Contrary to popular belief, most bankruptcy cases aren't the result of reckless spending, but rather financial hardship. In a country where over three-fourths of all full-time workers live paycheck to paycheck, large, unpredictable expenses or an interruption in...
Year: 2020
When does filing Chapter 13 bankruptcy make sense?
When people file consumer bankruptcy, many opt to eliminate their debts through a Chapter 7 case. You may have considered this option for the immediate financial relief it could provide. Yet, your income might prevent you from qualifying for it. Or, you might want to...
Understanding basic bankruptcy terminology
Facing financial turmoil can be daunting enough without the confusion of administrative complexities and jargon that comes with filing bankruptcy. It may help you to get to know some of the terms related to bankruptcy so you have a better idea of what to expect as you...
Do you qualify for debt relief under Chapter 7 bankruptcy?
Whether you have struggled under the burden of debt for some time or an unexpected event like a medical emergency has left you with mounting medical bills, bankruptcy could offer relief. When filing, though, it is important to determine whether Chapter 7 or Chapter 13...
When is bankruptcy your best option?
Many people feel responsible for meeting their financial obligations and view bankruptcy as a necessary evil, and only as a last option. However, most people who accrue overwhelming debts do so through no fault of their own. Massive medical debt is responsible for...
What is an automatic stay?
When you struggle with debt, it can be difficult to escape the thought of that burden. Persistent collections attempts from creditors can make that even worse. You may find written demands in your mailbox or email inbox. The messages on your phone may be filled with...
Setting financial goals after a bankruptcy
Each year, thousands of Americans turn to bankruptcy to help them get out from under overwhelming debt and a perilous financial future. Whether choosing Chapter 7 or Chapter 13, these individuals can work to eliminate a significant portion of their unsecured debt. It...
Can you keep your car after filing bankruptcy?
Misconceptions about bankruptcy abound. A common one is that you will lose your vehicle during proceedings to repay your creditors. Even if you’re in dire financial straits, this concern may make you hesitant to file. While some people do forfeit their vehicle during...
What is the means test and why does it matter?
When you have reached a point in your finances where you believe bankruptcy is among your most viable options, you will likely consider chapter 7 bankruptcy. Chapter 7 bankruptcy involves the selling off of significant assets in order to pay off creditors. However, to...
Yes, you can get a mortgage after bankruptcy — eventually
A common question that people thinking about filing for bankruptcy have is, "Will I ever be able to take out a loan again?" Specifically, they worry that they will not get approved for a mortgage with a bankruptcy on their records. Will they be stuck in their current...