Bankruptcy can crush your credit. If you went into bankruptcy with a good credit score you could lose over 200 points. If your credit is average you could drop 130 to 150 points. If your credit is already poor you’ll lose less. Rebuilding credit after bankruptcy takes planning and effort. Your credit will drop after …
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If you have more debt than you can possibly pay, bankruptcy may be your best option. A bankruptcy filing can eliminate many debts and give you a fresh start. It’s not easy, though: bankruptcy will cost money and take time. Let’s look at how long it takes to file for bankruptcy. How long does bankruptcy …
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 …
What Happens If I Declare Bankruptcy? Know the Next Steps Read More »
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, …
Thinking About Filing Bankruptcy for Credit Card Debt? What You Need to Know Read More »
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 …
Cheap Ways to File Bankruptcy: How to Keep Your Costs Low Read More »
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 …
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 …
Pros and Cons of Filing Bankruptcy: What You Need to Know Read More »
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 …
Types of Bankruptcy Explained: Which is Right for You? Read More »
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 …
What is Chapter 13 Bankruptcy? What You Need to Know Read More »
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% …
What is Chapter 11 Bankruptcy? What You Need to Know Read More »