It’s common knowledge that filing for bankruptcy wipes out most of your existing debts. The proper term for that is debt discharge. When a bankruptcy court discharges your debt, it effectively cancels the legal obligation you had to repay the creditor. The whole idea...
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Chapter 7 And Chapter 13 Bankruptcy
Top 3 mistakes to avoid when declaring bankruptcy
Bankruptcy is a huge financial decision. Handled right, it can provide the debt relief you badly need to get back on your feet. Handled incorrectly, however, bankruptcy can worsen your situation. There are mistakes around declaring bankruptcy that most people find...
Have you incurred credit card debts?
Credit cards can be useful when you need to make a big purchase and don’t quite have enough savings set aside. However, it’s vital that you only take on what you can definitely afford to pay back, otherwise credit cards can become a serious burden financially. There...
Who will find out that you went bankrupt?
For many people, the idea that others could find out that they went bankruptcy is upsetting and unacceptable. They don’t want to be seen as someone who couldn’t manage their money or survive without support from the government. Realistically, you need to understand...
Managing the stress of bankruptcy
You’ve been in financial trouble for a while now, but despite your best efforts, you can’t seem to get it under control. After exploring your options, you’ve decided that bankruptcy is the best course of action to take. The financial impacts of bankruptcy are often...
You can re-establish your credit rating after bankruptcy
Millions of Americans are currently struggling to manage their living expenses. It’s a common misconception that people have to be reckless with money before falling into financial hardship, but this is far from the truth. Medical bills, unemployment, family issues...
How can college graduates pay off their debt?
You had the typical college experience: going to parties every night, living off pizza and free food, joining clubs that went on oversea trips, binge-watching shows until you have to write up that last-minute essay -- and, of course, building up a ton of debt along...
Should you swear off credit cards after filing for bankruptcy?
You got over your head in debt and so you realized you needed to file for bankruptcy. Much of that debt was on your credit cards, although you also had medical bills, a mortgage, student loans and a lot of other debt that was impacting your financial situation. But it...
How do you know it’s the right time to file for bankruptcy?
Bankruptcy can be a kind of emergency protection, or something you plan slowly to resolve accumulating debt. When your finances are a mess, you can file for personal bankruptcy to regain control. Many people would like to avoid bankruptcy, but that aversion to filing...
Should you divorce if your spouse is bankrupt?
When your spouse approached you and told you that they were behind on their bills can had a heavy debt load that you didn’t know about, you were shocked. You realize that a bankruptcy may be a good option for them, but you don’t want to end up with a bankruptcy on...
