Vance P. Truman, Attorney at Law
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March 2017 Archives

Do co-signers have to pay after bankruptcy?

Your child wanted to buy a car and couldn't get approved alone. You decided to co-sign, saying you'd share the car. The total payment was $500 per month, and you both paid $250 of that. If your child then goes bankrupt, do you still have to pay for the debt, or is it all cleared since it was the same auto loan?

Common bankruptcy myths

Many people are under the impression that filing for bankruptcy can cause them to lose their homes and cars. These individuals may already be drowning in debt and struggling to make payments to keep their homes out of foreclosure and their vehicles out of repo status. Bankruptcy can help those who are having trouble with debt to overcome their financial issues and save their property, in some cases.

Chapter 13 bankruptcy's key benefits

Chapter 7 bankruptcy discharges your debt, while Chapter 13 bankruptcy creates a repayment plan. So, if you're weighing your two options -- assuming you're eligible, as some people are only eligible for one and not the other -- why would you choose Chapter 13?

Tips that help after you get that foreclosure notice

With your first missed mortgage payment, you tell yourself it won't happen again. You just had a tough month with some unexpected expenses, and you'll get back on track. With the second and third, you start to realize that this is a serious issue. Eventually, that foreclosure notice arrives in the mail. It's a tough spot, but these tips can help.

Why do so many NFL players face bankruptcy?

The amount of money that NFL players make is public knowledge, and people are often astounded by the totals -- with some players bringing in $20 million per year or more. However, you may also have heard that many of them will later face bankruptcy, despite earning more in a single year than some people earn in their lives. In fact, some studies have said that 80 percent of players who retire from the NFL go broke just three years later. Why does this happen?

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