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The most anxiety-inducing part of bankruptcy for most people is the sheer unknown. How do you file for bankruptcy? What is bankruptcy? How does the bankruptcy process work? Do I need a bankruptcy lawyer? Will bankruptcy fix all my debts? The list could go on for days, but you get the point – there are…
Economic and personal factors can cause challenging financial situations for individuals and businesses. When bills exceed monthly income, it may be necessary to take steps to resolve outstanding debts. This can be done by eliminating or consolidating debts by filing for bankruptcy. Bankruptcy is an option for individuals, business entities, partnerships, and corporations. Individuals filing…
Filing for Chapter 13 bankruptcy is a legal option for people who can’t pay their debts and face negative actions such as foreclosure on a house or repossession of a vehicle. Your income may be steady, but you may have missed payments causing your mounting debt to become unmanageable. Previously referred to as a “wage…
Filing for personal bankruptcy is a complex legal process, and it can be a challenging time for anyone. It is common to experience stress and anxiety when trying to determine your best plan of action regarding bankruptcy. While it’s not required by law to have legal representation when filing a Chapter 13 bankruptcy case, it…
When deciding whether or not bankruptcy is the right solution to your financial situation, you have to think about all of the circumstances involved and make sure that it’s the best choice. Does bankruptcy ever get denied, though? And if so, for what reasons? Here’s what you need to know. What U.S. Bankruptcy Laws Say…
No one wants to face something like bankruptcy, but sometimes it is inevitable. And there are even times when it can be a welcome relief from the years of struggling with debt, collection calls, and other issues. However, not everyone can qualify for bankruptcy and there are different types of filings to consider. Chapter 7…
Chapter 7 bankruptcy has a number of requirements and standards that must be met in order for someone to be able to file. Income limits are an obvious restriction—if you make a lot of money, it’s assumed that you should be able to handle repaying your debts. On the other hand, those who don’t make…
Bankruptcy is an option for some people who need relief from the financial debts they are drowning under. However, it is not a one-size-fits-all solution, nor will it take care of all debts. Understanding what is not excused with Chapter 7 bankruptcy is just as important as knowing what debts it can resolve. While bankruptcy…
Bankruptcy proceedings can be a complicated process to navigate. If you’re moving forward with a personal bankruptcy case, you’re not alone. In 2021, the U.S. Courts System recorded 413,616 Americans filing for bankruptcy. Filing a claim can be overwhelming in itself. But what do you do when your bankruptcy case occurs during a move between…
People with financial challenges may consider filing for bankruptcy to discharge debts they can’t repay. In 2022, over 370,000 people in the United States filed for bankruptcy. Every state establishes its bankruptcy laws and bankruptcy process, which means people living in different parts of the country may have different requirements they must meet to file….
Understandably, you will have many questions about how filing bankruptcy will impact different financial obligations. One frequently asked question is whether filing bankruptcy will affect a rental agreement for an apartment or a house. Another one is, “Can I rent after bankruptcy?” As long as you are current on your rent payments, nothing should change…
Multiple factors can lead to financial challenges. Illness or injuries may produce thousands in medical bills. Recessions lead to job losses, and pandemics may also keep employees home. Unexpected expenses and income shortages may leave people unable to pay their bills. When this happens, some may consider bankruptcy as a way to resolve their financial…