Is asset liquidation mandatory during personal bankruptcy?
A personal bankruptcy filing can help address overwhelming debt and aggressive collection efforts. Bankruptcy can delay legal action, including foreclosure and creditor lawsuits. People may be able to discharge some of their debts. However, there are obligations imposed on the person filing for bankruptcy. Some people have to make structured payments for years to qualify […]
3 pitfalls to avoid when filing for bankruptcy
Filing for bankruptcy is a decision that requires careful consideration. Your financial obligations have become overwhelming, and you need a fresh start. However, navigating the process can be challenging. Missteps along the way can lead to delays or even a dismissal of your case. Understanding and avoiding these common pitfalls can lead to a significantly […]
Tips for rebuilding credit after bankruptcy
Filing for bankruptcy can offer those struggling with debt a fresh financial start. However, there are some downsides to the process. Notably, filing for bankruptcy initially takes a significant hit on an individual’s credit score. If you file for this kind of debt relief, however, it is important to understand that while bankruptcy remains on […]
Chapter 7 versus Chapter 13 bankruptcy
Nobody ever plans to be overwhelmed by debt. It starts with purchasing a big ticket item like a house or a new vehicle. You did the math and knew you could make the monthly payments. But Murphy’s Law says, “Anything that can go wrong will go wrong,” and you suddenly have unexpected expenses. You try […]
Why can medical debt cause bankruptcy even with insurance?
One of the top causes of bankruptcy is simply that people have overwhelming medical debt. This is commonly cited along with issues like job loss or credit card debt. A common reason given for this issue is that people will prioritize their health, especially in an emergency. If someone is having a heart attack or […]
What does a Chapter 13 repayment plan involve?
Individuals facing financial hardship often decide to file for personal bankruptcy. When they do, they have to choose the type or chapter of bankruptcy they pursue. Most people find themselves choosing between two particular forms of bankruptcy. Those with lower incomes may qualify for Chapter 7 bankruptcy. Those with average or above income or valuable […]
Human error causes most car accidents
When people get into car accidents, they may blame a variety of different factors. They could blame the road design, for example, or a defect with the vehicle itself. In some cases, these drivers are correct, and outside factors caused the accident. But the reality is that roughly 98% of car accidents happen just because […]
Chapter 7 bankruptcy: Property exemptions in Florida
Realizing that you have more bills than money every month is difficult. Once you hit that point, you may decide that you need to file bankruptcy. One of the first things you have to do if you’re doing this is to determine if you should file Chapter 7 or Chapter 13. A Chapter 7 bankruptcy […]
What is an automatic stay in bankruptcy?
Once you realize that you’re drowning in debt and that there’s very little chance you’ll be able to recover without some sort of help, the option of filing for bankruptcy may come to mind. This is a responsible decision that can enable you to reclaim your financial stability. When you file for bankruptcy, the court […]
3 kinds of debt people can’t ordinarily discharge during bankruptcy
The primary purposes of a personal bankruptcy filing are for someone to stop collection activity and eliminate certain debts. Oftentimes, people decide to file for bankruptcy because a creditor threatens aggressive collection actions. If someone falls behind on car payments, they might be at risk of losing the vehicle that helps them get to work […]