Some people file for bankruptcy because they face very aggressive collection activity, but other people simply need to discharge their debts to make their family budget a sustainable reality. For many professionals, student loan debt is often the most significant...
Month: March 2023
3 reasons debt settlement isn’t always the best option
When someone has high levels of credit card debt, they have to worry about their budget every month. It may be a struggle just to put together the money necessary to make mandatory minimum payments on each of their accounts. Oftentimes, those who start falling behind...
How HELOCs can trap consumers in debt
When homeowners run into financial binds, it’s not unusual for them to take out home equity lines of credit. A HELOC is essentially a line of credit that the homeowner can use for whatever they need. Because they’re relatively easy to obtain, HELOCs can also end up...
3 things to know about the automatic stay in bankruptcy
The automatic stay is a crucial aspect of bankruptcy proceedings, offering temporary relief to debtors by halting most collection actions against them. This means that creditors can’t call you, mail bills to you or do anything else to try to collect money from you...
Rebuilding credit post-bankruptcy
There are numerous benefits associated with the process of filing for bankruptcy. For example, the automatic stay can halt creditor action, wage garnishment and foreclosure. And the discharge of a filer’s debts can allow them a chance at achieving a strong financial...
The startling state of credit card debt
Data from the Federal Reserve Bank of New York reveals that American citizens are coming perilously close to a trillion dollars in credit card debt at the end of 2022. If plastic use were a mountain, it would be the highest since the famed Fed began tracking it in...