Bankruptcy laws exist to provide a safety net for individuals facing overwhelming debt. The legal process is intended to offer a fresh start, allowing for the restructuring or discharge of debts to help you regain control of your finances. However, bankruptcy is often...
Money’s beyond “tight,” and you have every reason to believe that you’re going to have to file a bankruptcy petition early in the coming year. In fact, the only reason you haven’t done it already is that you don’t want to deal with the paperwork and stress in the...
It’s no secret that unsustainable debt can cause a marriage to crash and burn. The stress and tension of mounting bills and frequent, intrusive calls from creditors can prove to be the straw that breaks the marital camel’s back. Bankruptcy and divorce are two...
Being in debt can have numerous consequences, and a decreased credit score is one of them. While most Americans have a good credit score or higher, there are still millions who have low scores. What are some of the main challenges of having a low credit score? Your...
People sometimes believe that bankruptcy stems from intentional actions. And it can. Someone who intentionally overspends on a credit card may find themselves facing overwhelming debt. Someone who takes out a loan that they know they can’t afford may later have to...
Some people call a Chapter 7 bankruptcy a liquidation bankruptcy. The implication is that the courts could force someone to sell off or liquidate their most valuable property to repay their creditors before they receive a discharge of their unsecured debts. Most...
Filing for bankruptcy is a difficult financial decision, but it may be the only option for those struggling with overwhelming debts. And while many people know how bankruptcy may impact their credit, not all are aware of how it affects your income tax. Do you need to...
If you’ve been living with insurmountable debt, you may have developed all sorts of coping mechanisms without realizing it. You may be looking at only the minimum amount due on your credit cards and ignoring the ever-growing balance. You may throw away or delete...
Far too many people in the United States are drowning in debt, and a lot of that is due to student loans with outrageous interest rates. In some cases, people have paid back as much or more than they initially borrowed, without putting a dent in the principal. Prior...
Bankruptcy can be an effective tool if you are overwhelmed by debt. However, you have to qualify. In other words, your petition for bankruptcy could be refused if you do not meet certain criteria. If you cannot discharge your debt via personal bankruptcy, you need to...
