Late fees, medical bills and loans can lead to unmanageable debt. Bankruptcy can be a great tool for people who struggle to pay off their debts. If you’re considering filing for bankruptcy, there are a few questions you may need to ask: Is Chapter 7 bankruptcy my...
What you should know about “zombie debt”
If you’re dealing with overwhelming debt, you may have lost track of everyone you owe and how many collectors are contacting you. One thing you should be careful about is something called “zombie debt.” A zombie debt is often a debt you no longer owe because it has...
What is an automatic stay when filing for bankruptcy?
Bankruptcy is a legal process that provides a debtor with relief from their debts and an opportunity to start afresh. The automatic stay is put in place when a debtor files for bankruptcy. An automatic stay is a court order. It prevents creditors from taking action...
Can personal bankruptcy discharge my medical debt?
Are medical bills giving you sleepless nights? You are not alone. Medical conditions like heart disease, diabetes and cancer can cost thousands of dollars to treat. If you are caught up in a staggering medical debt that you can’t seem to pay, you need to figure out...
What causes debt to become overwhelming?
Nearly everyone takes on some kind of debt in their life. With a meticulous plan, debt can be quickly paid off. On the other hand, debt can quickly become overwhelming. How does this happen? Here’s what you should know: Overspending Credit cards, which would allow...
Should you file for Chapter 7 or Chapter 13 bankruptcy?
Bankruptcy can help you out of financial difficulty and give you a much-needed lifeline. However, it is essential to understand the difference between the two most common types of bankruptcy, Chapter 7 and Chapter 13, to determine which is best for your situation....
Will you lose your home if you declare bankruptcy?
If you're considering filing for bankruptcy, you may be wondering if you'll lose your home in the process. The answer is not clear-cut. While it's true that some people do lose their homes to foreclosure after declaring bankruptcy, there are ways to protect your home...
2 common mistakes to avoid while filing for personal bankruptcy
The decision to declare bankruptcy is one that you should never take lightly. Done right, bankruptcy can give you a fresh start by either writing off your debts or allowing you to work out a repayment plan that suits your current financial situation. If you get it...
Discharging student loan debt in bankruptcy may soon get easier
Americans of all ages who are mired in student loan debt feel like they’ve been on a roller-coaster this year. President Joe Biden’s recently announced student loan forgiveness program, which would have erased up to $20,000 in student loan debt for some borrowers, had...
The most common causes of bankruptcy
Bankruptcy is a subject that is still somewhat stigmatized. The term is commonly associated with reckless spending. While this certainly can be a contributing factor to financial hardship, it is not enough to fully explain why bankruptcies occur. Millions of...
