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Bankruptcy is a valuable tool provided by the government to grant individuals like you the chance for a fresh start. Chapter 7 bankruptcy is one of the options available to consumers and involves the sale of your nonexempt property to pay off debts. The other...
Bankruptcy allows you to wipe your debt clean to start over. It can help you rebuild your credit and learn to manage your money wisely. There are also benefits to be had during the bankruptcy process. 1. Automatic stay Once you file for bankruptcy, the courts send...
For many Americans, debt has reached crisis levels. In fact, the average person in the U.S. owes roughly $93,000 to creditors. This figure includes about $5,000 in credit card debt and more than $16,000 in personal loans. While having some debt usually makes good...
The repayment term for Chapter 13 bankruptcy is three to five years. During that time, it is not uncommon for some people to experience changes in finances that interfere with their ability to stay current on their bankruptcy obligations. Job loss, serious illness,...
Bankruptcy is a federal court procedure that allows people to get rid of debt and repay creditors. The intent of bankruptcy is to give people a fresh start. Bankruptcy is not a magic pass that allows you to erase your entire past, but it can make your present easier...
Next to your home, your vehicle is likely the possession you are most afraid of losing during bankruptcy. It may be your lifeline, and without it you could have difficulty getting to and from work, as well as any other places you need to go. If you are afraid your...
Too many people consider bankruptcy a painful last resort. They explore unsavory alternatives such as risky loans, borrowing money from friends or family members, and other options to avoid complete financial ruin. The truth is, the Bankruptcy Code was developed to...
Bankruptcy filings are on the rise in the United States. If you do not have much disposable income, have little savings or carry significant credit card debt, you may have wondered if you are at risk for bankruptcy. Spending time gaining a detailed understanding of...
Baby boomers hoping to transition into a comfortable retirement may find themselves held back or overwhelmed by outstanding debts. Although credit card bills often take up a large portion of a household's monthly budget, medical issues often contribute to personal...
If you have student loans, you are not alone. In fact, roughly 45 million Americans have outstanding education-related loans. The balance on these loans is an astounding $1.56 trillion, with the average borrower owing nearly $33,000. Even though student loans were...
