Only you can decide if bankruptcy is a good strategy for you after visiting with an experienced bankruptcy attorney. Your attorney can take a look at your debt and expenses compared to your income to determine if a chapter 7 liquidation bankruptcy or a chapter 13 repayment bankruptcy is appropriate for your circumstances. Will My Credit Be Hurt By Filing Bankruptcy? If you elect to move forward with the bankruptcy, you may be concerned that your credit will suffer. It is true that bankruptcy … [Read more...]
Bankruptcy Protection and Utility Shut Offs
Many states prohibit utility shut-offs in cold weather, however, as temperatures begin to warm, people may be concerned about losing their gas, electricity and water service if they are behind on their utility service payments. Bankruptcy Protection for Utility Service Shut Off If you are facing an imminent utility shut-off along with other financial difficulties, you may want to explore bankruptcy protection. If you owe utility back payments and file for bankruptcy, the utility cannot … [Read more...]
Bankruptcy Student Loan Forgiveness Evolving?
Of interest to the many Americans who have unpaid student loan debt they are unable to tackle: The Trump Administration indicated yesterday that it is considering allowing more borrowers to erase student debt in bankruptcy, signaling a new chapter in bankruptcy student loan forgiveness. Anyone who has contemplated bankruptcy may well know, federal law prevents the discharge of student debt in a bankruptcy with very few exceptions. Because of the stringent standards for cancellation of … [Read more...]
High Overdraft Fees Dig Bigger Hole for Struggling Consumers
According to a recent report from Pew Charitable Trusts, bank customers who use overdraft programs to bridge the gap when they are short on cash are really just getting caught in a trap of high cost credit. Of course, overdrafts on checking accounts occur when a customer spends more than is available in their account. Many overdraft protection programs allow the charge to go through, but the consumer can pay up to $35 bucks per overdraft. Not a bad deal for the banks, as it is estimated … [Read more...]
Bankruptcy Helps Families Tackle Medical Bills
By percentage of its economy, the U. S. spends twice as much on health care as other advanced industrialized countries, although just a few decades ago our spending was about the same. So what happened? Are we just using more healthcare or are our facilities nicer? Although, there may be some truth in those ideas, by and large, the reason we spend more is because Americans have to pay more for health care. The prices have just gone up A recent study in JAMA by scholars from the Institute for … [Read more...]
Can Bankruptcy Wipe Out Past Due Income Tax?
Not surprisingly, many people who are in a difficult financial situation may not only fall behind on credit cards or house payments, but also the payment of past due income tax. While most taxes cannot be eliminated in a bankruptcy, there are certain situations which may allow you to discharge tax debt. If you are seeking a liquidation of your debts, Chapter 7 may be your best option. Under Chapter 7, federal income taxes may be discharged if certain conditions are met, such as: ~ the … [Read more...]
Delaying the Foreclosure of Your Home
Many people will file Chapter 13 bankruptcy to stop home foreclosure. Rather than liquidate your debts through a Chapter 7, a Chapter 13 allows you to restructure or reorganize your debts while protecting your assets. However, sometimes people are not in a financial position to continue to make payments on their home and may have no equity, so they may decide to file a Chapter 7 and walk away. The filing of a Chapter 7 “liquidation bankruptcy”, stops a pending home foreclosure while the … [Read more...]
Bankruptcy Filings Up for Seniors
Bankruptcies for people 65 and up is on the rise, making up roughly 8 percent of all bankruptcy filers - an increase over previous years. A few factors likely contribute to the fact that older Americans are turning to bankruptcy for debt relief. For one, the recession of 2008 hit the demographic hard. Many Americans who were poised to retire were instead looking at their savings to make ends meet or trying to return to the workforce to weather the unanticipated financial hit, sometimes … [Read more...]
Rebuilding Credit After Bankruptcy
If you have visited any of the credit reporting agencies' websites following bankruptcy, you may have seen a warning stating that, "Having a bankruptcy in your credit history will seriously affect your ability to obtain credit for as long as it remains on your report." Of course, in real terms this means that filers may have trouble qualifying for a loan, an apartment, utilities, or even employment. This leaves many wondering, “Just how long will a bankruptcy affect my credit so I can get on … [Read more...]
Should I File a Chapter 7 or Chapter 13 Bankruptcy?
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...]
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