes My Car?
Written by the Upsolve Team. Legally reviewed by Attorney Andrea Wimmer
Updated May 11, 2023
If you have fallen behind on your car loan, you may be wondering what happens next. How will you get to work with no car? Is it possible to get it back after it's been repossessed? In this article, you will learn how repossession works, what you can do after it has occurred, and how to avoid it in the first place.
Read More →Will a Car Repossession Keep You From Getting a Home Loan?
Written by the Upsolve Team. Legally reviewed by Attorney Andrea Wimmer
Updated May 11, 2023
Repossession is one type of negative event on a credit report that can affect approval for any type of loan, especially a mortgage. While a repossession won’t directly prevent you from getting a mortgage loan, it won’t make it easy. Because everyone’s credit profile is different, it’s hard to predict the impact of a repo on anyone’s home loan application. This article will explain how a repossession can affect your credit history and how it affects getting approved for a mortgage loan.
Read More →What Will Happen If I Don’t Pay an Unsecured Loan?
Written by the Upsolve Team. Legally reviewed by Attorney Andrea Wimmer
Updated May 11, 2023
Unsecured debt includes credit card debt, student loans, personal loans, cash advances, medical debt, retail store accounts, and money borrowed from family or friends. This article will discuss unsecured debts, what happens if you default on these types of debts, and what options you have for dealing with them after defaulting.
Read More →Florida Repossession Law
Written by the Upsolve Team. Legally reviewed by Attorney Andrea Wimmer
Updated May 10, 2023
If you’re in Florida and your car has been repossessed, you still have the opportunity to redeem your car or reaffirm your loan. You can also file bankruptcy to help you keep your car, or to help you get rid of future collection activity on a deficiency balance.
Read More →How to Stop Collection Calls (Guide)
Written by the Upsolve Team. Legally reviewed by Attorney Andrea Wimmer
Updated May 10, 2023
If you have debt you’re struggling to manage, you don’t need the added stress of irritating collection calls. Keep reading to learn how you can stop debt collection calls from interrupting your life.
Read More →Guide to PACER: Getting your court notices without an attorney
Written by the Upsolve Team. Legally reviewed by Attorney Andrea Wimmer
Updated May 10, 2023
PACER stands for Public Access to Court Electronic Records. It’s a system to access case information, the docket, and the documents filed in a particular case electronically.
Read More →What Is Debt Settlement?
Written by the Upsolve Team. Legally reviewed by Attorney Paige Hooper
Updated May 10, 2023
Debt settlement is a type of debt relief. If a creditor agrees to a debt settlement, you make a lump-sum payment for less than the total debt you owe and they forgive the rest. This can work well if you have a large sum of cash at hand. But many who've fallen behind on paying their debts don’t. If you try to save up money to settle a debt, you'll hurt your credit in the meantime if you stop making your debt payments.
Read More →What Is Debt Settlement?
Written by the Upsolve Team. Legally reviewed by Attorney Paige Hooper
Updated May 10, 2023
Debt settlement is a type of debt relief. If a creditor agrees to a debt settlement, you make a lump-sum payment for less than the total debt you owe and they forgive the rest. This can work well if you have a large sum of cash at hand. But many who've fallen behind on paying their debts don’t. If you try to save up money to settle a debt, you'll hurt your credit in the meantime if you stop making your debt payments.
Read More →Yes, Your Paycheck Can Be Garnished if You Don’t Pay Your Student Loans
Written by the Upsolve Team. Legally reviewed by Attorney Andrea Wimmer
Updated May 4, 2023
If you fall behind on your student loan payments, the lender may garnish your wages. This means that a portion of your paycheck will be withheld by your employer and sent directly to your loan servicer to repay your debt. Wage garnishment can have a significant impact on your finances and make it difficult to meet your basic living expenses. However, you have options available to avoid default and wage garnishment, such as loan consolidation, income-driven repayment plans, and loan rehabilitation. It's important to understand your rights and options when it comes to repaying your student loans to avoid wage garnishment and other negative consequences.
