debt

Why Are My Wages Being Garnished? Can Bankruptcy Help?

Why Are My Wages Being Garnished? Can Bankruptcy Help?

Wage garnishment is a legal procedure in which a court order requires an employer to hold back a person’s earnings for the payment of a debt. If your wages are being garnished, do not assume you are completely powerless. You can alleviate or even eliminate this financial burden with the assistance of the correct bankruptcy…

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How the Coronavirus Pandemic Might Affect Your Finances

In America and across the globe, we currently find ourselves in an unprecedented time. The global pandemic COVID-19 has affected almost everyone in one way or another. It has impacted health, obviously. And for many, this is understandably the most urgent and pressing concern presented by the virus. Beyond its health impacts, however, it has…

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Chapter 7 Bankruptcy

What Is the Difference between Filing for Chapter 11 and Chapter 13 Bankruptcy?

What’s the difference between Chapter 11 and Chapter 13 bankruptcy? Chapter 11 and Chapter 13 are bankruptcy options. Chapter 11 is a reorganization for businesses, while Chapter 13 allows a consumer to completely eliminate debts through repayment under a court-ordered plan. If you are a business owner, you may wonder which is the right option…

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bankruptcy

What Debts Are Not Dischargeable in Bankruptcy?

What Debts are not Dischargeable in Bankruptcy? What debts are not dischargeable in bankruptcy? One common misconception among consumers is that you can discharge all debts and be 100 percent debt-free if you file for Chapter 7 bankruptcy. While you could discharge a vast majority of your debtors, the belief that you can remove 100…

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What Is Relief from Automatic Stay?

Who gets relief from the automatic stay in bankruptcy? When a relief from the automatic stay is filed, it is done by a creditor. The creditor is asking the court to remove the automatic stay protection issued in bankruptcy so that they can continue collection efforts. Typically, the creditor does so when they need to…

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How Much Should You Be in Debt before Filing for Bankruptcy?

How much debt should you be in before filing bankruptcy? A common question on consumer minds is whether or not they have enough debt to justify filing for bankruptcy. The answer is not as simple as “X dollars” is the threshold. Instead, it comes down to your unique financial situation, the type of debts you…

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chapter 7 bankruptcy

How Much Debt Do You Have to Have to File Bankruptcy?

How much debt should you be in before filing bankruptcy? Technically, there is no minimum debt amount required to file for bankruptcy, but there are limitations on how high your debts can go. For example, if you want to file for Chapter 13 bankruptcy, your secured debts cannot exceed $1,257,850, and your unsecured debts cannot…

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Is It Better to File Chapter 7 or Chapter 13 Bankruptcy?

Is it better to file Chapter 7 or Chapter 13 bankruptcy? While many assume that filing Chapter 7 is the best route for bankruptcy, not all cases qualify for it and not all debtors would benefit the most from this type of bankruptcy. Consumers have two primary choices: Chapter 7 and Chapter 13. And before…

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Chapter 13 Bankruptcy

What Can You Include in Chapter 7 Bankruptcy?

What can you include in Chapter 7 Bankruptcy? When you file for Chapter 7 bankruptcy, you can discharge numerous debts, but not every single one. Debts including child support, federal student loans, or past due taxes are excluded from this discharge. Furthermore, some assets might require liquidation before you can proceed to the debt discharge…

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Will I Have to Go to Court If I File for Chapter 7 Bankruptcy?

Will I have to go to court if I file for Chapter 7 bankruptcy? If you file for bankruptcy, yes, you will have to show up in court for what is known as the meeting of the creditors. If you are like most consumers, the idea of showing up in court is daunting. After all,…

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