Bankruptcy, in contrast with the many unpleasant misconceptions surrounding it, is a valuable tool for dealing with debt. Over 400,000 people filed for one in 2021. according to the United States Courts. It may especially help those who suddenly find themselves...
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Personal Bankruptcy
Reviewing the 341 meeting and the accompanying 521 documents
If you have decided to seek Chapter 7 or 13 bankruptcy protection, you will attend the “341 meeting” soon after filing. You will also have to provide “521 documents” to the bankruptcy trustee. This is a good time to review information from these sections in the United...
Statistics on non-business bankruptcies
If you want to file for a non-business (personal) bankruptcy, it is crucial to understand the various options in front of you. For example, you should go over different types of bankruptcy and determine which one suits your circumstances best. For some people, Chapter...
What happens to your credit score when you file for bankruptcy?
Filing for bankruptcy is a viable option for those overwhelmed by debts and in need of relief. Individuals may opt for Chapter 7 or Chapter 13 bankruptcy depending on personal circumstances, but both options will impact your credit score. While bankruptcy gives you...
How does Chapter 13 bankruptcy work?
Job loss, a serious illness, divorce or another difficult life situation can force you to take out large amounts of debt. If you feel like there is no way out from the debt you accumulated, you may consider filing Chapter 13 bankruptcy. According to the U.S. Courts,...
How can you avoid another bankruptcy?
Going through bankruptcy once can cause a ripple effect that lasts a number of years. Preventing another bankruptcy requires you to thoroughly assess what went wrong the first time so you can make changes right away. Knowing some strategies for managing your money can...
Bankruptcy filing show signs of rising
After leveling off after the disruptive years of 2020 and 2021, bankruptcy rates show signs of rising again. Several economic challenges point to possible trouble ahead for many consumers and commercial interests. A stalled economy often leads to more people seeking...
Can you settle your medical bills for less?
Americans should not have to choose between their medical care and keeping their homes, but unfortunately, that is what far too many must do. According to recent studies, as much as 66.5% of bankruptcies occur because of medical issues, and either because of time off...
Protecting your retirement funds from collection in bankruptcy
According to Forbes.com, at least 12% of people filing for bankruptcy are over age 65. If you fit in this age group, you may worry about losing your retirement funds to your creditors. However, filing for bankruptcy does not mean giving up all your savings. Knowing...
Is bankruptcy or debt relief better?
Finding yourself neck-high in past-due bills may result in climbing stress levels and sinking hope of getting back on solid financial footing. You may wonder if you should contact one of the many debt relief companies or declare bankruptcy. As the mail pile grows with...
