Bankruptcy

Despite all of the upheaval in the last couple of years, personal bankruptcies have been on the decline. In fact, personal bankruptcies fell almost 30% in 2020 from the year before. Unfortunately, that may soon change. Industry professionals are predicting that there...

You have probably spent a lot of time worrying about your financial situation once you started falling behind on your bills. Internal stress due to those unmet obligations will be a problem on its own, but external stress will soon intensify things. After you miss a...

Even in times of overwhelming financial hardships, most people want to avoid filing bankruptcy. For many, this is the last resort to consider and only after every other resolution fails. Wanting to pay your debts is admirable, but it also makes sense to explore all...

Among many myths surrounding bankruptcy is the idea that those who end up filing have somehow caused their own financial problems or made avoidable mistakes that lead to bankruptcy. That may sometimes happen, but the reality is that the vast majority of bankruptcy...

When your debt reaches a point where you can’t pay all of your obligations every month, you will start to fall behind. Soon enough, creditors will send you threatening letters, try to repossess your vehicle or even file a lawsuit against you. Losing your vehicle or...

Individual bankruptcies come in many shapes and sizes. Most people know a little about the different kinds of bankruptcies, with Chapter 7 bankruptcy being perhaps the best-known. In Chapter 7 proceedings, the person filing may have to liquidate or sell some of their...

Most individuals who file for bankruptcy will file either Chapter 7 or Chapter 13 bankruptcy. Chapter 7 involves the liquidation of certain assets to repay creditors, followed by the quick discharge of debts.  Any secured debts, such as payment for a vehicle, will...

Last year — 2020 — was a rough year for a lot of people. Yet, as commercial bankruptcies rose, consumer bankruptcies actually went down. However, many experts think that’s about to change. As people eventually run out of options to stay afloat, they expect bankruptcy...

Some people believe that bankruptcy is evidence of some kind of personal failing. While it is true that some people overextend themselves by making bad credit decisions, most people who file for bankruptcy have generally lived law-abiding, fiscally responsible lives....

Debt, from loans, credit cards and borrowing from friends may seem like a strictly financial issue that can only be evaluated with the use of a calculator. While debt is a financial issue, there are also psychological aspects of the debt cycle that can complicate...