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Bankruptcy Archives

Debunking common bankruptcy myths

When you lose your job, suffer an injury in an accident or simply find yourself with mounting bills you cannot pay, it is difficult to see the way to a brighter financial future. Fortunately, for many who deal with the smothering weight of overwhelming debt, bankruptcy is a viable alternative to suffering under the harassing calls of creditors.

Debts not discharged in a bankruptcy

A bankruptcy is designed to help you get out from under your debts. In a Chapter 7 bankruptcy, the trustee cancels many of the debts. You may have to liquidate some property to repay your creditors, which is why a Chapter 7 is often referred to as a liquidation bankruptcy. In a Chapter 13 bankruptcy, your debts are "reorganized." You pay debts in a plan over three to five years. Which bankruptcy is right for your situation depends on a number of factors, such as the amount of debt you have and your income.

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.

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.

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:

Are all debts forgiven under bankruptcy?

There are a number of misconceptions about bankruptcy that often leads people to make uninformed decisions. You might, for example, assume that you are not eligible and neglect to pursue it. On the other hand, you might be wondering if bankruptcy will allow you to absolve all debts. The following five types of debt are typically not eligible for forgiveness under the terms of a bankruptcy agreement.

Dispelling common myths regarding bankruptcy

If you are in debt and struggling to find a solution, chances are you have at least thought of bankruptcy. Perhaps it has been a fleeting thought, or maybe it has been a consistent subject of your consideration. No matter where you currently stand on the issue, you could likely benefit from better understanding what exactly bankruptcy involves. Most people have at least some misconceptions, and these four myths are ones that can easily be dispelled.

Why medical debt is a common cause of bankruptcy

People file for bankruptcy for many reasons. For example, they may have obligations such as past-due federal tax that they are struggling to pay. However, there is no doubt that medical debt is a common cause of bankruptcy, although the exact math remains fuzzy. Here is a review of why a strong relationship exists between bankruptcy and medical debt.

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