What Can Bankruptcy Do for Me?
If you’re considering bankruptcy, the first thing on your mind is the benefits. Bankruptcy has its pros and cons, just like any other financial decision. Therefore, you should understand them before assuming it will help you or not. Bankruptcy is a powerful financial tool that helps you get back into control of your finances….
How Are Debt Consolidation Loans Handled during Bankruptcy?
Debt consolidation loans are advertised for those who are in over their heads in debt and want to take multiple payments and combine them into one. But how are debt consolidation loans handled during bankruptcy? Sometimes, they come from financial institutions, while other times they come from a consolidation agency. Regardless, the principle idea is…
Financial Mistakes That Lead to Bankruptcy – and How to Avoid Them
Life happens. And while there are some things out of your control (even financially), there are also ways to drive yourself closer to the point where you need to file for bankruptcy. Have you made financial mistakes that lead to bankruptcy? No one sets out in their adult years with the intention of filing for…
Tips for Cleaning Up Your Consumer Credit Report
Do you need help cleaning up your consumer credit report? Your consumer credit report can determine everything from getting approved for a home loan, to getting money for your education, to getting a job. Five percent of consumers in the United States have errors on their credit report that could lead to unfair denials, says…
Does Bankruptcy Make Sense for Your Financial Situation?
Does bankruptcy make sense for your financial situation? Deciding if you should file for bankruptcy is never easy. The process takes time, costs money, and you are already struggling financially. When you file for bankruptcy, you lose control of how your assets and finances are handled. While there are reasons keeping you from filing for…
Common Bankruptcy Myths Finally Debunked
Do you know the common bankruptcy myths? No one goes through life planning to file bankruptcy. Even those who know they need to file for bankruptcy have developed such a misguided view of this legal tool that they fear doing so. Bankruptcy is nothing to fear, and you should not give into the stigmas surrounding…
Credit Card Debt is Your Worst Enemy: 3 Ways to Defeat It
Credit card debt plagues millions of American consumers each year. In fact, the average American household in 2021 has $155,622 in debts. Those with credit cards had an average balance of more than $6,000 in 2021. Once credit cards can run your monthly budget, you might find that you are paying only the minimum and…
Warning Signs that Bankruptcy is on the Horizon for You
No one goes through life expecting to file bankruptcy, but it happens. Sometimes, the warning signs are clear, while other times they are not so obvious. Regardless of your financial situation – or what you assume it will be like in the future – it is imperative that you know the warning signs of bankruptcy….
Can You Lower a Car Payment in Bankruptcy?
You file for bankruptcy because you can no longer manage your debts. Whether it is because you lost your job or took a significant cut in pay, you need to eliminate monthly debt obligations to get back on your feet. But you need to keep your car. It is how you take the kids to…
Insolvency Versus Bankruptcy: What is the Difference?
Insolvency and bankruptcy are often confused. While both apply to a business struggling to pay its obligations, each has different processes and outcomes. What is Insolvency? Insolvency is considered a financial status. It means that a business cannot promptly pay its obligations. According to the Internal Revenue Service (IRS), a business is insolvent when the…
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