Individuals and families are struggling with the combined effects of rising living costs, high-interest debt, unexpected expenses and changes in income. This is reflected in the increasing number of Americans filing for bankruptcy. During the 12 months ending June 30,...
Filing for Chapter 7 bankruptcy does not mean the financial decisions you made in the months before filing will pass unscrutinized. The bankruptcy trustee may look closely at certain payments you made to creditors during that time, which is what the 90-day rule is all...
No, you will not lose everything if you file for bankruptcy. This is a common concern for many. They have heard they will need to liquidate assets to pay creditors before their debt will be waived, and they do not want to lose everything they own. The first thing to...
There are cases where people file for bankruptcy due to overspending. For instance, someone may not understand the way that credit card interest rates work. They charge far more on the card than they can afford to pay back, and then the monthly interest means that...
Medical treatment often starts immediately after an accident, but resolving a personal injury claim usually takes much longer. During that time, medical bills may continue to arrive while your case moves through the claims process. Here are a few things you should...
Filing for bankruptcy often requires significant financial adjustments to an individual’s or family’s budget. Many people focus on cutting expenses and rebuilding financial stability in order to make the most out of their bankruptcy process. These are often wise...
If you have medical fees, are late on bills, have recently lost your job or have maxed out credit cards, then you could be facing serious debt. Debt collectors will try to reach out to collect on your financial obligations. However, you may not have the money to pay...
If you file for Chapter 13 bankruptcy, your debt is consolidated into a repayment plan. This is different from Chapter 7, where you have to liquidate non-exempt assets. With Chapter 13, the goal is to pay off the debt over time, making it affordable based on your...
Not everyone qualifies for a Chapter 7 bankruptcy filing. To be eligible, people must first pass the means test. They compare their income to the current federal median income for their state and household size. The means testing process determines who is eligible for...
Filing for bankruptcy can feel like you are giving up everything you worked hard to build. But that is not necessarily true. In fact, Georgia law provides specific exemptions to protect certain assets from creditors. This is why understanding how it works can help you...