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Wage Garnishment Process Diagram with Paycheck Deductions

What is wage garnishment?

March 26, 2026 • By Jack Gilbert

Wage garnishment is a court-ordered process that can take up to 25% of your disposable earnings (or less under state law) from each paycheck to repay a debt. Your employer sends the withheld money directly to the creditor before you receive your wages. This article explains how garnishment starts, common debt types, legal limits, and […]

Debt Settlement Negotiation Meeting Between Parties

Bankruptcy & Debt Debt Collection

What is debt settlement?

March 26, 2026 • By Jack Gilbert

Debt settlement is a process where you negotiate to pay less than your total debt, often settling for 30–60% of the balance. It typically involves stopping payments, building funds for a lump-sum offer, and getting creditor approval in writing. This article explains how debt settlement works, key steps, benefits, and risks. Debt settlement is a […]

Debt Consolidation Concept with Financial Documents

Bankruptcy and Debt Debt Management

What is debt consolidation?

March 26, 2026 • By Jack Gilbert

Debt consolidation combines multiple debts into a single loan or payment—often to secure a lower interest rate or simpler monthly bill. It can reduce costs and streamline repayment, but it may also extend the payoff period or require collateral depending on the option used. This article explains how debt consolidation works, common methods, key legal […]

Financial Advisor Explaining Bankruptcy Options to Client

Bankruptcy Bankruptcy & Debt

What is credit counseling for bankruptcy?

March 26, 2026 • By Jack Gilbert

Credit counseling for bankruptcy is a required session with an approved nonprofit agency that most filers must complete within 180 days before submitting a bankruptcy petition. It reviews your finances and alternatives to bankruptcy and results in a certificate you file with the court. This article explains what the counseling includes, who must take it, […]

Bankruptcy Bankruptcy Procedures

What is a proof of claim?

March 26, 2026 • By Jack Gilbert

A proof of claim is the official form a creditor files in a bankruptcy case to assert a right to payment from the debtor’s estate, typically by the court’s “bar date” deadline. It states the amount owed, the basis for the debt, and whether the claim is secured or unsecured, with supporting documentation. This article […]

Diagram Explaining Fraudulent Transfer Concept

Asset Protection Bankruptcy and Debt

What is a fraudulent transfer?

March 26, 2026 • By Jack Gilbert

A fraudulent transfer is a debtor’s move of money or property intended to hinder, delay, or defraud creditors, or made for less than reasonably equivalent value while the debtor is insolvent. Most states follow the Uniform Voidable Transactions Act (UVTA), which lets creditors and bankruptcy trustees unwind certain transactions. This article explains the legal definition, […]

Preferential Transfer in Bankruptcy Proceedings

Bankruptcy Bankruptcy Law

What is preferential transfer?

March 26, 2026 • By Jack Gilbert

A preferential transfer is a payment or asset transfer made shortly before a bankruptcy filing that lets one creditor receive more than it would in the bankruptcy process and may be clawed back. In most cases, the lookback period is 90 days for non‑insider creditors and up to one year for insiders. This article explains […]

Secured Creditor Holding Collateral Documents

Bankruptcy and Debt Credit and Debt

What is a secured creditor?

March 26, 2026 • By Jack Gilbert

A secured creditor is a lender whose debt is backed by collateral—such as a home, car, or business assets—giving them a legal right to seize or sell that property if you default. Because collateral reduces the lender’s risk, secured claims are typically paid before unsecured debts in bankruptcy or liquidation. This article explains how security […]

Bankruptcy Exemptions Protect Assets from Creditors

Bankruptcy Bankruptcy & Debt

What is a bankruptcy exemption?

March 26, 2026 • By Jack Gilbert

A bankruptcy exemption is a state- or federal-law protection that lets you keep certain property—often including a portion of home equity, a vehicle, retirement accounts, and basic household goods—while discharging eligible debts. The specific amounts and categories vary by jurisdiction and whether you can use state or federal exemptions. This article explains how exemptions work […]

Reaffirmation Agreement Document with Pen

Bankruptcy Bankruptcy Law

What is a reaffirmation agreement?

March 26, 2026 • By Jack Gilbert

A reaffirmation agreement is a written contract filed in a Chapter 7 bankruptcy that lets you keep a secured debt—often a car loan—by agreeing to remain personally liable after discharge. It must be signed before discharge and approved by the court (or your attorney, if represented) to be enforceable. This article explains how reaffirmation agreements […]

Bankruptcy Trustee Reviewing Financial Documents at Desk

Bankruptcy & Debt Bankruptcy Law

What is a bankruptcy trustee?

March 26, 2026 • By Jack Gilbert

A bankruptcy trustee is a court-appointed fiduciary who administers your bankruptcy case, including reviewing your finances, liquidating nonexempt assets in Chapter 7, or overseeing repayments in Chapter 13. The trustee represents the interests of creditors and the bankruptcy estate, and may challenge improper transfers or object to exemptions. This article explains what trustees do, how […]

Financial Assessment Calculator and Documents

Bankruptcy Bankruptcy Procedures

What is a means test?

March 26, 2026 • By Jack Gilbert

A means test is a financial screening that compares your income and expenses to a legal threshold to determine eligibility—most commonly for Chapter 7 bankruptcy. If your income is above the median or you have enough disposable income, you may be steered toward Chapter 13 or required to repay some debts. This article explains how […]

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