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...
Bankruptcy
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...
What can you do if you become debt-stricken after bankruptcy?
Despite your best financial conduct, debt can come back to haunt you after a successful bankruptcy. A sudden medical emergency or damage from a natural disaster might drain your income and any funds you’ve managed to save. Since you have already completed a chapter 7...
Emotions you can expect when filing for bankruptcy
People who are in considerable debt may do everything they can to try to make ends meet. There comes a point when you realize that there won’t be enough money each month to cover everything. That’s when you know it’s time to act. Filing for bankruptcy issues the...
2 ways bankruptcy can help if you worry about foreclosure
Your home is your shelter from the elements and one of your biggest investments. Many people don't care about losing other property but will do anything they can conceive of to protect their homes during times of financial hardship. Sadly, those who experience a...
New program can help discharge student loan debt in bankruptcy
Americans with student loan debt have long been told that it’s virtually impossible to discharge any of that debt in bankruptcy. The requirement of having to prove “undue hardship” has resulted in under 0.1% of people with student loan debt even attempting to seek...
Should you file for Chapter 7 or Chapter 13 bankruptcy?
If you’re thinking about filing for bankruptcy, you’ll want to carefully consider whether you’d benefit from filing for Chapter 7 or Chapter 13 bankruptcy relief. Each of these debt management solutions benefits a certain kind of filer. Therefore, you’ll want to weigh...
What does a secured credit card do after bankruptcy?
If you file for bankruptcy, it may mean that you can no longer apply for traditional credit cards. Lenders are going to be too concerned that you won’t be able to pay off the debt. This can cause your credit score to fall, and you won’t be approved for new cards....
Why do most bankruptcy cases happen?
Many bankruptcy cases are the result of numerous different factors that are all working together. For instance, someone may already have been struggling to make ends meet due to their student loans. It may technically be their credit card debt that they can’t pay off,...
Don’t underestimate the effect of your debt on your mental health
If you’re seriously in debt, you know the toll it takes on your lifestyle, your credit rating and even the ability to provide the necessities for yourself and your family. However, you shouldn’t minimize the effect that falling deeper and deeper into debt can have on...