Filing for Chapter 13 bankruptcy provides individuals with a structured way to repay debts while protecting their assets. Unlike Chapter 7, which risks the loss of certain assets in exchange for a discharge of most unsecured debts through liquidation, Chapter 13 does...
Bankruptcy is often viewed negatively, but there are many positives. Despite common misconceptions, bankruptcy does not mean your credit score is ruined forever. While there may be some initial impact on your credit score, post-bankruptcy, you can quickly start to...
Opening the mailbox, an email or a voicemail to hear a creditor demanding money is stressful, particularly for those who don’t have the means to pay those bills. Once they realize that they simply can’t cover everything, some people may explore the option of filing...
Bankruptcy allows people who have fallen behind on their financial obligations to regain control. People can avoid aggressive collection efforts by securing an automatic stay when they file for bankruptcy. Creditors must stop calling them, and the courts also...
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....