Dealing with a business that’s deep in debt and struggling to pay credits is a rough situation to be in, and some small business owners facing this challenge might resist bankruptcy out of fears about what it could do to your credit rating and personal assets. If you’re considering a business bankruptcy but are worried…
When a business has been operating in the red for too long, sometimes the owners turn to bankruptcy as a means of getting their finances in order or figuring out a way of coping with business debts. It can also be a way to stop creditors from chasing the business for money or threatening legal…
At the age of 20, Milwaukee resident Nick Ruiz got into the house flipping business, putting the down payments for two houses on his credit card, renting them out for a while, then selling them for a profit. After doing this for several years, he’d built a net worth of more than $2 million. Then…
When you’re considering bankruptcy, you have several options for how to proceed. While Chapter 7 is the most common form of bankruptcy, it’s not the only option, and some people chose instead to go with Chapter 11 or Chapter 13. One thing to keep in mind is that Chapter 7, Chapter 11 and Chapter 13…
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,…