Read More →Can You Arrange a Settlement With Student Loan Lenders?
Written by the Upsolve Team. Legally reviewed by Attorney Andrea Wimmer
Updated April 20, 2023
If your student loan is in default and you want to clear up your debt, you might be able to enter into a student loan settlement agreement. When you settle a debt, you negotiate with the lender to pay less than you owe in one lump sum. To negotiate a settlement agreement, your account must be in default. There are advantages and disadvantages to using this debt relief option. For example, you may end up paying less than the total amount you owe on your loan, but you must have a large lump sum available to complete your settlement. The settlement rules are different for federal student loans and private lender loans, so you’ll first need to determine what type(s) of student loan you have before weighing your options.
Read More →Is 600 a Good or Bad Credit Score?
Written by the Upsolve Team. Legally reviewed by Attorney Andrea Wimmer
Updated March 27, 2023
A credit score of 600 is below average. If your credit score is 600 or less, it may be difficult to get a new loan at an affordable interest rate. Most lenders who see borrowers with a credit score of 600 or lower will only offer high-interest loans with strict terms. If the borrower fails to pay each month, then the lender can send the account to collections. Thankfully, you can do several things to improve your credit score. We’ll cover some strategies in this article.
Read More →What Are the Texas Bankruptcy Exemptions?
Written by the Upsolve Team. Legally reviewed by Attorney Andrea Wimmer
Updated February 27, 2023
Texas has more generous bankruptcy exemptions than many other states. It also allows bankruptcy filers to choose whether they want to use the Texas state bankruptcy exemptions or the federal bankruptcy exemptions. In many cases, the state exemptions are more beneficial to bankruptcy filers who own a home or car. But unlike the federal exemptions, Texas doesn’t offer a wildcard exemption to protect personal property of your choosing.
Read More →What Is Equity?
Written by the Upsolve Team. Legally reviewed by Attorney Paige Hooper
Updated October 13, 2022
Your equity in a house or car (the dollar value that belongs to you, not the lender) is the current value of the property minus the amount you still owe on it. When you file bankruptcy, exemptions protect the equity you have in certain assets.
Read More →Is the Money I Make From Self-Employment Considered Business Income, and How Will This Affect My Bankruptcy?
Written by the Upsolve Team. Legally reviewed by Attorney John Coble
Updated October 12, 2022
If you're self-employed (as a sole proprietor, gig worker, or independent contractor) and you're struggling with business or personal debt, you can file personal bankruptcy like Chapter 7 or Chapter 13. If you have a separate business entity like an LLC or corporation, you also have the option to put your business into bankruptcy.
Read More →How To Calculate Your Income for Your Bankruptcy Forms if You’re Self-Employed
Written by the Upsolve Team.
Updated September 30, 2022
If you're self-employed, you probably don't get regular paycheck stubs. This can make it trickier to figure out your income, which you'll need to do to file for bankruptcy. You'll also want to know your business expenses, so you can calculate your net income. This article explains how to calculate your income if you're a sole proprietor, gig worker, or independent contractor.
Read More →Discharge vs. Dismissal: What's the Difference?
Written by the Upsolve Team. Legally reviewed by Attorney Andrea Wimmer
Updated September 19, 2022
When filing bankruptcy for the first time, many people get confused about the different terms lawyers and courts use. Two words that frequently confuse first-time filers are “dismissed” and “discharged.” This article explains each term, what the differences are, and when lawyers and the court are most likely to use them when referring to your case.
Read More →How Can I Get Free Legal Aid?
Written by the Upsolve Team. Legally reviewed by Attorney Paige Hooper
Updated August 29, 2022
Legal advice can be very helpful as you navigate the bankruptcy process, but not everyone can afford to hire an attorney to help them. That's where legal aid comes in. Legal aid organizations offer free or low-cost legal help to eligible individuals. This article will describe what legal aid is, how to find out if you qualify, and what it's like to work with a legal aid organization.
Read More →What Is a Co-Debtor and How Does My Bankruptcy Affect Them?
