Bankruptcy is often the last option that someone who is struggling financially considers. They may explore every viable alternative before bankruptcy becomes something they want to consider. Yet, when people realize that they have fallen too far behind on their debts to catch up and worry about snowballing debt or the loss of collateral property, filing for personal bankruptcy can be a smart financial decision. A successful bankruptcy leads to an automatic stay when someone files to prevent collection activity and ends with a discharge of qualifying on secured debts. Chapter 7 bankruptcy is th ..read more

Although people often think of bankruptcy as a process for those with minimal assets and income, even successful professionals may sometimes face financial hardship. One of the reasons there are different types of bankruptcy available is that people find themselves struggling financially for all kinds of different reasons. A Chapter 7 bankruptcy is usually only accessible to those with below-average income and substantial debt. However, a Chapter 13 bankruptcy is a more accessible option available to people in a variety of different circumstances. There aren’t strict income limits on Chapter 1 ..read more

There are a variety of scenarios in which an individual may feel compelled to file for bankruptcy or business bankruptcy. An entrepreneur or business owner who has come to the realization that either restructuring their debt or closing down a business is likely their best option may want to file for a business bankruptcy as part of that process. Particularly when an organization became insolvent due to economic challenges and has outstanding debts without enough resources to cover those costs, a Chapter 7 business bankruptcy filing could be a smart move. How a Chapter 7 filing can help Some pe ..read more

People who choose to file for bankruptcy may have any number of reasons for doing so. They may have simply reached a point where their budget won’t balance, and they have begun to accrue over-limit or late payment fees that make their financial circumstances even worse. Other times, they may have had a creditor serve them with paperwork for a lawsuit, or they feel worried about the possibility of a foreclosure or repossession attempt. People often time bankruptcy filings in a certain way to address aggressive collection efforts because the courts will grant an automatic stay as soon as their b ..read more

Realizing that you may need to file for bankruptcy is often only the first of multiple difficult decisions. After that, you will have to decide what kind of bankruptcy you file. The different chapters of bankruptcy help people in different financial circumstances.   Chapter 11 bankruptcy is a great option for people who own their own farms, while Chapter 13 bankruptcy is accessible to those who have higher than average income or a lot of personal property. Chapter 7 bankruptcy is usually the best option for those with only moderate levels of personal property and closer to average le ..read more

Dealing with financial problems can feel embarrassing or shameful. There is a stigma associated with financial struggles, and, therefore, many people who are struggling to pay their bills try to hide it. They may even go so far as to purposely adopt an extravagant lifestyle in public to mask the fact that they are struggling. Obviously, this only serves to make the problem worse. If you have got to the point where you are constantly worried about your debt and you need to take action, filing for Chapter 7 bankruptcy could be a great option, especially if you have a low income. If you are hesit ..read more

If you’re struggling with your finances, then something you may have started to think about is going through bankruptcy. Bankruptcy can help you get back on your feet financially speaking, but it’s also a potential risk. Bankruptcy can have long-lasting implications, and certain types of bankruptcy may require you to give up assets in exchange for debt relief. The good news is that most people don’t have to lose much in bankruptcy, if anything at all. Here’s a little more information about the two main kinds of bankruptcy and how they could affect your assets. Chapter 7 bankruptcy With a Chapt ..read more

Having the skills, education and experience to perform an executive job can be a mixed blessing. On the one hand, you can command a higher wage than many other professionals and benefit from the procedures associated with your title. On the other hand, it costs a lot to maintain the necessary appearance as someone who can command such a role at a company. Many professionals and executives carry significant levels of revolving debt because they need to maintain appearances for their co-workers, clients and employers. If you have recently found yourself laid off or between jobs, you could v ..read more