Filing for bankruptcy can offer monetary relief for those struggling with overwhelming debt. For those considering choosing between Chapter 7 and Chapter 13 bankruptcy, it’s important to understand that each option has distinct benefits and eligibility requirements....
People are sometimes nervous about filing for bankruptcy. It feels like a big, stressful decision. They’re not sure if they’re willing to go through with it, and they worry about the impact it could have on their health. However, some research suggests that bankruptcy...
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...