Written by the Upsolve Team.
Updated June 30, 2022
A co-debtor is someone who took out a loan with you. In doing so, they agreed to be equally responsible for repaying the loan or debt. If you have debts with co-debtors and you don't reaffirm the debt in a Chapter 7 case, your co-debtor will be solely responsible for repaying the debt if you get a bankruptcy discharge. If you file Chapter 13 bankruptcy, the automatic stay will protect both you and the co-debtor so long as you make the payments outlined in your repayment plan.
Read More →What Is a Co-Debtor and How Does My Bankruptcy Affect Them?
Written by the Upsolve Team.
Updated June 30, 2022
A co-debtor is someone who took out a loan with you. In doing so, they agreed to be equally responsible for repaying the loan or debt. If you have debts with co-debtors and you don't reaffirm the debt in a Chapter 7 case, your co-debtor will be solely responsible for repaying the debt if you get a bankruptcy discharge. If you file Chapter 13 bankruptcy, the automatic stay will protect both you and the co-debtor so long as you make the payments outlined in your repayment plan.
Read More →Is Filing for Bankruptcy Worth It?
Written by the Upsolve Team.
Updated June 8, 2022
Filing bankruptcy gives you immediate protection from your creditors and a financial fresh start by wiping out certain debts like credit card debt, payday loans, and medical debt. If your wages are being garnished or credit card companies and payday lenders are harassing you to collect payments you can't afford to pay, filing bankruptcy may be the best way to get permanent relief. But if most of your debts are non-dischargeable, filing bankruptcy may not be worth it.
Read More →Can Bankruptcy Help Me Get My Car Back After Repossession?
Written by the Upsolve Team.
Updated June 8, 2022
If your car was repossessed, filing bankruptcy may help you get it back, but you need to act fast. If the lender has already sold your vehicle at auction, you won't be able to get it back. Even if you can use bankruptcy to help you get your car back, you'll want to carefully weigh your options. If you can't afford to keep making your monthly car payment, it may not make sense to file bankruptcy just to get your car back because you can end up in the same situation again.
Read More →What Is the Presumption of Abuse in Bankruptcy?
Written by Attorney Curtis Lee.
Updated June 1, 2022
You need to meet certain eligibility requirements to file Chapter 7 bankruptcy. If your income is higher than the median income for a similar-sized household in your state, this flags the bankruptcy court of a "presumption of abuse." This doesn't mean you can't file Chapter 7 or that you've abused the system. It does mean you must do more calculations as part of the means test to prove that you don't make enough money to repay your debts and that you aren't taking advantage of the bankruptcy process.
Read More →Bankruptcy Issues Same-Sex Couples Face
Written by the Upsolve Team.
Updated May 25, 2022
So long as a couple is legally married, they can file bankruptcy together. And same-sex married couples who file bankruptcy are treated just like heterosexual married couples. They have the same right to file bankruptcy jointly and the same responsibility to list their spouse’s income and any community property in their bankruptcy forms.
Read More →What Is Non-Exempt Equity?
Written by Attorney Curtis Lee.
Updated May 25, 2022
In Chapter 7 bankruptcy, there are exemptions to protect some of the equity you have in your assets, like a home, car, or household items. If the exemption for a certain item doesn’t cover all the equity you have in it, you have non-exempt equity. Depending on how much non-exempt you have, the bankruptcy trustee may liquidate (sell) the item and give the proceeds to your creditors.
Read More →What Is a Debt Management Plan?
Written by the Upsolve Team. Legally reviewed by Attorney Paige Hooper
Updated May 17, 2022
A debt management plan allows you to combine your debts and make one monthly payment with a lower interest rate. It's set up by a credit counselor and usually takes 3-5 years to complete. Only certain kinds of debt, such as credit card debt, can be included in a DMP. If you have a lot of debt that's secured by collateral (like a house or car loan), a DMP may not be the best option. But you can look into other debt relief options including filing Chapter 13 bankruptcy.
Read More →What Is a Debt Management Plan?
