It’s not clear what the average wait is between people getting into financial difficulty and filing for bankruptcy, with some reports suggesting 18 months to two years and others suggesting five years. However, many people wait too long. There is nothing wrong with...
As the balance due on a credit card grows higher, the cardholder may lose hope of paying their debt off. They may end up trapped in the cycle where they pay the monthly minimum payments due. All they end up covering are fees and interest. The principal balance either...
People who are filing for bankruptcy are often facing a lot of emotional turmoil simply because they know they have bills they can’t pay. Once the realization comes that they need to file bankruptcy, it can invoke even more emotions. It may surprise you to think that...
While the perception is finally changing, some people still negatively associate bankruptcy proceedings with the debtors who file. Bankruptcy filings aren’t private — just like all court filings (excepting most juvenile records and a few others) — they are public...
Have you ever wondered what happens to your debts after filing for Chapter 7 bankruptcy? Understanding what a Chapter 7 discharge is and which debts might stick around even after the process is complete is crucial. What is a Chapter 7 discharge? A Chapter 7 discharge...
Whether you already know that you’re going to file bankruptcy after the first of the year (and are just putting it off to avoid dealing with it during the holidays) or you just think you may need to file, it’s important to avoid some critical mistakes right now....
Some people fall behind financially because of predatory business practices. However, many people end up in debt because of medical issues. They have an emergency on vacation where they require out-of-network care at a foreign hospital. They require cancer treatment...
You have been thinking about filing for Chapter 7 bankruptcy. Your debt is just getting out of hand and you need a fresh start. It’s causing you constant stress and you can’t seem to get ahead of it, no matter how hard you work. Your spouse, on the other hand, does...
Credit cards can be useful, and that’s why most adults in the U.S. have at least one. Nonetheless, credit cards can also cause serious financial difficulties. The current amount of credit card debt in the U.S. is thought to stand at around $1.4 trillion. That’s a lot...
When filing for personal bankruptcy, you may be required to disclose all of your assets, debts and financial transactions in detail. Any form of dishonesty or intentional misrepresentation in this process can result in bankruptcy fraud. Bankruptcy fraud occurs when an...