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The odds of actually winning the lottery are, unfortunately, pretty slim! The chances, however, are greater that, after seeking bankruptcy protection, you may find yourself the recipient of some type of “windfall”.

One of the stars of the television show, The Real Housewives of New Jersey, was charged with bankruptcy fraud in federal court this week. In addition to being indicted for bankruptcy fraud, the couple is also charged with fraudulently obtaining loans based upon false loan applications and failing to file income tax returns.

In a story that is sure to be overshadowed by the recent news of Detroit going bankrupt, Earl Simmons, more popularly known as DMX, has filed for Chapter 11 bankruptcy.

If you receive a summons stating that you have been sued by a debt collector or creditor, do not ignore it!  You have a right to request a trial and to demand that the Plaintiff (the entity bringing the lawsuit) prove its case in court. If you do not timely file an answer to a lawsuit, then you will automatically lose under what is called a default judgment.

Recent news reported that the city of Detroit, Michigan has filed for bankruptcy following the approval of the filing by Michigan Governor Richard Snyder. The city has filed a case under Chapter 9 of the United States Bankruptcy Code seeking protection from creditors.

When someone incurs debt, it is very common to have a co-signor, or co-debtor, on that loan. If the person paying the loan defaults, the creditor can seek the balance from the primary debtor or the co-debtor. If one of the two seeks debt relief in bankruptcy, what happens to the other debtor?

On July 9, 2013, the Federal Trade Commission (FTC) fined Expert Global Solutions, the world’s largest debt collection agency, $3.2 million for violating the Fair Debt Collection Practices Act (FDCPA). The FTC’s complaint, which you can read here says that Expert Global Solutions called consumers multiple times each day, morning and night, even when consumers asked them to stop.

NO, not if you filed in the Middle District of Alabama.

Myth #1: I can never get credit again