Chapter 7 bankruptcy has pros and cons
Filing for bankruptcy is a huge deal because there are pros and cons that you might have to deal with as part of the process. When you aren’t able to make payments on the bankruptcy-related debts, you might need to file a Chapter 7 bankruptcy. This is also known as a liquidation bankruptcy because your […]
Understand the ins and outs of Chapter 13 bankruptcy
When you have the assets or income that exceed the means test that is used to determine eligibility for Chapter 7 bankruptcy, you might end up filing for Chapter 13. This is often referred to as the working man’s bankruptcy because it includes a repayment plan that is based on your income and expenses. We […]
Don’t fall for common bankruptcy myths
Swimming in debt can have a negative impact on your life. When you don’t feel like you have any way out because you simply can’t make the payments, you might realize that you need to turn to bankruptcy. This isn’t something that you should be ashamed of. It is a choice that can help you […]
Prepare to work to rebuild your credit after bankruptcy
One of the points that people who file for bankruptcy are concerned with is how they are going to rebuild their credit when the case is over. The answer to this isn’t very easy, but it is possible to rebuild your credit score over time if you are willing to work at it. When you […]
Choose your bankruptcy filing type very carefully
Bankruptcy isn’t something to be ashamed of. In the past, having to seek this protection was usually kept a secret. Now, we realize that filing bankruptcy is actually more responsible than just avoiding your creditors. Once you make the decision to file, you need to decide what type you will file. For most people, the […]
If you want to file bankruptcy, how fast should you do it?
You know that bankruptcy is coming. You owe $25,000 on various credit cards. You lost your job through no fault of your own — the company went under and all the employees lost their jobs — and now you’re just working part time. As a result, you can afford to pay about half of what […]
Millennials are postponing major life milestones because of debt
According to a new survey by NBC News and GenForward, about 75 percent of American millennials (those between 18 and 34 years old) have some sort of debt. Further, many are postponing major life events like buying a home, getting married and having children because of it. The life event most likely to be moved […]
Asset protection and bankruptcy
Dealing with creditors can be one of the most stressful times in a person’s life. Creditors can be relentless, and for the debtor receiving numerous collection calls, threats or collection letters, life can be just short of a nightmare. It often takes a debtor getting to their breaking point before they give in and file […]
Saddled with debt from a Parent PLUS loan?
Data from the Sallie Mae program indicates that a mere 48 percent of today’s parents have savings earmarked for their children’s college education. As a result, many find themselves needing to take loans out to pay, or supplement, the kids’ tuition bills. Older parents often find themselves in the difficult position of needing to subsidize […]
Debt collector harrassment complaints continue
Debt collection is not illegal, but some of the methods used by debt collectors are. According the Federal Trade Commission (FTC) and the Consumer Financial Protection Bureau (CFPB), in 2017, consumer complaints about debt collectors were in the thousands; CFPB took about 85,000 complaints alone. Investigations into the complaints revealed numerous violations of the Fair […]
