What Happens If I Declare Bankruptcy? Know the Next Steps

By Angela Watson | Jun 1, 2022 | Comments Off on What Happens If I Declare Bankruptcy? Know the Next Steps

What happens if you declare bankruptcy depends on a few things, such as the bankruptcy type. Before filing, it’s important to understand the process, what happens next, and what other debt-relief options exist. After all, bankruptcy can be an effective way to get a handle on debt, but it also has long-term repercussions and isn’t …

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Thinking About Filing Bankruptcy for Credit Card Debt? What You Need to Know

By Alaina Sheehan | Jun 1, 2022 | Comments Off on Thinking About Filing Bankruptcy for Credit Card Debt? What You Need to Know

According to Bankrate, the average credit card balance in 2021 was $5,525 and the average consumer had three credit cards. That comes out to $16,575 just in credit card debt, never mind what you’re shelling out for car payments, student loan payments, rent/mortgage payments, etc.! Given that the average full-time salary in 2021 was around $50,000, …

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What is Buy Now Pay Later? Know the Benefits and Risks

By Debbie Sklar | Jun 1, 2022 | Comments Off on What is Buy Now Pay Later? Know the Benefits and Risks

Sometimes making a big payment at once isn’t feasible for everyone. But thanks to the rise of Buy Now, Pay Later plans, you can order what you want and pay it off over time. Also known as BNPL, these plans have rocketed into a $100 billion industry, partnering with major retailers and allowing you to …

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Cheap Ways to File Bankruptcy: How to Keep Your Costs Low

By Angela Watson | May 17, 2022 | Comments Off on Cheap Ways to File Bankruptcy: How to Keep Your Costs Low

Filing for bankruptcy is expensive what with the credit counseling course fees, court filing fees and, typically, attorney fees. Fortunately, even though there’s no real way to file for free, there are ways to keep costs low. And, if you’re in a financial pinch, this can help you get back on track without falling further …

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Can You File Bankruptcy and Keep Your House?

By Angela Watson | May 17, 2022 | Comments Off on Can You File Bankruptcy and Keep Your House?

Bankruptcy is a last resort, and for good reason. The person who files can end up losing their assets and destroy their credit score for years to come. But it can also wipe the slate clean and help those who need it get back on their feet financially. It’s possible to file bankruptcy and still …

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Pros and Cons of Filing Bankruptcy: What You Need to Know

By Debbie Sklar | May 17, 2022 | Comments Off on Pros and Cons of Filing Bankruptcy: What You Need to Know

If you’re in debt and can’t pay it back, obtain a loan, or don’t have anyone to borrow from, it may be time to file bankruptcy.  While it may sound like the obvious solution, there are many pros and cons of filing bankruptcy to consider before you make your decision. It’s important that you know …

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Types of Bankruptcy Explained: Which is Right for You?

By Jennifer Chiongbian | May 17, 2022 | Comments Off on Types of Bankruptcy Explained: Which is Right for You?

Do you have severe debt problems? Are you underwater with credit card debt, have an untenable mortgage, unpaid medical bills, outstanding personal loans, and other unsecured debt, or have your wages garnished? According to statistics released by the Administrative Office of the U.S. Courts, the September 2021 annual bankruptcy filings totaled 434,540. Filing for bankruptcy …

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What is Chapter 13 Bankruptcy? What You Need to Know

By Jennifer Chiongbian | May 17, 2022 | Comments Off on What is Chapter 13 Bankruptcy? What You Need to Know

Many people think that bankruptcy is the final step to financial ruin. And, one has no choice when you cannot pay all your debt. Chapter 13 can be a soft landing for those with income but have fallen behind on some payments.  According to USCourts.gov, 223,270 Chapter 13 consumer cases were closed in 2020. The …

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What is Chapter 11 Bankruptcy? What You Need to Know

By Jennifer Chiongbian | May 17, 2022 | Comments Off on What is Chapter 11 Bankruptcy? What You Need to Know

Are you feeling frustrated by sleepless nights due to a failing business and don’t know what to do? According to statistics published in 2019 by the Small Business Administration (SBA), about 20% of business startups fail in the first year. Nearly half succumb to business failure within five years. By year 10, only about 33% …

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What is Chapter 7 Bankruptcy? What You Need to Know

By Jennifer Chiongbian | May 17, 2022 | Comments Off on What is Chapter 7 Bankruptcy? What You Need to Know

Do you have unmanageable bills? Have things gotten to the point that they are out of control, and you are going from paying bills on time and having a rainy-day fund to now teetering on the edge of bankruptcy? It can happen to anyone. Did you know that 20% of bankruptcy filers have college degrees? …

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