Some people who need bankruptcy relief qualify for Chapter 7 bankruptcy. They can discharge their debts in as little as a few months. They may be at risk of asset liquidation, but most people can preserve their property using exemptions. For those with assets that...
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Bankruptcy
3 types of debt relief that can worsen credit issues
People may take on large amounts of debt in short amounts of time due to medical emergencies or job loss. Other times, debt may develop slowly, as people spend slightly more than they can pay every month on their credit cards. Regardless of how quickly debt accrues,...
How long do payments last in a Chapter 13 bankruptcy?
There are numerous different types or chapters of bankruptcy that people can file to address their financial challenges. Frequently, individuals choose between Chapter 7 and Chapter 13 bankruptcy. Some people simply do not qualify for Chapter 7 bankruptcy because they...
What does a bankruptcy trustee do?
When someone files for bankruptcy under Chapter 7 or Chapter 13, a bankruptcy trustee oversees that case. Appointed by the court, a bankruptcy trustee works to ensure that the bankruptcy process follows federal laws and that creditors are treated fairly. While...
Debunking 7 common bankruptcy myths: What should you know?
Many people misunderstand bankruptcy, and many myths can keep people from considering it as an option when they are struggling financially. Knowing the truth about bankruptcy can help you make smarter choices if you are thinking about this route. What misconceptions...
Two tips to get through the emotional toll of bankruptcy
Bankruptcy can be a challenging and emotional journey for many individuals and families. While it often provides relief from overwhelming debt, the process itself can cause feelings of uncertainty, anxiety, and even shame. Understanding these common emotional...
How Chapter 13 bankruptcy can help to prevent vehicle repossession
Some people decide to file for bankruptcy because their finances gradually worsen. Every month, they incur new fees and more interest because of their credit card balances. They may struggle to make even the minimum payments required by their various financial...
How quickly can bankruptcy protect me from creditors?
Some people take their time and plan for a bankruptcy filing. They have the luxury of consulting with an attorney and moving slowly toward their goal of filing. Other people rely on bankruptcy for support when they experience sudden and pressing financial hardship....
How medical debt can push people into bankruptcy
Modern medical facilities have incredible capabilities. They can take images of people's brains and obtain samples to genetically sequence tumors. They can save people's lives after a gunshot or a car crash. Unfortunately, that impressive standard of care comes with a...
Why bankruptcy is nothing to be embarrassed about
Perhaps the single silver lining of the Great Recession of 2008 is that it ended the stigma surrounding the bankruptcy process. That catastrophic financial downturn taught most Americans that even those who are hard-working and financially responsible can struggle to...