Category Archives: Bankruptcy
Bankruptcy vs. Debt Consolidation: Which Is Better?
Many people facing significant debt often think of ways of eliminating or reducing it. Depending on your circumstances, filing for bankruptcy or consolidating debt can be a good option. Both options have advantages and drawbacks; deciding which option is better can be challenging. If you are struggling with overwhelming debt and are considering bankruptcy… Read More »
When Does Bankruptcy’s Automatic Stay Take Effect?
Deciding to file for bankruptcy is a major decision. This decision can feel overwhelming. However, bankruptcy offers essential protection for individuals and businesses facing financial hardships. One of the protections bankruptcy offers is the automatic stay. After the automatic stay goes into effect, not only are creditors required to stop contacting the filer, but… Read More »
What Happens to Co-Signers When You File for Bankruptcy?
Filing for bankruptcy can offer relief if you are dealing with overwhelming debt. It can provide you with an opportunity to start afresh. However, if you have co-signers, you should keep in mind that your decision to file for bankruptcy could affect them. Co-signers who agree to take responsibility for a loan if the… Read More »
Can Bankruptcy Be Reversed?
Bankruptcy is a legal process designed to help people and businesses dealing with overwhelming debt. Bankruptcy can help debtors re-arrange or eliminate their debts. Once bankruptcy is filed, it might seem like the process cannot be reversed. However, under certain circumstances, bankruptcy can be reversed or dismissed. Whether a bankruptcy case can be reversed… Read More »
How Much Debt Should You Have Before Filing Bankruptcy?
Bankruptcy is a powerful tool for people dealing with debt. Bankruptcy can offer relief from debt and allow people to start over financially. However, the decision to file for bankruptcy should not be taken lightly. Despite its benefits, bankruptcy is not always the right option. Understanding whether bankruptcy is right for you is vital… Read More »
Can I File for Bankruptcy if I am Employed?
Filing for bankruptcy allows people struggling with overwhelming debt to eliminate or restructure their debts. If you are struggling with overwhelming debt and are considering filing for bankruptcy, one question you may be asking yourself is, “Can I file for bankruptcy if I am employed?” Simply put, yes, employed people can and often do… Read More »
Documents Needed to File for Chapter 7 Bankruptcy
Chapter 7 bankruptcy offers relief to individuals, partnerships, corporations, or other business entities struggling with overwhelming debt. However, Chapter 7 bankruptcy is popular among individuals. Unlike Chapter 13 and Chapter 11 bankruptcies, Chapter 7 bankruptcy does not involve a repayment plan. Instead, the bankruptcy trustee sells the debtor’s nonexempt property and uses the money… Read More »
Is It Bad to File for Bankruptcy at a Young Age?
There is a common misconception that only middle-aged and older adults file for bankruptcy. Indeed, many middle-aged and older adults file for bankruptcy. However, even young adults also file for bankruptcy. High credit card debt and student debt are just two factors contributing to young people declaring bankruptcy. Filing for bankruptcy can be a… Read More »
Understanding Florida Bankruptcy Exemptions
Bankruptcy exemptions are legal provisions that allow filers to keep certain property during bankruptcy. Exempt property cannot be sold off or liquidated to pay off creditors. Exemptions can protect things like a debtor’s home, car, household goods, wages, and retirement accounts, among others. In the United States of America, the federal bankruptcy law allows… Read More »
Debunking Common Myths About Chapter 11 Bankruptcy
When businesses face financial difficulties, an option that can offer a path to recovery is Chapter 11 bankruptcy. Over the years, Chapter 11 bankruptcy has grown popular among businesses struggling with overwhelming debt. According to statistics released by the Administrative Office of the United States Court, in 2023, annual Chapter 11 bankruptcy filings totaled… Read More »
