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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…
If you have mounting debts, you’ve probably become all to familiar with receiving calls from debt collectors. You may feel like your phone rings at all hours of the day. You’re tired of it. You wonder if debt collectors can just call you whenever they want to. Aren’t there some rules about this? Understanding the Fair Debt Collection Practices Act…
Tagnetics, Inc. v. Kayser, No. 20-3556 (January 14, 2021). Kayser and two other former employees of Tagnetics filed an involuntary chapter 7 bankruptcy against Tagnetics seeking to be paid their wages. The parties came to an agreement through email correspondence in which they agreed that Tagnetics would pay the three employees a certain sum and the employees would agree to…
If you feel your drowning in debt, you may see bankruptcy as your best option. If you seek Chapter 7 bankruptcy, you can get nearly all of your debts discharged. With a Chapter 13 bankruptcy, you can reorganize your debt and reduce debts. However, bankruptcy won’t discharge some debts, and some are difficult to discharge in bankruptcy. U.S. bankruptcy code…
More U.S. businesses filed bankruptcy in 2020 amid the coronavirus pandemic than in any other year since 2009. Energy, retail and consumer services companies filed the largest number of bankruptcies last year: 244. Bankruptcy experts expect the high number of business bankruptcies to continue into early 2021, as more businesses run out of money during the ongoing pandemic. Industries vulnerable…
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…
Deciding to seek bankruptcy protection isn’t easy. You may have tried to overcome your debt for years, but a recent hospitalization grew your debt even more. Now, you are ready to file bankruptcy but have another tough choice to make: Should you seek Chapter 7 bankruptcy or Chapter 13 bankruptcy? Chapter 13 bankruptcy basics When people think of what filing…
Most people dread paying their bills, but it’s a part of life. We all try our best to pay our bills on time and to pay them to the fullest extent. However, it’s not always feasible to pay those bills when the company asks for it. There may be times when bills go unpaid and under the radar. In those…
Financial struggles are incredibly common in businesses, especially in 2020. And many entrepreneurs are overwhelmed by how they resolve these struggles. For some, bankruptcy might be the answer. Depending on your situation, there is a chapter of bankruptcy that works for you and your specific business. You will want to choose the right chapter to maximize your benefits and also…
The Economic Impact Payments, commonly referred to as stimulus payments, are being sent to people across the United States. Some of those payments are being sent through regular mail in the form of a debit card. The National Consumer Law Center has published a guide on what to look for if your stimulus payment is received by debit card. Follow…