When you find yourself faced with mounting debt, bankruptcy is often a good option. According to U.S. News & World Report, people file for bankruptcy for many reasons. There are also many steps involved to determine whether the process is right for the individual....
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New act seeks to reform bankruptcy laws
Recent bankruptcy plans from big players like Federated and the National Rifle Association have legislators and the public wondering if there are too many loopholes that allow companies to evade litigation and liability. Bankruptcy has a bad rap, but it is an...
What is the COVID-19 Bankruptcy Relief Extension Act?
When the country is under a pandemic, it results in situations where the economy essentially shuts down. People are unable to work and may even lose their livelihoods. It can create serious damage to personal finances that will naturally lead to an increase in...
When should you file bankruptcy?
Although you have been doing everything within your power to pay off your debts, you still cannot catch up. You are selling items, working overtime and draining your savings, but you feel even worse off than when you started. Bankruptcy may have a negative reputation,...
What does your credit utilization ratio mean?
You may have noticed the cost of everyday items has increased significantly in the past few months. Alarmingly, according to reporting from CNBC, nearly half of Americans believe the cost of living increase is likely to threaten their financial security. Because many...
Can a court convert Chapter 7 bankruptcy to Chapter 13?
You may be considering Chapter 7 bankruptcy as your answer to get out from under debt. You might not own many assets, so Chapter 7 seems like the proper course of action. You also feel glad that Chapter 7 will only take a few months to complete. Still, it is possible...
What will happen to your retail outlets in bankruptcy?
The dream of extending your company across different communities with multiple retail outlets can become a nightmare when your retail locations do not pull in enough revenue and your business becomes burdened by excessive debt. But if you successfully file for Chapter...
How do you avoid credit card debt?
After you file for bankruptcy, one of the most important things you can do for yourself is to start working on better spending habits. After all, if you file for bankruptcy and do not address any of the underlying issues that caused it, you may fall back into debt. In...
Is this misrepresentation or harassment?
Debt collectors often use whatever means they have on hand to try getting what they need out of you. Unfortunately, this has a history of crossing lines, which is why the Fair Debt Collection Practices Act (FDCPA) exists. But debt collectors to this day continue to...
Do you know your debt-to-income ratio?
Many families across the U.S. have struggled financially in recent years. In fact, fewer than 40% of Americans have the reserves to pay for an unexpected $1,000 car repair, medical treatment or another emergency. Consequently, many individuals have little choice but...