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...
Bankruptcy
When bankruptcy and divorce collide
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...
The challenges of having a low credit score
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...
Unexpected events often lead to bankruptcy
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...
Who sells property for asset liquidation during bankruptcy?
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...
Will Chapter 7 bankruptcy affect your taxes?
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...
Overwhelming debt can make you sick
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...
Undue hardship, student loans and bankruptcy: What to know
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...
Debt relief options if you don’t qualify for bankruptcy
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...
Can bankruptcy stop a foreclosure?
If you get a foreclosure notice, you’ll likely begin looking into ways to save your home. Foreclosure isn’t instantaneous, so it’s not as if you have to move out the same day that you receive notice of your lender’s intentions. But you’re still probably going to be...