Money problems are inherently embarrassing. If your financial obligations have become enough of a burden that you find yourself fielding collection calls, the last thing you want is for your family and friends to discover that fact. Fortunately, with few exceptions, the law is on your side. Federal guidelines strictly regulate the circumstances under which […]
Articles Tagged: bankruptcy
Frequently Asked Questions About Bankruptcy
The federal courts set up the process called bankruptcy to help consumers and businesses control, repay, and/or eliminate their debts. Bankruptcy typically falls under two main categories: liquidation, in which the debtor opts to sell some of their property, thereby liquidating their assets, in order to eliminate their debt; and reorganization, in which debtors repay […]
The Basics of Chapter 7 Bankruptcy
If you’re considering filing for bankruptcy, you probably have more than a few questions. How do you know if bankruptcy is right for you? Do you even qualify to file for bankruptcy? Which kind of bankruptcy should you file for? This guide will walk you through the basics of Chapter 7 bankruptcy, what it means, […]
Can Student Loans Be Discharged in Bankruptcy?
Student loans now outpace credit card debt. Americans hold over $1.3 trillion in student loans, and the average college graduate leaves school with $37,000 worth of student debt. For graduates and their parents who are facing financial hardships as payscales wane and living expenses rise, filing for bankruptcy has become appealing. Student loans are typically not […]
Is Bankruptcy or Debt Consolidation Your Best Option?
Life is stressful when you have unmanageable debt, which may cause you to make a rash decision about taking out a debt consolidation loan. Although it can be helpful in less severe cases, lenders often don’t discuss the possible drawbacks. If you haven’t yet decided whether debt consolidation or bankruptcy is right for you, then […]
Actions to Take and to Avoid When Preparing to File for Bankruptcy
There are specific steps that you must undertake before filing for bankruptcy to protect your assets and produce a successful outcome. There are also actions that you must avoid to prevent loss of assets, termination of your case, or possible jail time if intentional fraud becomes evident. Some of these actions are mandated as part […]