If you struggle to simultaneously make ends meet and pay your debts on time, it may be a good idea to consider filing for bankruptcy. Since the Great Recession of 2008, most Americans don’t view bankruptcy with the stigma that was once attached to it. Nowadays, most...
Bankruptcy
How do you know if you should file for bankruptcy?
Financial challenges can happen to anybody. When your ability to cope with your debts has become strained, bankruptcy may be the best option for true financial relief. How do you tell, however, the difference between a temporary financial pinch and a financial...
Which type of bankruptcy is best for those with medical debt?
Many people associate the overuse of credit cards with an eventual need to file for personal bankruptcy. While it is certainly true that personal spending habits can impact the likelihood of needing bankruptcy protection, the most common reason that people file for...
What happens to credit cards when someone files for bankruptcy?
Oftentimes, those contemplating bankruptcy have maxed out their credit cards or have been recently served by a lender who is tired of waiting for them to pay the full balance that they owe. For someone just barely able to afford their basic expenses every month, the...
How is Chapter 13 bankruptcy different than Chapter 7?
When many people think about bankruptcy, they automatically think about Chapter 7 bankruptcy. This is a type of bankruptcy used for people who are likely never going to have the financial resources to pay off the debt that they owe. They will use it to liquidate their...
What actions should you avoid before and during your bankruptcy?
Debt that is impossible to pay down or off affects life in many ways, from parenting to working to your mental outlook. The constant worry and stress can also affect your physical health, often leading to high blood pressure and other ailments. Once you decide that a...
2 ways bankruptcy can help those at risk of losing their homes
You may have spent years saving for the down payment on your home and even longer making mortgage payments. Unfortunately, until the day that you submit the very last payment due, your home is still at risk of foreclosure. Your lender can potentially take you to court...
Does bankruptcy prevent you from securing personal credit?
The average adult in the United States requires multiple forms of credit to maintain a fully operational household. They may have purchased their home with a mortgage and their vehicle with a loan. They may use short-term loans or financing for medical care and credit...
How do you know it is time to file for personal bankruptcy?
Bankruptcy is a powerful financial tool for those having difficulties paying off their personal debt. A successful bankruptcy filing will result in the discharge of someone's unsecured debts. Depending on the type of bankruptcy an individual files, they may need to...
Tackling credit card debt
Credit card spending has been rising since the start of the pandemic in 2019. Estimates suggest an increase of anywhere from 14 to over 33 percent in credit card spending. If you are among the millions of people who increased credit card spending in the last couple of...