Many people who’ve filed for bankruptcy say that though reaching the decision was hard, once it had been made, they felt that an incredible burden had been lifted from their shoulders.  While the promise of a fresh start represents an enormous psychic shift, the process is not automatic. In most cases, a Chapter 7 bankruptcy will take between four and six months from the point that you file until the discharge of debts finally takes place. Of course, bankruptcy does not begin with the filing itself. Before the filing, there are several steps that you’ll need to take, including: Collecting …Read More ➡

The pressure of insurmountable debt is enormous and so too is the sense of relief that you feel after moving forward with a bankruptcy filing. It’s perfectly normal. But that feeling of having a great weight lifted off of your shoulders is quickly followed by the realization that you are back to square one — actually below square one — when it comes to your credit rating.  Though it can take time, and the bankruptcy filing will remain on your credit history for several years, there are several steps you can take to start rebuilding your financial health and improving …Read More ➡

For some, the idea of filing for bankruptcy is an absolute taboo subject, something that they associate with failure and work hard to avoid at all costs. For others, bankruptcy represents a life preserver when they feel like they’re drowning – a way to get their feet under them again and return their lives to some semblance of normalcy. Just as there’s a wide range between those two extremes, there’s a huge range between levels of credit card debt and how it impacts an individual consumer. The national average credit card balance hovers somewhere between $5,000 and $6,000. For some, …Read More ➡

Bankruptcy, and especially Chapter 7 bankruptcy, offers a fresh start for those who have racked up insurmountable debt. Though debtors may be vulnerable to some of their assets being liquidated, the filing can wipe away unpaid medical bills and credit card bills and allow the possibility of moving forward without the burden of debt collectors and past-due notices. The same is true for tax debt, but only in certain circumstances. Here’s what you need to know about how bankruptcy will affect your tax debt. The first thing – which is often the most important to taxpayers – is that once …Read More ➡

Bankruptcy offers a financial lifeline for those who are unable to pay their debts, but the people who could most benefit from the process are often hesitant, stymied by the taboo that has been attached to seeking economic help. Many falsely believe that those who file for bankruptcy are simply undisciplined or irresponsible in their spending habits This is unfortunate and reflects a lack of understanding of the most common drivers of overwhelming debt. Let’s take a look at the most common reasons that people seek bankruptcy protection. Medical bills – When people filing for bankruptcy are asked what drove …Read More ➡

If you’re overwhelmed with debt and struggling to pay your bills, there’s a good chance the idea of bankruptcy has crossed your mind. Bankruptcy is something that everybody has heard of, but few understand well, and you’re not alone if you’ve told yourself that it’s only for people who are in financial straits that are far more dire than yours. The truth is that there is no specific threshold for how much you need to owe to qualify for bankruptcy or even a ratio of debt to income or a benchmark for how long you have been in debt. Rather, …Read More ➡

Nobody likes paying bills, but if your financial situation has made it feel impossible for you to do so, then you may consider filing for bankruptcy. Most people know that bankruptcy can eliminate many of your debts, wiping the slate clean and providing a fresh start, but few know that the process has strict requirements that must be met. The two types of personal bankruptcy are Chapter 7 and Chapter 13. Where Chapter 7 discharges most debts while liquidating many of the debtor’s personal assets, Chapter 13 reorganizes debts to make them more manageable. Though you may prefer Chapter 7, …Read More ➡