“Should I File Bankruptcy?” 7 Tips to Help You Make the Decision

Filing for bankruptcy is not exactly the type of lunch break conversation you want to have with your colleagues, and for good reason. It is a measure of last resort that reveals to the whole world that you are so far deep in debt, even the bank is suing you. If you do not have a contingency plan, it will destroy your credit and debilitate your borrowing ability. If you are wondering whether or not to file for bankruptcy, here are a few tips to ...
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A Brief Overview of Emergency Bankruptcy

If you need to stop an impending creditor action fast, you can file for chapter 7 or 13 bankruptcy. Doing this will trigger an order for automatic stay from the court, subsequently prohibiting creditors from collecting your assets (with certain exceptions). However, filing for bankruptcy is not a quick process and you could incur heavy losses by the time the order is given. This is where emergency bankruptcy comes into play. How Emergency ...
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4 Questions to Ask Yourself When Considering Bankruptcy

Getting into difficult financial situations is something that can happen to anyone. Whether it is caused by a job loss, medical issues, unexpected events, or any number of other things, you need to focus on finding the best solution to your situation. For many people, filing for bankruptcy is the ideal way to get their financial situation back in order. If you are considering this option, make sure you ask yourself these four questions before ...
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A Fresh Start: The Advantages of Filing for Bankruptcy

If you are having financial difficulties, you have undoubtedly looked at all your options to try to get your finances under control. The reality is, however, that there are some situations where it is all but impossible to actually handle on your own. It is precisely these scenarios that the bankruptcy laws were put in place for, and they are an excellent solution. Bankruptcy provides you with a variety of advantages that simply can’t be found ...
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Bankruptcy 101: The Differences Between Chapter 7 and Chapter 13

If you are considering bankruptcy to help get you through a difficult financial situation, you will want to make sure you choose the right option. For most people, the decision will be between Chapter 7 and Chapter 13 bankruptcy, both of which can be very effective at helping people with their debt situations. Take a moment to learn about the major differences between these two options so you can decide which one is right for you. Dealing with ...
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Understanding How Bankruptcy Factors Into a Divorce

Divorce is cited as the most common cause of bankruptcy today. This is because a divorce can be quite costly and also results in a major change to your financial situation. In addition, when going through a divorce you may have to split up your business, lose some retirement income, and much more. Of course, the stress of financial issues can also push people into divorce. If you are going through a divorce and bankruptcy close together, or even ...
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How Does Bankruptcy Affect My Ability to Successfully Get Approved for Loans?

If you are in a position where it has become necessary to file for bankruptcy, it is important to know how this will impact your life. While there will certainly be some very positive changes from the restructuring or elimination of debt, there is also the potential for some challenges. Specifically, qualifying for loans can be much more difficult after a bankruptcy. Understanding specifically how the bankruptcy will cause these challenges can ...
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4 Types of Debts that are NOT Discharged in Chapter 7 Bankruptcy

When going through bankruptcy you might expect to emerge on the other side without any debts. The fact is, however, that there are some types of debts that a Chapter 7 bankruptcy will not discharge. This means that you will still be responsible for repaying these debts, so understanding each of them before moving forward with the bankruptcy process is very important. Child or Spousal Support If you have been ordered by the court to pay ...
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4 Instances Where an Individual Can File for Chapter 11 Bankruptcy

Chapter 11 bankruptcy was originally set up to help businesses that are in financial trouble, but there are some cases where it can be used for individuals as well. It is important to note that in almost all instances, it is going to be better financially to choose either a Chapter 7 or a Chapter 13 bankruptcy if you qualify. When that is not possible, however, a Chapter 11 might be an effective alternative. Chapter 11 bankruptcy is somewhat ...
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Bankruptcy Basics: The Difference Between Liquidation & Reorganization

There are many reasons why people have to declare bankruptcy ranging from over extended credit, loss of income, medical debt, and many others. Deciding to declare bankruptcy is never an easy decision, but if you are going to go through the process, you will want to make sure to choose the right type of bankruptcy. For most people, the two options include chapter 7 (liquidation) and chapter 13 (reorganization). Each of these options are good ...
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