Debt comes in many forms. You may have built up a lot of credit card debt when you were younger. Maybe you took on student loans. Or, you could have suffered from an injury that caused massive amounts of medical debt, which could not be paid off because your injury...
chapter 7
2 reasons medical debt is cited in most bankruptcy cases
Medical debt is one of the top reasons for bankruptcy, and it shows up in most cases. It may not always be the primary cause or the only cause. Someone may have medical bills, student loans, credit card bills and a home mortgage, for example. But medical expenses are...
Chapter 7 qualifiers: Should you consider Chapter 13 instead?
When contemplating bankruptcy as a solution to overwhelming debt, individuals often find themselves questioning whether they should file for Chapter 7 or Chapter 13 bankruptcy. While Chapter 7 might initially seem appealing due to its ability to discharge eligible...
Bankruptcy doesn’t mean you can never get a loan again
One reason that people sometimes shy away from bankruptcy is because they’re worried that it will mean they can’t get a loan again. They may have plans for their future that include taking out a mortgage loan to buy a home or using an auto loan to get a new car. They...
How does bankruptcy impact garnishments and foreclosures?
Bankruptcy plays a significant role in addressing financial challenges, particularly in garnishments and foreclosures. When an individual files for bankruptcy, an automatic stay is immediately implemented. This stay halts most collection activities, including...
Is it time to think about bankruptcy? 3 signs
Bankruptcy is a process that can help you relieve large amounts of debts related to credit cards, medical fees and other financial situations. While bankruptcy may not be your first option, it may be the only feasible option in the end. If you’re unsure if bankruptcy...
Why filing for bankruptcy is not a source of shame
Filing for bankruptcy often carries a stigma, a sense of personal failure or financial irresponsibility. However, this perception is almost never grounded in reality. At its core, bankruptcy is a legal tool designed to provide individuals and businesses with a fresh...
Life during bankruptcy: Tips for your finances
Once you file for bankruptcy, your focus should turn to learning how to live without credit. Throughout the bankruptcy process, you’ll have to rely solely on the household income to pay bills. Navigating the financial waters of bankruptcy can be intimidating and...
How illness contributes to bankruptcy
Bankruptcy is not necessarily the consequence of poor spending. You can get into debt because of an unexpected situation, such as an illness. Medical debt is one of the leading reasons people declare bankruptcy. This guide discusses how illness contributes to...
5 questions people often ask about bankruptcy
Do you have a ton of debt you’re struggling to pay off? You aren’t the only one. When this happens, people typically look for alternative methods to recover from their debt. One option you have is to file for bankruptcy. Bankruptcy can help you relieve your debts....