People who are considering a personal bankruptcy filing often have a lot of reservations. They may worry about the stigma associated with bankruptcy and also the financial implications of filing. Typically, a personal bankruptcy leads to the closure of revolving lines...
Bankruptcy
What’s the problem with payday loans?
A payday loan is a short-term loan that you take out as an advance. People sometimes turn to this when they have an immediate cost but they haven’t yet been paid. For example, say that someone is going to be paid $1,000 the following Friday. But their car breaks down...
How the automatic stay can influence bankruptcy timing
For some people, filing for bankruptcy is a decision that they make very slowly. They recognize that every month, their financial circumstances become a little more difficult. Eventually, when they have to start choosing what bills to pay, they decide to file for...
What will your life be like after your bankruptcy?
Once you decide it is time to file a Chapter 7 or 13 bankruptcy, much of your focus is on dealing with the associated requirements. For example, you must prepare for meetings and participate in educational courses. Most people are too consumed with bankruptcy...
Will my kids be ashamed if I file for bankruptcy?
Filing for bankruptcy is a significant decision that can be very emotional. Among the many worries individuals may have about taking this step, the fear of their children feeling ashamed or embarrassed can be particularly distressing. It's essential to honor the fact...
These popular loans trap people in debt
Times are tough right now, and a lot of people have exhausted their cash reserves just trying to cope with inflation. When a financial emergency happens, that can leave them without the immediate resources they need to handle the situation. That’s why many people turn...
How bankruptcy can stop the repossession of a vehicle
People file for bankruptcy for many different reasons. Sometimes, what they need is immediate relief from aggressive collection efforts. If someone falls behind on credit card payments, for example, a company might sue them in an effort to garnish their wages. When...
Bankruptcy and wage garnishments
Bankruptcy and wage garnishment are two areas of financial distress that often intersect. Wage garnishment is a court-ordered process where a portion of an individual's earnings is withheld by an employer for the payment of a debt. Bankruptcy provides an avenue for...
Do seniors risk losing their government benefits via bankruptcy?
If you’re in what are meant to be your “golden years” and mired in debt, you’re not alone. Bankruptcy rates among Americans 65 and older have increased significantly in the past few decades. If you’re considering filing for bankruptcy to provide relief from the...
The pitfalls of buy-now, pay-later plans
These days, money is tight for a lot of folks – and a lot of businesses know that people simply don’t have the cash reserves or available credit for a major purchase. Hence the proliferation of ads trying to tempt consumers with "buy-now, pay-later" plans. These kinds...