Chapter 7 and Chapter 13 are the two main bankruptcy options available to people overrun by consumer debt. Before we look at the differences between the bankruptcies, there are two important terms to understand when considering bankruptcy: Unsecured debt and secured debt. Differences Between Secured and Unsecured Debt in a Bankruptcy Unsecured debt means that someone loaned you money without a lien. Credit cards and student loans are good examples of unsecured debt, because there's nothing … [Read more...]
Archives for October 2017
Liquidating Medical Bills in a Chapter 7 Bankruptcy
The rising cost of healthcare and the growing number of under insured or uninsured Americans has resulted in many people struggling with medical debt. Unanticipated medical expenses can strike when you least expect it and many do not have sufficient emergency funds to cover all the costs. Even when people have insurance, high deductibles, co-pays and denied services can result in substantial medical debt. If you find yourself strapped with an unexpected medical bill, financial advisers … [Read more...]