Sometimes, people who intend to file for bankruptcy protection have a change of heart once it’s done, or once they pay to have a bankruptcy initiated.
Different procedures apply once the bankruptcy has been filed with a court, as opposed to when you have only paid an attorney or another third party to file for bankruptcy protection on your behalf – but the paperwork hasn’t yet been filed. [continue reading…]
According to recent data from the American Bankruptcy Institute, there were 1.2 million personal bankruptcy filings in the United States in 2012.
If it’s increasingly difficult for you to cover all your bills, you find yourself using credit cards to pay for basic necessities, or you’re currently considering any type of debt consolidation program, you may be on the road to bankruptcy.
However, there are several other reasons why some people end up going bankrupt – and sometimes it’s linked to factors out of their control.
Here are five reasons people file for bankruptcy protection: [continue reading…]
Approximately 1.2 million Americans filed for bankruptcy in 2012 and more than 1 million more individuals are expected to go bankrupt in 2013.
Continued layoffs, foreclosures, rising healthcare costs and mounting credit-card debts are all still taking a toll on many people.
If you’ve thought about filing for Chapter 7 or Chapter 13 bankruptcy as a last resort for managing your financial problems, make sure you’re aware of all the costs of going through personal bankruptcy.
Court costs and attorney fees can add up, and you’ll need to be financially prepared to manage these costs within a reasonable time after the filing process is complete.
Here’s what you need to know about the costs of bankruptcy: [continue reading…]
Bankruptcy isn’t a step that should be taken lightly. But sometimes, it’s a necessity that simply can’t be avoided.
If you’re overwhelmed by enormous credit card debts you can never repay, struggling with massive medical bills, or are barely staying afloat due to unemployment, bankruptcy may be a good alternative to consider.
Will a Chapter 7 or chapter 13 bankruptcy hurt your credit rating? Absolutely. But probably not as much you think.
And even though a bankruptcy filing does generally stay on your credit report for 10 years, you can recover from bankruptcy far, far sooner than that — sometimes in as little as two years.
None of this is to suggest that bankruptcy is a magic bullet for whatever ails you financially. It’s not.
So if you do decide to file for bankruptcy protection, it’s vitally important to go into the process with your eyes wide open, fully aware of the pros and cons associated with taking this major financial step.
Here is our handpicked selection of recommended articles on the topic of bankruptcy.
Chapter 7 Bankruptcy Explained
Chapter 13 Bankruptcy Explained
The Truth About Bankruptcy: Why All Your Debts WON’T Go Away
Considering Bankruptcy? Avoid These Common Mistakes Or Your Bankruptcy Filing Will Be Rejected
How Long Will a Bankruptcy and Foreclosure Stay on My Credit Report
Can I keep my car if I file for bankruptcy protection?
What If I Change My Mind After Filing Bankruptcy?
Below are a couple of websites you should visit if you are considering filing for bankruptcy protection:
The Bankruptcy Law Network
When the debt load you’re carrying is simply too much to bear, you might have considered filing for bankruptcy protection.
Filing for bankruptcy has become increasingly common the past three years thanks to the economic downturn and job cuts across numerous industries.
The American Bankruptcy Institute reports that about 1.5 million personal bankruptcy cases were filed in the U.S. in 2011 alone.
Even though filing for Chapter 7 or Chapter 13 bankruptcy can help you get a better handle on your finances and even give you a “clean slate” to work with, the filing process can be complicated and your case may end up being rejected by the bankruptcy courts if you’re not careful.
The courts typically reject cases outright when they see obvious omissions or errors in your paperwork. But there are some other key reasons why the court will just end up saying no to your bankruptcy petition.
Here are five common reasons why your bankruptcy filing could be rejected: [continue reading…]