Written by the Upsolve Team. Legally reviewed by Attorney Paige Hooper
Updated May 17, 2022
A debt management plan allows you to combine your debts and make one monthly payment with a lower interest rate. It's set up by a credit counselor and usually takes 3-5 years to complete. Only certain kinds of debt, such as credit card debt, can be included in a DMP. If you have a lot of debt that's secured by collateral (like a house or car loan), a DMP may not be the best option. But you can look into other debt relief options including filing Chapter 13 bankruptcy.
Read More →What Is Debt Consolidation?
Written by the Upsolve Team. Legally reviewed by Attorney Paige Hooper
Updated May 11, 2022
Debt consolidation is when you combine multiple debts into one. The goal of consolidating your debt is to reduce your monthly payment and get a lower interest rate. It also simplifies your debt repayment, so you're less likely to miss payments each month. Debt consolidation loans and credit card balance transfers are two common types of debt consolidation.
Read More →What Is Debt Consolidation?
Written by the Upsolve Team. Legally reviewed by Attorney Paige Hooper
Updated May 11, 2022
Debt consolidation is when you combine multiple debts into one. The goal of consolidating your debt is to reduce your monthly payment and get a lower interest rate. It also simplifies your debt repayment, so you're less likely to miss payments each month. Debt consolidation loans and credit card balance transfers are two common types of debt consolidation.
Read More →Debt Collection After a Bankruptcy Discharge
Written by the Upsolve Team. Legally reviewed by Attorney Andrea Wimmer
Updated May 9, 2022
A bankruptcy discharge order is a court order that stops creditors from ever being able to collect on dischargeable debts. Despite this powerful court order, some collection agencies or creditors try to collect on discharged debts, which is illegal. It’s important to know which debts creditors can still contact you about after bankruptcy and how to stop debt collectors that violate the discharge order.
Read More →What To Expect at Your 341 Meeting of Creditors
Written by the Upsolve Team. Legally reviewed by Attorney Paige Hooper
Updated May 4, 2022
In your 341 meeting of creditors, the trustee in your case will verify your identity and the information in your bankruptcy petition. Creditors can also show up to ask questions, but this is rare. In this article and video, we’ll walk you through a typical 341 meeting of creditors in a Chapter 7 bankruptcy.
Read More →How Does Bankruptcy Affect Alimony?
Written by the Upsolve Team. Legally reviewed by Attorney John Coble
Updated May 4, 2022
Alimony impacts your bankruptcy case differently if you’re paying alimony than if you’re receiving alimony. If you pay alimony, you must list it on your Schedule J as an expense. You must also usually continue to make payments while your case is pending and after you receive your bankruptcy discharge. Bankruptcy doesn’t eliminate your obligation to pay court-ordered alimony. If you receive alimony, you must list the amount as income on Schedule I and on the means test calculation form.
Read More →What Happens After the 341 Meeting of Creditors?
Written by the Upsolve Team. Legally reviewed by Attorney John Coble
Updated May 4, 2022
Completing your meeting of creditors is a milestone in the bankruptcy process. But you still need to finish your financial management course and submit your certificate of completion to the court (if you haven't already). You also have to wait for some court-required deadlines to pass and comply with any information requests from your trustee. Though it won't apply to every filer, if you have an installment payment plan for the court filing fee or you're entering into a reaffirmation agreement with a creditor, you'll need to follow up on those as well.
Read More →What Is the 341 Meeting of Creditors?
Written by the Upsolve Team. Legally reviewed by Attorney John Coble
Updated April 29, 2022
The 341 meeting of creditors is a required meeting between a bankruptcy filer, the bankruptcy trustee, and sometimes creditors. It's an informal hearing held in a meeting room, not a courtroom. No judge is present. The main purpose of the meeting is for the trustee to verify the bankruptcy filer's identity and the information in their bankruptcy forms. Creditors can also attend and ask questions, but this isn't common in Chapter 7 cases.
Read More →COVID-19 and Bankruptcy: Frequently Asked Questions
Written by the Upsolve Team.
