Filing for bankruptcy may seem intimidating, but Chapter 13 and Chapter 7 can help you and your future. These provide the opportunity to reset your financial status and even gain back repossessed items.
Your ability to file a Bankruptcy depends mostly on your affordability, or lack thereof, to pay towards your creditors.
Like most areas of law, people do not want to file a bankruptcy proceeding, people file bankruptcy because they have to. There are several different types of Bankruptcy filings. The most common type of bankruptcy is consumer bankruptcy. Consumer Bankruptcies are filed on behalf of an individual or a married couple under Chapter 7 and […]
The term bankruptcy usually comes with a negative perception. Many people automatically think financial ruin, business closures, and tarnished credit. And of course, no one starts a business or begins a career hoping for bankruptcy, but in reality, it can actually be a very positive thing for the filer. The problem is most people don’t […]
Not everyone who is struggling with debt needs to file bankruptcy. But there are a number of reasons why someone may consider it. While medical debt tops bankruptcy cases in the US, credit card debt, mortgage debt, and a failed business are other common motivators for filing. If you fall under one of these categories […]
All of your debts fall into one of three categories, and different bankruptcy chapters treat them differently. Knowing the types of debt you’re carrying can help you and your attorney make strategic decisions. They won’t be the only determinant of which chapter you file. You still can’t file Chapter 7 if you don’t pass the […]
This year, the passage of the HAVEN Act brings new relief to veterans who are facing financial distress. The abbreviation stands for “Honoring American Veterans in Extreme Need,” and corrects a major problem faced by military borrowers. Prior to the passage of the act, bankruptcy courts could use the Department of Defense disability payments to […]
Recently, a judge in the Eastern District of Pennsylvania made a ruling which could impact any Pennsylvania resident who has signed arbitration agreements with any creditor. “On September 17, the Eastern District of PA granted a creditor’s request to compel arbitration over a plaintiff’s argument that the arbitration agreement he had signed was void as […]
Medical bills have been a leading cause for bankruptcy cases for a long time. Over half of most people’s unpaid debt comes from medical bills. But in some parts of the country, hospitals are all but forcing bankruptcies with aggressive debt collection practices that leave former patients in dire straits. Many hospitals have generous financial […]
There are few debts more stressful than student loans. While in cases of extreme hardship they can be discharged through bankruptcy it’s very hard to do so. That means plenty of Americans are feeling the strain of huge payments and debt loads they may never see the end of. And scammers are stepping in to […]