Individuals and families experiencing a difficult financial situation may wonder about the difference between a debt settlement, debt consolidation, and legal bankruptcy protection. At a glance, debt consolidation is a process of combining all of a consumer’s debt from various lenders into one affordable monthly payment, which can stretch into years or decades while interest continues to accrue. Debt settlement is a process of negotiating debt down so that a consumer owes less overall, with … [Read more...]
Archives for August 2023
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2023 Bankruptcies Filings Up from Same Period Last Year
In the first six months of 2023, bankruptcy filings increased dramatically in the first six months when compared to the same period in 2022. Chapter 11 bankruptcies, a form of bankruptcy that involves the reorganization of a debtor's business affairs, debts, and assets, surged nearly 70 percent with filings for small businesses at 55%. Chapter 13 bankruptcies, a type of bankruptcy where individuals, married couples, self-employed or incorporated business can reorganize debt into a … [Read more...]
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Based on 67 reviews
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