Updated April 21, 2022
The Bankruptcy Court has been closely monitoring and following recommended guidelines from the Centers for Disease Control and Prevention (CDC) and local public health officials and preparedness guidelines from the Administrative Office of the U.S. Courts (AO) regarding COVID-19 and is releasing updates almost daily. This article provides some guidance for frequently asked questions.
Read More →Laws Protecting Californians From Debt Collectors
Written by the Upsolve Team. Legally reviewed by Attorney Andrea Wimmer
Updated April 12, 2022
Debt collection laws come from federal and state governments. California has chosen to put extra laws into place to protect California residents. The Rosenthal Act is one such law. There is also a federal law, the Fair Debt Collection Practices Act, that protects consumers across the United States. Keep reading to learn more about California debt collection laws and how they protect you.
Read More →How to Pay Off Credit Card Debt When You Have No Money
Written by the Upsolve Team. Legally reviewed by Attorney Andrea Wimmer
Updated April 12, 2022
There are a number of strategies to put in place when you find yourself in credit card debt. Common advice includes tightening your budget, prioritizing your highest-interest accounts and negotiating with creditors. But those strategies only work if you actually have some money to put toward paying down your credit card debt. What are you supposed to do if you truly have little to no money to put toward your debt?
Read More →What Are the Michigan Bankruptcy Exemptions?
Written by the Upsolve Team. Legally reviewed by Attorney Andrea Wimmer
Updated April 1, 2022
Michigan allows residents to choose between the federal bankruptcy exemptions and state exemptions.
Read More →What Are the Oregon Bankruptcy Exemptions?
Written by the Upsolve Team. Legally reviewed by Attorney Andrea Wimmer
Updated April 1, 2022
There is some good news for Oregonians who are looking to file for bankruptcy protection in the state. Note that now there are 2 separate systems of bankruptcy exemptions to protect Oregon filers in bankruptcy. The Governor signed a significant law on July 1, 2013, that now allows individuals filing either Chapter 7 bankruptcy or Chapter 13 bankruptcy in the state to elect to use federal bankruptcy exemptions. It is a huge change to the bankruptcy process in Oregon with a substantial impact on bankruptcy cases now being filed.
Read More →What Are the Wisconsin Bankruptcy Exemptions?
Written by the Upsolve Team. Legally reviewed by Attorney Andrea Wimmer
Updated April 1, 2022
You will find a list of available exemptions in the federal Bankruptcy Code, or you may instead decide to use exemptions available under Wisconsin law. However, keep in mind that each state has the option of “opting out” of this scheme. Bankruptcy filers in an opt-out state may only use their state exemptions and not use the federal exemptions. As Wisconsin hasn’t opted out of the choice between state exemptions and federal exemptions, Wisconsinites who file bankruptcy can choose between federal bankruptcy exemptions or state exemptions. Actually, you will be happy to know that Wisconsin is one of the few US states that allows filers this choice, and this is a real advantage if you are filing Chapter 7 in the state. However, keep in mind that you are not allowed to cherry-pick exemptions from both lists; you can select only one set of exemptions. If you’re using Wisconsin law to exempt your property, you can also use the federal nonbankruptcy exemptions, if applicable. This also means that if you’re filing for bankruptcy in the state, you should review both sets of exemptions and then choose what scheme can best protect your property. Hiring an attorney can be helpful in this respect.
Read More →What Are the Colorado Bankruptcy Exemptions?
Written by the Upsolve Team. Legally reviewed by Attorney Andrea Wimmer
Updated April 1, 2022
Bankruptcy exemptions help bankruptcy filers protect the property they own so they don't have to start over with nothing after their debts are discharged. Colorado has opted out of the federal bankruptcy exemptions, so residents must use the state exemptions instead. Fortunately, Colorado has generous bankruptcy exemptions.
Read More →How Much Debt Do I Need To File for Chapter 7 Bankruptcy?
