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Should You Wait on Bankruptcy or File Now?

Should You Wait on Bankruptcy or File Now?

  The COVID-19 pandemic and the subsequent havoc that the virus has wreaked on the economy have left many people facing difficult financial times. If you think that bankruptcy is a good option, you have likely also considered whether you should file for bankruptcy now or wait.  On one hand, filing for bankruptcy too early might mean losing a property you would have otherwise been able to keep. Conversely, waiting on bankruptcy might mean you can avoid the process entirely. To help you de[...]

Planning for Bankruptcy During the Coronavirus

Planning for Bankruptcy During the Coronavirus

  If you recently lost your job or are uncertain about how you will pay off a debt, it might be a good idea to consider filing for bankruptcy. The number of people facing this situation is likely to increase as the coronavirus pandemic forces people to stay home and close their businesses.    Even though bankruptcy might not be for everyone, if you have decided on filing for bankruptcy, you should be prepared to ignore some common financial advice and to begin planning defensively.[...]

What to Avoid While Repairing Your Post-Bankruptcy Credit 

Many credit repair companies prey on people’s hopes to rebuild their credit. As a result, many people are left in the situation of wondering what they can and cannot do to rebuild their credit score. While there are various steps that you can take to rebuild their credit, this article reviews some critical steps that you should avoid taking as you rebuild your credit score. Do Not Expect Things to Happen Quickly Some credit repair agencies promise to improve credit scores within a short period[...]

Converting from Chapter 13 to Chapter 7 Bankruptcy

One of the most common questions asked by people navigating the bankruptcy process is what type of bankruptcy is best for them. Many people overlook the fact that what type of bankruptcy works best can change during the process. If an individual is no longer able to afford Chapter 13 bankruptcy payments, it is possible to convert a case to Chapter 7.    The following reviews some of the important details about the conversion process that individuals weathering the bankruptcy process should[...]

How Creditors Must Respond After You File for Bankruptcy

After you file for bankruptcy, all of your creditors must stop calling you in an effort to collect compensation. Unfortunately, creditors do not always follow the rules, and some people report that they are harassed by creditors even after declaring bankruptcy. If you are experiencing difficulties with a creditor, you should not hesitate to contact an experienced attorney who can help make sure that your rights are protected. The Value of Automatic Stays An automatic stay refers to a legal acti[...]

How Voluntary Repossession can Affect Your Credit

For people who have fallen behind on motor vehicle payments, there is a significant chance that their vehicles might end up repossessed. No matter if it is voluntary or involuntary, repossession of a motor vehicle will damage your credit rating. If you find yourself in such a situation, it is a wise idea to obtain the assistance of an experienced bankruptcy attorney right away. Advantages to Voluntary Repossession There are some advantages to voluntary repossession because it provides you with a[...]

Rebuilding Your Credit Rating After Bankruptcy

Bankruptcy offers a second chance to rebuild your credit and continue onward with your life. Unfortunately, your credit score will temporarily fall after declaring bankruptcy. During the period immediately after bankruptcy, individuals often find it challenging to do things like rent an apartment or purchase a car or home. There are, however, some pieces of advice that you can follow after declaring bankruptcy to immediately begin improving your credit score.   Avoid Repeating Your Mistakes If[...]

Four Ways Bankruptcy can Save Your Financial Future

The idea of bankruptcy being something positive is foreign to most Americans. For decades bankruptcy was viewed as a financial defeat, and the changing bankruptcy laws that were created in response to high filing numbers further cemented the idea that bankruptcy was bad. While bankruptcy is never the ideal solution for a given situation, it can actually help solve some of your financial troubles. Knowing these four ways bankruptcies can save your financial future can help you if you are unsure w[...]

Reasons Small Businesses Declare Bankruptcy

Toys R Us shocked millions of Americans by declaring bankruptcy and announcing that their locations in the United States would be closed. Some stores closed their doors immediately following the shocking announcement while others plan to close over the next two months.  Shoppers lining up to take advantage of store closing sales received an additional unpleasant surprise in the form of tangible evidence of another store’s, Claire’s, imminent closing. Entire sections of Claire’s products n[...]

Can Student Loans be Discharged in Bankruptcy?

  Student loan debt is a growing problem in the United States as the cost of higher education and difficulty obtaining employment with a reasonable salary combine to make life difficult for college graduates. As of 2018, American citizens owe over $1.4 trillion dollars in student debt, outpacing the nation’s multi-billion dollar credit card debt. Student loan debt can create a crippling burden for people of all ages, eventually leading to the need to consider bankruptcy as an option for f[...]