Bankruptcy protection can be an effective strategy to solve a difficult financial situation. There are two primary types of personal bankruptcy - Chapter 7 and 13. For people with lower incomes, Chapter 7 often results in a full discharge of unsecured debt on a short time line. A chapter 13, on the other hand, is a repayment plan where some of the debt is repaid over a 3 to 5 year period. Although both Chapter 7 and 13 get rid of unsecured debt such as credit card debt and medical bills, … [Read more...]
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Bankruptcy Protection Following an Illness or Injury
Unexpected events can easily affect someone’s well-being and financial stability. Although many have life insurance to protect their families, many Americans may not have a safety net in place in the event of an injury or illness that prevents them from earning income. Even those who are fortunate enough to have employer-sponsored disability benefits, such as group short term and long term disability insurance, often find it is not enough. The typical plan only covers 40 to 60 percent of an … [Read more...]
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