Written by the Upsolve Team. Legally reviewed by Attorney Andrea Wimmer
Updated March 31, 2022
Bankruptcy laws don't specify a minimum debt requirement to file Chapter 7 bankruptcy. As long as you qualify to file and meet all the requirements, you can file Chapter 7 and have your dischargeable debts wiped away.
Read More →Will a Foreclosure Ruin My Credit Forever?
Written by the Upsolve Team. Legally reviewed by Attorney Andrea Wimmer
Updated March 31, 2022
A foreclosure will stay on your credit report for seven years, but your creditworthiness will not be negative forever. You can take steps to repair your credit after foreclosure and start building a positive credit history. Read more to learn how you can overcome a foreclosure, rebuild your credit history, and what steps you can take to buy a house after foreclosure.
Read More →Bankruptcy and the Homestead Exemption
Written by the Upsolve Team. Legally reviewed by Attorney Andrea Wimmer
Updated March 31, 2022
Bankruptcy exemptions play an important role in Chapter 7 cases, and the homestead exemption may be the most important of all. It’s the homestead exemption that makes it possible for many people to wipe out unsecured debt in Chapter 7 bankruptcy without losing their homes. In this article, you’ll learn how the homestead exemption may protect your house in bankruptcy. We’ll also touch on some of the limitations of the homestead exemption. And, we’ll discuss alternatives for people who aren’t fully protected by their state’s exemptions.
Read More →What Are the Ohio Bankruptcy Exemptions?
Written by the Upsolve Team. Legally reviewed by Attorney Andrea Wimmer
Updated March 31, 2022
If you’re filing bankruptcy in Ohio, you must use the state’s exemptions to protect your property. Ohioans aren’t allowed to use the federal bankruptcy exemptions. Ohio has a homestead, motor vehicle, and wildcard exemption. It also has exemptions for various kinds of personal property and money benefits.
Read More →What Is Post-Petition Debt?
Written by the Upsolve Team.
Updated March 29, 2022
Debt you acquire after you file your bankruptcy petition is called post-petition debt. Post-petition debt won't be discharged in your bankruptcy. But post-petition debt isn't the same as debt you forgot to include on your bankruptcy forms.
Read More →California Bankruptcy Exemptions Explained
Written by the Upsolve Team. Legally reviewed by Attorney Andrea Wimmer
Updated March 21, 2022
Some states permit filers to choose between a set of federal bankruptcy exemptions and the state exemption system. However, California isn’t one of them. California is called an “opt-out” state, which means federal bankruptcy exemptions are not available to filers in the state. Californians filing bankruptcy have to use California exemption law.
Read More →How Do I Find an Affordable Bankruptcy Attorney?
Written by the Upsolve Team. Legally reviewed by Attorney Andrea Wimmer
Updated March 21, 2022
While you don’t have to hire a lawyer to file a bankruptcy case, you may want legal assistance. If so, there are several resources you can use to find an affordable bankruptcy attorney, including your state bar association’s website, the National Association of Consumer Bankruptcy Attorneys, or a local legal aid organization. Many bankruptcy lawyers also offer a free consultation for prospective clients. You can get free legal advice during the consultation and learn more about the lawyer’s fees and options for paying them.
Read More →Should You Surrender an Unwanted Car in Bankruptcy?
Written by the Upsolve Team. Legally reviewed by Attorney Andrea Wimmer
Updated February 28, 2022
If you’re financing a car with a car loan, you’ll need to decide how to deal with it when you file bankruptcy. If the payments are too high or you simply want to get rid of the car and the loan, you can surrender the vehicle back to the lender and have the debt discharged as part of your bankruptcy case. Often, the lender will pick up the car or schedule a mutually agreeable place to meet. If they don’t, you may need to seek legal help.
Read More →What Is Credit Counseling?
Written by the Upsolve Team.
Updated February 22, 2022
Credit counseling is not a debt relief solution in itself. Instead, it’s a starting point for people who are looking for the right solution.
Read More →Can I File Bankruptcy Even Though I’m Unemployed?
