Bankruptcy is an extremely important part of our financial laws, allowing for a hard reset in instances when circumstances or unwise choices lead an individual to unbearable financial strain. The possibility of bankruptcy itself affects the way that interests rates for various types of lending get calculated, as lenders all have to account for bankruptcy when considering risk of the…
Bankruptcy is one of those complex legal issues that is often deeply personal. In fact, a recent report published by ProPublica examines how different people groups participate in bankruptcy, suggesting that some aspects of the process may vary depending on the racial or socioeconomic background of an individual who files. According to the report, a significant number of African American…
When it comes to consumer bankruptcy, the law offers a few different options. In almost all cases, an individual qualifies for either Chapter 7 or Chapter 13 bankruptcy. However, in some cases, an individual may qualify for both types of bankruptcy, which can create some interesting opportunities. If you believe you may qualify for both Chapter 7 and Chapter 13,…
If you follow the news, you have probably heard financial pundits expressing fear that the economy is heading for another crash in the near future. This crash could potentially cause the closing of more businesses, leading to a ripple effect of stock market plummets, real estate slowdowns and mass unemployment. Perhaps this alarm is only one more thing to add…
Part of executing a successful bankruptcy is avoiding bankruptcy fraud. If you’re already in a difficult enough position to consider bankruptcy, you may also fall prey to the temptation to try and manipulate the system for your own gain. This is not wise, and may end up placing you in a bigger mess than the one that justifies the bankruptcy…
One of greatest sources of relief that bankruptcy can offer is the automatic stay placed on collection efforts. This stay affects different types of accounts differently and does not automatically halt every kind of collections. However, it can still offer a great deal of relief from many different types of collection actions. An automatic stay can help you get back…
You may be at the point where you struggle just to make ends meet each month. Creditors call you as often as they can in an attempt to get you to pay them. Your stress level is high, and you realize that bankruptcy could be the debt relief option you need. Then you learn that you must first take something…
As a country, we may seem more divided than ever at the moment, but if there’s any one thing that people seem to all agree on, it’s that medical care is very, very expensive in America. In fact, medical debt is the most common reason that Americans file for bankruptcy. Even if you have insurance, one catastrophic injury or major…
Filing for Chapter 13 bankruptcy can be a lifesaver for many individuals, but it also requires a great deal of the individual. If you are considering a Chapter 13 bankruptcy, it is crucial that you consult with an experienced bankruptcy attorney to make sure that you understand the process and your obligations throughout the procedure. In broad strokes, a Chapter…
Your marriage is crumbling and your finances are in shambles. You and your spouse are considering divorce, while at the same time weighing options for bankruptcy. You are truly in a difficult situation, and it is reasonable that you could face difficulty maintaining an objective point of view. However, before you go filing divorce papers, you should consider consulting with…