You may have had overwhelming debt from medical bills, credit card debt, late fees or other financial difficulties. When you filed Chapter 7 or Chapter 13 bankruptcy, it likely helped you resolve your debt obligations. It took several years and it affected your credit...
Bankruptcy
How long does personal bankruptcy affect someone’s credit score?
People decide to file for personal bankruptcy for a host of different reasons. For some people, bankruptcy becomes necessary when a creditor takes them to court. They want to avoid loss of personal property or the potential garnishment of their wages, and a timely...
Don’t buy luxury goods right before filing for bankruptcy
Once they get so far in debt that filing for bankruptcy seems like a foregone conclusion, some folks figure that they might as well max out their remaining credit cards before filing their bankruptcy petition. While in theory that might sound like a good plan, in...
What are payday loans, and why should you avoid them?
Payday loans have emerged as a quick-fix solution for those facing immediate financial challenges. However, the seemingly convenient nature of these loans mask a multitude of pitfalls, often leading borrowers into a debt spiral that can be challenging to escape. In...
What is a no-win debt cycle, and how can you avoid it?
When it comes to personal finances, understanding the concept of a no-win debt cycle is crucial for individuals who are striving to achieve financial stability. A no-win debt cycle is a perpetual financial struggle wherein individuals find themselves trapped in...
Can you discharge student loans when you file for bankruptcy?
Bankruptcy enables individuals or entities to discharge or repay their debts under the protection of the federal bankruptcy court. There are different types of bankruptcy, including Chapters 7 and 13, each with its rules and implications. Until recently, student loans...
Chapter 7 vs. Chapter 13 bankruptcy: What’s the difference?
Bankruptcy is a solution many people use to resolve overwhelming debt obligations. There are often a few factors that happen before people file for bankruptcy. Someone unemployed may face lots of medical debt after a sudden injury. Or, overspending may lead to late...
Does it matter what time of year you file for bankruptcy?
If you have exhausted all your resources and still cannot overcome your debt, the prospect of bankruptcy may be occupying your mind. You may wonder how it works or when the best time of the year is to initiate the process. Contrary to common belief, there’s no...
4 Bankruptcy Myths You Shouldn’t Believe
Chapter 7 is one of the most common kinds of bankruptcy – and it can wipe out large amounts of unsecured debt. Or, people can file for Chapter 13 bankruptcy to reorganize their debts and make them easier to pay off over time (with any remaining unsecured debts being...
3 Financial Concerns When Contemplating Chapter 7 Bankruptcy
People may struggle with weighing the pros and cons for weeks before they reach a decision about bankruptcy. In some circumstances, people are eligible for Chapter 7 bankruptcy. Other times, people may choose to file a Chapter 13 bankruptcy to regain control over...