Written by the Upsolve Team. Legally reviewed by Attorney Andrea Wimmer
Updated February 22, 2022
If you’re unemployed and your only source of income is unemployment benefits, you can still file Chapter 7 bankruptcy. To file Chapter 13 bankruptcy, you need a steady source of income, and unemployment benefits aren’t likely enough to cover the requirements for Chapter 13. While it’s possible and common for people to file Chapter 7 while unemployed, you’ll want to consider the timing of your case.
Read More →What Is My Bankruptcy Discharge Date?
Written by the Upsolve Team. Legally reviewed by Attorney Andrea Wimmer
Updated February 22, 2022
The ultimate goal of bankruptcy is to get a discharge order, which wipes out debts like credit cards and medical bills. Along with your bankruptcy case number, keep your discharge date handy in case you’re contacted about a debt that was discharged.
Read More →Can My Spouse Be Pursued for My Debts?
Written by the Upsolve Team. Legally reviewed by Attorney Andrea Wimmer
Updated January 27, 2022
A judgment is a court order declaring that you do owe the debt and must repay it. How all of this can affect your spouse, if you are married, largely depends on whether you reside in a common law or community property state and the judgment-debtor laws of your state.
Read More →What Are the Illinois Bankruptcy Exemptions?
Written by the Upsolve Team. Legally reviewed by Attorney Andrea Wimmer
Updated January 5, 2022
If you have done a bit of research on bankruptcy cases in Illinois or exempt property, you will probably have come across the terms federal bankruptcy exemptions and state exemptions. Many states in the US allow people to choose between the federal exemptions and state exemptions. However, you don’t have that option in Illinois. In Illinois, you are not permitted to use the federal bankruptcy exemptions if you’ve lived in the state for at least 2 years when you file bankruptcy. Fortunately, Illinois has generous bankruptcy exemptions that can protect your property.
Read More →How Long Can I Stay in My Home After a Foreclosure Sale?
Written by the Upsolve Team. Legally reviewed by Attorney Andrea Wimmer
Updated December 31, 2021
In this article, we’ll give you an overview of foreclosure, discuss the before and after of a foreclosure sale, and give you valuable information about foreclosure timelines so you can get a better idea of how long you can stay in your home while planning your eventual move.
Read More →Eviction 101
Written by the Upsolve Team. Legally reviewed by Attorney Andrea Wimmer
Updated December 31, 2021
Like most property laws, the relationship between landlords and tenants is regulated by state law. Because eviction laws vary from state to state, there is no uniform law of eviction. These state eviction laws lay out rules that landlords must follow in order to evict tenants. This article will explain some basic facts about eviction.
Read More →How a Short Sale Could Affect Your Credit
Written by the Upsolve Team. Legally reviewed by Attorney Andrea Wimmer
Updated December 13, 2021
Short sales allow homeowners to avoid foreclosure and escape a situation where they owe more than their homes are worth, but a short sale will still generally have a negative impact on your credit score. This article will explain what a short sale is, how it can affect your credit, and how to repair your credit after a short sale.
Read More →U.S. Bankruptcy by the Numbers: Who Is Filing the Most Bankruptcies?
Written by the Upsolve Team. Legally reviewed by Attorney Andrea Wimmer
Updated December 12, 2021
Individuals, businesses, and even cities file for bankruptcy. Both wealthy and financially strapped Americans may need to file for bankruptcy due to a variety of circumstances. Even rich, powerful people take advantage of this opportunity for debt relief.
Read More →The Florida Consumer Collection Practices Act
Written by the Upsolve Team. Legally reviewed by Attorney Andrea Wimmer
Updated December 12, 2021
In Florida, you have even more protections from unfair collection practices than you would in other states. The Florida Consumer Collection Practices Act (FCCPA) works with the federal Fair Debt Collection Practices Act to help limit phone calls, threatening letters, and other types of unfair actions from collection agencies and other types of debt collectors. It protects Florida consumers and gives them the right to sue debt collectors that have violated the FCCPA. Keep reading to learn more about the Florida Consumer Collection Practices Act and your rights under federal and state consumer protection laws.
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