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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...
Being in a tough financial situation can make it difficult to see things clearly. You may be feeling stressed due to constant contact from creditors, and this could lead you to make poor financial decisions because you are not in the right frame of mind to sit down,...
Do you dread opening the mail because you know there’s just going to be a new pile of bills you can’t pay in there? Do you hate the sound of your phone ringing because it’s always one more debt collector asking for money you don’t have? Well, unfortunately, you now...
If you intend to file bankruptcy as an individual, there are probably only two forms of bankruptcy that you will carefully consider. Most individuals will file for either Chapter 7 or Chapter 13 bankruptcy. Your personal situation will influence which form of...