If you are in high debt, it may be best to file for bankruptcy. This will allow you to enjoy numerous benefits, including relief from debt and potential lawsuits. In addition to these, declaring bankruptcy can be good for your health. This guide discusses how this can...
Bankruptcy
Who is most likely to file for bankruptcy?
Being prepared for the unexpected is crucial, and most people do this. However, it's rare for someone to plan for bankruptcy, as it's associated with negative aspects, and some people believe they can't experience it - they save and make the right financial moves. As...
3 common reasons people shy away from filing for bankruptcy
Many individuals and businesses face financial challenges in today’s fast-paced and unpredictable economy. When debt becomes overwhelming and difficult to manage, filing for bankruptcy can provide a fresh start and relief from mounting financial burdens. However,...
Common misconceptions concerning bankruptcy
Financial hardship is not an easy thing for anyone to face. Sadly, the reality is that millions of people in the United States are struggling just to cover their household bills. When debt becomes insurmountable, it can feel like there are no options available....
5 common reasons for filing bankruptcy
When many people run into financial troubles, they turn to bankruptcy. Bankruptcy is a process that helps businesses and consumers eliminate many or all of their debts so that they can move forward with a clean financial slate. There are many reasons why some...
What is a creditor matrix?
One of the primary reasons that you may be thinking about filing for bankruptcy is that you could benefit from the protection afforded by the automatic stay. If creditors stop demanding payment, you can catch your breath. If a foreclosure action is halted, you can...
Why do you need to attend credit counseling before bankruptcy?
If you lose your job, suffer an illness or endure a costly legal matter like a divorce, you might run into a financial crisis. Fortunately, personal bankruptcy can help get a fresh start by either discharging or restructuring your debts. One of the goals of the U.S....
Why sudden job losses put people at risk of bankruptcy
Most people are rather flippant about the prospect of losing a job. They assume that they can just find another position elsewhere and will bounce back quickly. Unfortunately, job loss is often a more serious issue than people realize. Those who do their jobs well may...
How long will bankruptcy affect your credit score?
An adult's credit score can influence many aspects of their life. Their creditworthiness determines how much they pay in interest when buying a vehicle and the home value they can afford. It also may factor into whether or not they can obtain a new job or a promotion....
Bankruptcy cases show an upward trend
Bankruptcy is becoming more common. Recent statistics show an upward trend demonstrating that more and more individuals are filing for bankruptcy. While there has been a small increase – about 1% – in commercial bankruptcy cases, there has been a major increase in...
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