During the last recession, hundreds of thousands of companies went bankrupt in the U.S., but some of them were able to recover. Economists claim that Chapter 11 bankruptcy is one reason our economy bounced back faster than some others. The U.S. system of second chances is seen as our economy's secret weapon, even prompting other countries to adopt chapter 11-style laws. While some business owners may be reluctant to file, those that do are able to wield the protection that Chapter 11 … [Read more...]
Archives for November 2016
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Chapter 7 Bankruptcy Means Test
To determine whether you qualify for Chapter 7 bankruptcy, you may be subject to the means test, which will determine if your income is low enough for you to file a Chapter 7 bankruptcy and liquidate a good part of your debt. If your income is too high, you may be eligible for a Chapter 13 bankruptcy instead, where you would set up a payment arrangement to repay a portion of your debt. A Chapter 7 means test doesn't require that you are without income altogether. You may still qualify even … [Read more...]
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Avoiding Credit Card Debt Over the Holidays
Online and brick and mortar retailers are forecasting a strong season during the 2016 holidays. Consumer confidence appears to be high as buyers flock to purchase gifts for family and friends. What is good news for businesses may present a problem to those struggling with credit card debt. Last year, one survey revealed that consumers added nearly $1,000 dollars to their credit card balances during the holiday season. Often times, even after deciding on a budget, consumers can get carried … [Read more...]
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Should I Declare Bankruptcy Before or After My Divorce?
Sometimes when a couple decides to divorce, they may be contemplating how to deal with a difficult financial situation simultaneously. After accumulating debt during a marriage, many people wonder if they would be better off declaring chapter 7 bankruptcy jointly before a divorce or file separately afterward. The answer is, it depends on the unique circumstances of your case. For one thing, you and your spouse will have to qualify to declare chapter 7 bankruptcy. Looking at your combined … [Read more...]
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