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January 2017 Archives

Effects Chapter 7 bankruptcy will have on your finances

There are many people who have found themselves faced with financial challenges. From credit cards to student loans and medical bills, there are a number of reasons people are swimming in debt. Many of those who have fallen behind on bills and started to feel overwhelmed by debt have looked to Chapter 7 as a solution. In doing so, they have discovered that filing for bankruptcy will change their financial situation in a number of ways, both positive and negative.

Should you clear out your savings before filing for bankruptcy?

Many people assume that bankruptcy is an option only to be considered after reaching the end of your rope. At that point, however, it might be even more difficult to recover from your financial struggles than it would have been if you had explored debt relief options sooner. If you have savings, perhaps you have wondered whether you should exhaust them before filing for bankruptcy. The following four considerations will illuminate why this is generally a bad idea.

What debts are considered required debts in Chapter 13?

When you have decided that bankruptcy is the best solution to your financial struggles, you may have let out a sigh of relief knowing that your issues with debt will soon be in the past. A lot of people assume that filing bankruptcy, specifically Chapter 13, will save them from all of their debts, but assuming this would be wrong. In fact, when you file for Chapter 13, there are a few debts that are considered required, meaning they must be repaid.

4 reasons credit card debt is on the rise

Millions of Americans are grappling with credit card debt. According to WalletHub, last year ended with a cumulative increase in this total combined debt in the tens of billions of dollars. There are plenty of circumstances that might lead to unpaid balances on your credit cards, and if you are currently struggling to deal with yours, the following four reasons might sound familiar. Identifying the underlying cause of credit card debt may help you start the path towards debt relief.

Information that is required when filing a Chapter 13 petition

Trying to get out of debt on your own can be overwhelming. Those who have finally decided to seek help and file Chapter 13 have probably worked hard to get relief from debt, but may not have been very successful in their efforts. It is true that Chapter 13 can help people address their problems with debt, but first, there is information that must be collected from the filing party, also known as the debtor.

Negotiate with your creditors when they contact you

If you have ever owed someone money, then you have probably had a first-hand experience with the harassing calls. On almost a daily basis, creditors will call multiple times, threatening to sue you, garnish your wages and more if you don't pay what you owe. You may have even gotten a few letters in the mail and possibly an email or two with the same threatening message.

Do you need a lawyer to file for bankruptcy?

When hard times hit, many people are forced to turn to payday loans and credit cards to get by. Once this process begins, it can be difficult to stop. Interest builds and as the number of payments increase, there is less money left to pay out, leading to a downward spiral that has pulled many Americans into a seemingly hopeless position. Often the only choice available when this point is reached is to file for bankruptcy to get a clean start and try again. The question that remains is whether or not to hire an attorney.

The differences between chapter 13 and 7 bankruptcies

When you are considering bankruptcy, you are probably stressed and worried about what will happen to your house, your car and your income should you go that route. Not all debts are dischargeable. According to the U.S. Bankruptcy Court, you cannot discharge these types of debts:

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