Dealing with excessive debt
The Bankruptcy Group
by jerricraventextbroker
5d ago
Debts can make like challenging for persons managing financial stress. California residents might wonder if their situation creates insurmountable problems, especially if they cannot reduce their budget further. Some may explore options to deal with the situation, including reviewing their eligibility for bankruptcy. However, others might find debt relief plans more workable at the moment. Debt relief options Debt relief plans could take many forms, including credit consolidation plans. One consolidation strategy might involve taking out a home equity loan to pay off debts, leaving the debtor ..read more
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5 strategies for rebuilding your credit score after bankruptcy
The Bankruptcy Group
by jonathan.brandis@thomsonreuters.com
5d ago
It’s no secret that filing for bankruptcy usually affects your credit score. For most people, a reduced credit score is worth the relief from unaffordable debt. Bankruptcy can greatly reduce or eliminate many debts, but it can also make it tough to get a credit card, mortgage or business loan at reasonable interest rates for several years after completing the process. The good news is your credit rating does not have to be low for the rest of your life. A Chapter 7 or Chapter 13 filing comes off your credit report eventually. Meanwhile, there are things you can do to start repairing your score ..read more
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How to get a home loan after bankruptcy
The Bankruptcy Group
by jerricraventextbroker
5d ago
Filing for bankruptcy in California can have a significant impact on a person’s financial situation, making it difficult to obtain credit and loans. However, it is still possible to get a home loan after bankruptcy, though the process may be more challenging than it would be for someone with a clean credit history. Understanding the type of bankruptcy The first step in getting a home loan after bankruptcy is to understand the type of bankruptcy you filed. There are two main types of bankruptcy: Chapter 7 and Chapter 13. Chapter 7 is a liquidation bankruptcy where the debtor sells most of their ..read more
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Bed Bath & Beyond closing stores and may be filing for bankruptcy
The Bankruptcy Group
by patrick.swift@thomsonreuters.com
1w ago
Bed Bath & Beyond is a home goods staple in California and throughout the country. Unfortunately, the retailer has been struggling for the past three years. Now, the company is considering filing for bankruptcy and plans to close multiple stores. Dire situation for the retailer Bed Bath & Beyond has determined that it may have to file for business bankruptcy to keep afloat among poor sales and earnings results. Sales have significantly declined as customers have spent their money elsewhere. The company is also having trouble keeping goods in stock as it faces financial difficulties and ..read more
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Eliminating credit card debt—what are the options?
The Bankruptcy Group
by jerricraventextbroker
3w ago
The burden of credit card debt in California can be stressful and overwhelming, but several options exist to help navigate the situation. Once you understand the different avenues available, you can decide which might work for you. Many people find debt relief through the following methods. Call your credit card companies Once you realize that you have challenges meeting your monthly payments, call your credit card companies and see what assistance they offer. Some will provide a structured program of reduced payments for a certain number of months, while others will lower your interest rate t ..read more
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Chapter 7 and Chapter 13 – the differences
The Bankruptcy Group
by jerricraventextbroker
1M ago
Debts may accumulate far beyond where a California resident can cover the balances. Upon exhausting all other options to deal with them, many will explore protections under federal bankruptcy laws. Personal bankruptcy could involve filing for Chapter 7 or Chapter 13. Both categories may assist persons overwhelmed with debt, even though there are stark differences between the two. Chapter 7 vs. Chapter 13 Chapter 7 involves liquidating assets to pay creditors. That means debts that are not exempt are sold to cover obligations. The remaining debt could be subject to discharge, meaning the debtor ..read more
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Surprise: you can reduce your tax bill with penalty abatement
The Bankruptcy Group
by jerricraventextbroker
1M ago
The IRS can be an intimidating institution for many people in California, as they often worry that miscommunication or obscure rules can result in property loss or exorbitant fees. While the IRS does have great power, it is also a rule-bound organization that has certain policies in place that allow for fewer fees and penalties to be charged. Whether you’re nervous about the IRS or not, everyone who owes taxes should make themselves aware of these programs. How penalties and interest work The IRS has a certain set of rules and regulations that govern how people owe and pay their tax debt. Any ..read more
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What should California businesses know about bankruptcy?
The Bankruptcy Group
by jerricraventextbroker
1M ago
Choosing to start a business always involves financial risks. While business owners may hope these risks pay off, occasionally debts may overwhelm the company and bankruptcy may become a necessary consideration. Chapter 7 bankruptcy Both businesses and individuals file Chapter 7 bankruptcy. Chapter 7 allows for the liquidation of your debts and assets. Choosing to file Chapter 7 will result in the closure of your company, and companies only suggest it when you cannot financially support your company any longer. You should keep these facts in mind about Chapter 7: Most often filed by individual ..read more
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Bankruptcy and estate planning
The Bankruptcy Group
by carmen.reyes-wolfe@thomsonreuters.com
1M ago
Nobody wants to think about both bankruptcy and end-of-life planning at the same time, which is understandable. However, you should at least be aware of how the latter can impact the former so that you can be prepared and plan accordingly. Can bankruptcy affect your estate planning? Yes. Whether you file for Chapter 7, Chapter 11 or Chapter 13, there are ways in which bankruptcy can harm your estate plan. Bankruptcy does not go away if you pass away, and if you have a pending case when you die, your beneficiaries may not access your estate until your bankruptcy case is over. Remember that if y ..read more
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When does bankruptcy make sense?
The Bankruptcy Group
by jerricraventextbroker
2M ago
Many people living in California struggle with debt and may consider filing for bankruptcy. While bankruptcy can be an excellent option, it isn’t always the right one. When bankruptcy doesn’t make sense Going through bankruptcy is a serious matter: Legal fees and court costs can reach into the thousands of dollars and bankruptcy remains on your credit reports for up to 10 years. Filing a bankruptcy petition may not make sense if: Your financial stress is caused by short-term job loss or a one-time unexpected expense. Most of your debt is non-dischargeable. Child support, some taxes and court-o ..read more
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