Filing for bankruptcy is a major decision that requires careful consideration. While bankruptcy can provide financial relief, it has to be the right choice for your unique circumstances. Here are three questions to ask yourself while determining whether or not...
Why is there a bankruptcy exemption for tools of the trade?
People sometimes mistakenly assume they have to liquidate all of their assets if they file for bankruptcy. It is true that Chapter 7 is known as liquidation bankruptcy, and some assets may need to be sold to settle a portion of the debt. However, the reality is that...
Don’t let bankruptcy education requirements stop you from filing
Seeking debt relief through bankruptcy is stressful on its own. Learning you must also undergo mandatory education can ramp up your anxiety. Try not to worry. Fulfilling the education requirements is probably easier than you anticipate, especially when you understand...
The automatic stay offers several benefits
When a person files for bankruptcy, the court issues an automatic stay. This gives the filer a reprieve from the constant communication from debt collectors. Once the automatic stay is issued, creditors can’t make any collection attempts, including making demands...
Why filing for bankruptcy can be a good thing
Being buried in debt can be overwhelming and it may seem like you’ll never be debt-free. Late or missed payments can destroy your credit and make it difficult for you to get financing for a house or car. When things get bad, some people turn to bankruptcy for a fresh...
Could I lose my pet if I file for bankruptcy?
Filing for bankruptcy can impact a debtor’s ownership of certain personal assets, but only under highly specific circumstances. As a result, for pet owners, a common question (understandably) involves whether they could lose their beloved pet during the bankruptcy...
Why stigma concerns shouldn’t stop you from filing for bankruptcy
Filing for personal bankruptcy is a process that was traditionally associated with a sense of shame. However, this perception has – thankfully – shifted dramatically since the Great Recession of 2008. The opportunity to file for bankruptcy was created in recognition...
Why bankruptcy may be good for your health
Most people have some amount of debt to deal with on a constant basis. After all, many people shop online and use credit cards to make the majority of their purchases. Credit card debt in the United States is over $1 trillion cumulatively. A small amount of debt may...
Tips for staying out of credit card debt
Credit cards can be very useful. They can allow you to make purchases without your bank balance taking an immediate hit. Nonetheless, there are some potential drawbacks to using credit cards, and they can be a significant source of debt. Here are a few tips that may...
Mistakes to avoid when filing for bankruptcy
Filing for bankruptcy is a significant financial decision that requires careful consideration and planning. While it can provide relief from overwhelming debt, there are common mistakes that individuals should avoid to better ensure a smoother process and a better...