Don’t Let Financial Problems Dominate Your Life
The decision to file for bankruptcy is one that’s usually made after careful consideration. It can bring immediate relief from the debts that you’re drowning in. As part of the bankruptcy process, all or part of the balances owed are discharged. This allows for a...
People considering bankruptcy may spend weeks evaluating their options. Others may need to act immediately to protect themselves from looming financial hardship. Individuals who have fallen behind on their credit cards or other financial obligations could face...
If you have reached the point where you are considering bankruptcy, it’s likely you’re experiencing significant mental stress about your debt. People rarely consider bankruptcy the moment repaying their debt becomes hard. They tend to spend months or years battling...
People sometimes think of bankruptcy as an option only when they are no longer earning an income and have overwhelming debt. Job loss is one of the most common reasons for bankruptcy, as a household budget may no longer work without steady earnings – even if it was a...
Personal debt often accumulates slowly. People who cannot pay their balances in full every month may carry over a small balance to the next month. The outstanding balance increases over time until the minimum monthly payments are substantially higher than they used to...
Chapter 7 bankruptcy is often described as a financial reset for individuals overwhelmed by debt. It is governed by federal bankruptcy laws and is designed to give qualified filers relief from unsecured obligations they can no longer manage. Before pursuing this...
Car loan defaults are reaching historic numbers. Reports looked at subprime borrowers who were at least 60 days behind on their payments and found that it applied to 6.65% of these borrowers. That is the highest number in decades, according to some rating systems,...
When overwhelming debt leads to considering Chapter 7 bankruptcy, questions about life afterward naturally follow. Housing security is often a top concern, particularly whether this "fresh start" prevents you from finding a new place to live. You are not banned from...
Chapter 7 bankruptcy and Chapter 13 bankruptcy are a bit different. With Chapter 7, you have debt waived after you liquidate nonexempt assets and pay off as much of that debt as possible with the proceeds. With Chapter 13, you generally do not waive any of the debts,...
Chapter 7 bankruptcy can be a lifeline for individuals ready to start over financially. Still, a few missteps before you file can delay your case, block your discharge or even lead to legal trouble. Steer clear of these mistakes to keep your fresh start within reach....