Is it a mistake for a retiree to consider bankruptcy, and can it hurt your retirement accounts and assets at a time when you’re no longer and bringing in income? Seniors and retirees need to carefully weigh their options if they’re considering bankruptcy. Like everyone regardless of age, they do have the option of either…
If you’ve been thinking about filing for bankruptcy and it feels like an extremely difficult decision, know that you’re not alone. Bankruptcy might seem like an easy way to erase your debts — or a decision that’s going to seriously impact your finances, credit history and ability to secure future loans. Both observations are correct. …
If you file for bankruptcy, it’s going to impact your ability to hold a credit card. In some instances, a person filing for Chapter 7 bankruptcy will try to keep one credit card with a $0 balance. But they will usually find the card gets canceled once the bank learns of the bankruptcy since credit…
When people fall on tough times and struggle to pay their bills, they often turn to Chapter 7 bankruptcy for relief. Chapter 7 clears away a lot of your unsecured debts and helps you reset your finances. But first, you have to qualify for Chapter 7, and while many do, there are requirements for filing…
As a small business owner, falling on hard times economically can be extremely stressful and challenging, and it can mean making tough decisions. Faced with either business-related or personal debts that seem overwhelming and unmanageable, an option like bankruptcy, which may have once sounded like a last resort, can start to look like your best…
Credit card bills, a home mortgage, car payments, and personal loans are all types of debt that can easily become overwhelming. When one debt begins to take over your finances, often others follow, making it necessary to take swift action. If you have a lot of debt and don’t know how to pay it off,…
Choosing to file for bankruptcy is never an easy decision, but once you’ve made that decision, it’s important to be certain you don’t do anything that could hurt your bankruptcy case. The laws on Chapters 7 and 13 bankruptcy are complex, the best approach is to consult with a bankruptcy lawyer before filing. It’s also…
Bankruptcy is a legal remedy to restructure or eliminate debt loads that individuals can no longer repay. Often bankruptcy is the result of unexpected financial setbacks such as medical bills or loss of employment. In some instances, bankruptcy protection may be needed a second time by an individual who has already sought bankruptcy protection in…
When a money judgment is obtained against an individual or entity, it establishes a monetary sum that the person filing the lien is entitled to recover. One method of obtaining payment on the judgment is to file it as a lien against property owned by the person who owes the debt. When a judgment is…
Small and large businesses alike must sometimes file bankruptcy when debts become unmanageable. If you’re a small business owner and find yourself in this situation, we understand you’re worried about your future and there’s a lot you’re concerned about. The guidelines and rules surrounding business bankruptcies can be confusing for anyone to understand. Because of…
