It seems like costs are constantly increasing lately. Everything is becoming incredibly expensive. Some people have seen increased wages, but, for most, wages have remained stagnant. This means that the increase in costs could spur an increase in corresponding...
Year: 2023
Determining whether Chapter 7 bankruptcy is the right choice for you
Making the decision to file for bankruptcy is not one that anyone takes lightly. It’s usually considered as a last resort when debts are unaffordable and someone is evaluating all options that may allow them to better take control of their situation. As you weigh up...
Can people discharge student loans in bankruptcy?
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...
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...
Can you file for bankruptcy again?
People typically file for bankruptcy when debt becomes unmanageable. Bankruptcy is a process that allows people to relieve large amounts of debt. Medical debt, credit card debt, late payments, past-due utility bills and business debts are usually all covered under...
How long does it take to complete a Chapter 13 bankruptcy?
Certain bankruptcy protections go into effect upon filing paperwork with the court. For example, the automatic stay that pauses collection activity takes effect the same day that someone files their initial case. However, a discharge of their unsecured debts won't...