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...
chapter 7
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....
How can Chapter 7 bankruptcy get you peace of mind?
One of the worst things about being unable to pay your debts is the constant barrage of calls, knocks on the door, letters and emails you will face from creditors or from debt-collection companies they contract. While the law places restrictions on when and how they...
How do I know when to file for bankruptcy?
Knowing when, or if, to file for bankruptcy is a tricky and highly emotional decision. Even if it’s through no fault of your own, bankruptcy seems like running into a brick wall of failure. Logically, you know bankruptcy is common, especially in the era we live in,...
Parent PLUS loans create a “perfect storm of financial troubles”
Americans who feel overwhelmed by student loan debt have had some cause for optimism as members of Congress and the Biden Administration have talked about various student loan “forgiveness” plans. However, the Century Foundation notes that Parent PLUS loans don’t seem...