If you are overwhelmed by debt and in financial difficulty, bankruptcy can offer you some reprieve and help improve your situation. However, your timing matters. You may not make the most of the bankruptcy process if you delay filing or rush into it without proper...
Bankruptcy
Myths about Chapter 7 that shouldn’t deter you from filing
Chapter 7 bankruptcy serves as a lifeline for low-income adults who are struggling with insurmountable debt. However, numerous myths and misconceptions about the process can deter people from seeking this consequential form of debt relief until their finances have...
What type of bankruptcy should I choose?
Debt can quickly become overwhelming. You could spend a large part of your income each month on debts, which could cause you to struggle to afford your basic needs. As a result, you may be looking for debt relief solutions. Bankruptcy is a process that allows people...
How bankruptcy affects child support payments
Child support obligations affect the finances of those who have divorced or who have children outside of marriage. Someone who has limited parenting time or who makes substantially more money than the other adult in the family may need to make child support payments...
Why might a dream vacation lead to bankruptcy?
The perfect vacation is different for every person. Some individuals want to spend a week at a quiet beach somewhere. Others dream of an all-inclusive resort with wild nights and plenty of drinks. Vacations often involve traveling a long distance from home, which can...
Can people ever discharge income tax debt through bankruptcy?
Bankruptcy is often an individual's last resort when they’re facing serious financial hardship. People who worry about vehicle repossession or home foreclosure may file for personal bankruptcy. Lender lawsuits or unbalanced budgets could also convince people to pursue...
Credit counseling when filing for bankruptcy
If you are planning to declare bankruptcy, you will need to go through several steps. And one of them is getting credit counseling as required by federal law. In Tennessee, you need to get counseling within 180 days before filing for bankruptcy. One of the reasons...
Do you need to pause spending if you declare bankruptcy?
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...
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...
