Most people equate bankruptcy with financial irresponsibility, but the truth is people declare bankruptcy for all types of reasons. Filing for bankruptcy can help a lot of families solve financial problems that arise from numerous instances. Medical expenses top the list of reasons for bankruptcy. Job loss, divorce, credit card debt, and tax liens are…
One concern that many people have when they’re filing for bankruptcy is the fear that friends, relatives, or coworkers will find out about it. Privacy is essential, especially when it comes to a family’s finances. While filing for bankruptcy is a matter of public record, there will only be a few entities that are actively…
If you decide to close your business, you’ll have to liquidate its assets. Simply put, this means that you’ll be turning any remaining business assets into cash. Assets include tools, equipment, and furniture. In most cases, the proceeds will be used to pay off creditors, but if your business is relatively debt-free, a significant portion…
When you are meeting with a bankruptcy trustee, they may advise you not to hire an attorney to represent you. Most likely, they will try to explain that hiring an attorney is not worth the money and that the trustee can handle much of the work for you. While this may seem like an excellent…
Though foreclosures are no longer at an all-time high as in previous years, millions of the country’s homeowners are still facing the financial, emotional, and personal difficulties associated with foreclosure. Misinformation and misconceptions may significantly affect a homeowner’s ability to make a fresh start, and that is why E. Orum Young has assembled this list…
Small business owners experiencing an unexpected cash deficit may find themselves in a position where it’s necessary to liquidate portions of their assets. If you’re a business owner selling your company’s assets, you may have to choose between how much you can earn, and how quickly you can sell those assets. If a business is…
Some people who are struggling with debt decide they will file for bankruptcy without an attorney, known as filing “pro se.” In some districts, more than one-quarter of all bankruptcy filings are done without a lawyer. However, there can be many disadvantages to going it alone even for people who feel they don’t need or…
Medical bills can quickly become extremely costly. If you’ve been sick or injured and required serious medical treatment, your statement will likely shoot into the thousands. It’s easy to feel overwhelmed about the outstanding bills you owe, and you may think you’ll never be able to pay it off. However, you are not alone. A…
Donald Trump ran as a “pro-gun” presidential candidate, but his ascent to the nation’s chief executive post did little to help the oldest firearms manufacturer in the United States. The 202-year-old Remington Outdoor Co. announced filing for bankruptcy protection earlier in the year. Remington cites a dramatic decline in the purchase of their products as…
Medical debt is the top reason that people file for bankruptcy. When a person files for bankruptcy, their debt is put into one of two categories: dischargeable and non-dischargeable. While you may not be able to get rid of debts like student loans when you file for bankruptcy, you can eliminate your medical bills. How…
