October 17, 2015 marked the ten year anniversary of the implementation of the 2005 "reform" legislation (entitled the Bankruptcy Abuse Prevention and Consumer Protection act and commonly known as BAPCPA.). While some of the doom and gloom predictions that the Bankruptcy practice would be eradicated in this country were obviously overstated and have proven utterly groundless, it would equally be inappropriate to deny the reality that the practice has substantially changed in these years- and has become much more difficult, aggravating and expensive for bankruptcy debtors.

This peculiar concept in Bankruptcy Law can offer immeasurable relief to bankruptcy debtors in general, and struggling homeowners in Chapter 13 Bankruptcy specifically. It refers to whether or not a creditor’s claim is truly “secured” under the Bankruptcy law, and if not –it potentially can be treated as an unsecured creditor and be paid little (or even nothing) in the Bankruptcy and the lien on the collateral voided.

Bankruptcy filing is rarely the first option for debt relief.  People normally try to move heaven and earth to avoid this alternative, which while understandable and even commendable at times, can often lead to unanticipated and extremely negative consequences.

Misconceptions abound respecting the treatment of Condominium and Association fees in Bankruptcy filings. Certain changes in the law starting in 2005 gave such associations greater protection from the ability of debtors to totally eliminate these fees in bankruptcy.

Unfortunately in these recent times, this has become an all too familiar problem. The years of ever climbing home values were certainly rewarding, but in many ways sowed the seeds for the 2007/2008 economic meltdown.

For adult children, the death of a parent is a fraught experience. Adding to the stress: the unwelcome surprise that Mom or Dad died with big debts.

It’s the time of year where society’s noteworthy and notables appear on college campuses to congratulate and inspire the newest members of the college-educated workforce.

There are creditors who on some occasions insist on being heard, and there is a Bankruptcy Trustee who is appointed by the United States Trustee’s office to administer the case and review assets and income.

So much of our region has been physically and materially devastated over the last months. Added to the already existing weak and fragile economic situation, the overall effects of this storm may be beyond repair for many.

On average, 5,102 Americans filed for bankruptcy each day that court was in session over the first four months of this year — and that’s the good news.

Chapter 7 personal bankruptcy laws allow Americans who are overburdened by bills to have many types of debt wiped away. One way to understand this debt relief is to talk about the kinds of debts that do not disappear.

Building better credit takes patience, discipline and a clear understanding of the strategies that really make a difference. Start by knowing the financial moves that don't work.

Declaring bankruptcy is a decision that affects not only your finances but also your credit score. While your score may decrease after financial hardship, there are practical and real ways to improve it and get back on a better financial path.

Filing for Chapter 7 or Chapter 13 is a hard blow for most people, but it can be the first step toward a more financially stable future.