What’s the difference between Chapter 7 and Chapter 13 bankruptcy?
In these economically challenging times, filing for bankruptcy can be a smart move to help relieve you of some creditor pressure. Maybe you’re stuck with a debt or mortgage that you’re unable to pay immediately, or you’re faced with insurmountable medical costs. Whatever the circumstances, filing for bankruptcy might be able to help. But there
Bankruptcy and your child’s college financing
If you have a child who will be going to college soon or who is already enrolled, that’s likely to be one of your concerns as you consider bankruptcy. It’s important to consider how a parent’s bankruptcy can affect these various college financing options. Federal student loans If a prospective college student is applying for
Buying A House After Filing For Chapter 7 Bankruptcy
Before filing for Chapter 7 bankruptcy, you should consider how it will impact you in the future. A Chapter 7 bankruptcy can help you pay off your obligations and start over financially. However, your credit score will take a hit, and obtaining a mortgage to purchase your dream home may take longer than usual after
Filing for bankruptcy can alleviate wage garnishment
When general creditors attempt to collect and fail, they can sue the debtor. If a court rules in favor of the creditor, the court may force your employer to withhold as much as 25% of your net monthly salary. This is a wage garnishment order. It is a devastating way to collect debt, but if
How can you manage debt-related stress?
If you face financial stress, you are not alone. Research done on the causes of emotional and mental struggles has stated that many adults all over the globe are troubled by some form of a stressful money issue. According to the 2022 Stress in America report by the American Psychological Association, there were 66% of adults who
What property can I keep after filing Chapter 7 bankruptcy?
Chapter 7 bankruptcy is common in the United States. It is a straightforward way to liquidate your assets and pay off your debts. However, you only need to turn over part of your property for this type of bankruptcy. Chapter 7 has exemptions that allow you to keep the following: Cars or vehicles not exceeding a
Can a court deny or dismiss a chapter 7 bankruptcy?
Most people believe that once they meet the eligibility requirements and file the paperwork, nothing can interfere with a chapter 7 bankruptcy. Unfortunately, nothing guarantees that all bankruptcies proceed as planned. It serves your interests to learn about the reasons bankruptcy courts dismiss cases. The knowledge you gain can help you avoid losing out on
What happens to your cryptocurrency when you file for bankruptcy?
Bankruptcy law can affect your various assets in different ways. For example, depending on if you file for Chapter 7 or Chapter 13 bankruptcy, your home could be safe from creditors thanks to the homestead exemption. But what if you have invested in a cryptocurrency like Bitcoin? Cryptocurrency is a new phenomenon, and state and
How could bankruptcy improve your health?
Waking up each morning worried about how you will meet your credit card payments is not much fun and can soon start to get you down. The same applies to any other debts you may be struggling to meet. The actions of creditors or debt agencies can worsen things. Don’t slap yourself in the face
Will filing for bankruptcy wreck your credit?
Many individuals who are struggling to repay their debts are tempted to file for bankruptcy. Almost as many hesitate to take advantage of this opportunity because they are concerned about what this course of action will do to their credit history and their credit score. If you are thinking about filing for bankruptcy, it’s important