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Many people contemplating bankruptcy are likely feeling very stressed. They are drowning in debt and feel helpless because they can’t pay back what they owe. However, they are also likely experiencing a whole host of other emotional issues such as feeling embarrassed, frustrated, and scared. When people hear that they have to go to court, the anxiety only increases. So,…
When you decide to seek a bankruptcy, you know it will impact your credit. You may worry about when you can qualify for a loan again and when your credit score will begin to rebound. Yet, exactly how long will a bankruptcy affect your credit? Bankruptcy affecting credit First, if you seek a Chapter 7 bankruptcy, the bankruptcy will remain…
Many Americans are afraid of getting sick, especially during the current global crisis. However, a recent study reiterated another fear of most Americans have with the medical care system, its unruly debt. According to Healthcareinsider.com, more than half of the respondents expressed concerns that a health problem or situation would lead the household to significant debt or bankruptcy. The study…
With Thanksgiving and Black Friday right around the corner, many people begin their holiday budgeting early to ensure they have the best gifts at the best prices. Unfortunately, the holiday season is typically a stressor in terms of people’s finances. Many Americans end up overspending over the holidays and driving themselves further into debt. According to a poll from creditcards.com,…
Most Americans doubt when bankruptcy is the right option for them, and a strong majority of those same Americans aren’t sure if they qualify for bankruptcy. Luckily, there is a way to determine eligibility for chapter 7 participants: the bankruptcy means test. Since 2005, most individuals have to complete the means test, which is an evaluation that takes into account…
Bankruptcy is confusing and even frightening to many people. If you don’t understand how bankruptcy works, you might overlook both benefits and risks associated with filing. One of the most important decisions regarding bankruptcy that you will make, other than realizing you need bankruptcy protection, is determining what form of it bankruptcy to file. Most individuals who file for bankruptcy…
People who find themselves considering bankruptcy due to financial hardship often worry about the long-term implications of bankruptcy. Misinformation abounds on this topic, and many people are quick to claim that filing bankruptcy means losing your home. While it is true that Chapter 7 bankruptcy proceedings may sometimes require the liquidation or sale of assets to repay creditors before a…
Most of us feel it’s a moral obligation to pay what we owe – as long as we are able to do so. However, when people reach the point of considering whether to file for bankruptcy, they are usually overwhelmed by debt. Many people will try to chip away at the balance even when there’s little chance they can repay…
When an individual needs relief from the burden of debt, they generally have two bankruptcy types available to them: Chapter 7 and Chapter 13. Because Chapter 7 bankruptcies offers debt forgiveness rather than a structured repayment plan, it is usually reserved for people with a lower income. Because of this, you must show the limitations of your income through a…
You may be on track for filing for bankruptcy. You know you are ready for a new start and to repay your debts, but you may not know what chapter to select during the process. It’s critical to choose the correct chapter in order to reap the most benefits for your situation. There are two main chapters for individuals: chapter…