If you’re going to declare bankruptcy, you know that your debts are going to be eliminated in some fashion. For instance, maybe you want to use Chapter 7 bankruptcy. This means you have to liquidate non-exempt assets, pay off a portion of the debt and then other debts...
Bankruptcy
3 medical issues that could quickly lead to bankruptcy
Financial insolvency can develop slowly as someone accrues debt due to unsustainable spending habits. Far more commonly, however, people who have spent a lifetime behaving responsibly could be at risk of aggressive collection activity and similar financial challenges...
3 causes of financial difficulties post-divorce
After any length of time in an unhappy marriage, divorce can feel like the start of a whole new way of being – but you still need to navigate your post-divorce finances carefully. It’s not unusual for people to find that they’re struggling financially in their new...
Why you can’t file for bankruptcy just yet
Bankruptcy is a process that helps many people, like yourself, resolve overwhelming debt obligations, such as medical bills, credit card debt and student loans. The most common form of bankruptcy is Chapter 7 bankruptcy, which can resolve most debt obligations....
Why a creditor lawsuit can become a bankruptcy tipping point
When people fall behind on their debts or credit card payments, they generally assume that they can catch up with a stricter budget. It is common for people to slowly accumulate debt while trying to keep their budgets as balanced as possible. Unexpected expenses or...
The emotional side of filing for bankruptcy
Bankruptcy is a difficult process. As such, filing for this legal protection can evoke a variety of emotions. Anyone who’s considering bankruptcy should be prepared for what they may feel as a result of this turn of events. One thing that surprises some people who are...
Why is a secured credit card helpful after bankruptcy?
Some people file for bankruptcy and swear off credit cards. They cut up the cards that they own and they say they will never get more in the future. The reason for this is likely that they blame those credit cards for their overwhelming debt. Maybe they took out a...
Why are payday loans considered predatory?
Payday loans are a controversial form of borrowing that has garnered a predatory reputation. These loans have incredibly high interest rates and fees, which can be significantly higher than those of more conventional lending options. The structure of payday loans...
What should you know about wage garnishments?
For many consumers, understanding wage garnishments and their implications is important. This knowledge is always important, but it can become particularly pressing when someone is considering bankruptcy as a potential solution to halt garnishments. Wage garnishment...
Avoid these common mistakes when filing for bankruptcy
Filing for bankruptcy can be a lifeline when you are overwhelmed with debts. It can give you a much-needed fresh start and a chance to regain control of your finances. However, the road to financial recovery through bankruptcy is not without its pitfalls. It’s crucial...