You may have heard you could lose some assets if you file for bankruptcy. One you might not want to lose is your car. You probably rely on your vehicle for many things - for work, to drop your kids at school, do the shopping or ferry your elderly mother about. So what is the truth? Will a personal bankruptcy cost you your car? It probably won’t Bankruptcy courts and lawmakers realize how essential cars are to many people. They can see that taking someone’s car away could make their financial situation worse rather than better, and the point of bankruptcy is to give someone a chance to work tow ..read more

It is no secret that the cost of living is impacting most households in the U.S. In fact, over half of the population have some form of credit card debt. When debts become overwhelming and impossible to pay, filing for bankruptcy is an option. However, many people are put off of doing so because of the stigma behind filing for bankruptcy.  What stigma do filers potentially face and what is the truth behind these issues?  Social stigma  Sadly, many individuals feel ashamed by getting into financial trouble. They may feel like other people will judge them for not being able to pay ..read more

Some people think of their health insurance as an assurance that they won’t ever have to face exorbitant medical care expenses. Unfortunately, catastrophic health conditions can quickly result in thousands of dollars in medical expenses, even for those who have insurance. People who are facing healthcare costs that are so high they can’t conceivably pay their bills may realize they have to do something before they drown in debt. One option for these individuals is filing for bankruptcy. The high cost of healthcare Conditions such as cancer require ongoing care, which can lead to financial ruin ..read more

Credit cards are often linked to bankruptcy, and it sometimes relates to their high interest rates. People may be attempting to pay off their debt, but they can’t do it because the interest adds so much to that debt every month.  But how did they get into debt in the first place? It may be that their credit card psychologically tricked them into spending more money than they wanted to. Studies have found that consumers tend to spend more on credit cards than they do with cash.  Why does this happen? There are two main reasons why this happens. The first is that the transaction doesn ..read more

A lot of people delay filing for bankruptcy for a considerable time. While it is essential that you take your time to consider if it is right for you and to look for alternative solutions, delaying the inevitable can prolong your agony. Having debt you cannot afford to pay back can play havoc with your mental health, and filing for bankruptcy can help a lot. Many people feel bad about filing There has always been a stigma about bankruptcy in some circles. Even though many famous businesses have had to do it, and even though many well-known successful entrepreneurs needed to file for bankruptcy ..read more

When it comes to personal finance, bankruptcy is often seen as a last resort for those who are navigating truly unmanageable circumstances. However, amidst the financial turmoil, there lies a silver lining that is often overlooked — the potential positive impact that filing for bankruptcy can have on one’s mental health. Declaring bankruptcy can provide a fresh start and alleviate some of the overwhelming stress factors associated with financial hardship. Relief from financial burdens One of the primary sources of anxiety for individuals facing financial difficulties is the burden of debt. Mou ..read more

Are you contemplating filing for bankruptcy? If so, you should be aware of a critical pre-filing requirement: credit counseling. While it may not be the first thing that comes to your mind when you’re in need of bankruptcy, it’s important to acknowledge its relevance. Before you file, you’ll need to complete a short credit counseling course from a government-approved agency. This prerequisite emphasizes the importance of informed decision-making. The role of credit counseling Credit counseling isn’t merely a procedural step; it can serve as an educational platform. Depending on the approach ta ..read more

The discharge of debts at the end of bankruptcy proceedings is often the primary purpose of the process for filers. Those with insurmountable levels of debt can eliminate some of their financial obligations as a result of a filing. A discharge reduces what debts someone must pay, making it easier for them to balance their budget and meet their other financial obligations. Individuals who file for personal bankruptcy derive numerous benefits, including an automatic stay that temporarily prevents collection activity. The courts need time to review their circumstances and determine if they are ac ..read more

Filing for bankruptcy is often treated as a last resort for those overwhelmed by debt, partially because there's a common misconception that it can lead to the loss of all of one’s personal assets. Thankfully, this is not accurate. Bankruptcy laws are designed not just to relieve debtors of their financial burdens, but also to allow them a chance to rebuild their financial future. Understanding how bankruptcy works can help to shed light on why the myth that this process can cost individuals everything they own is not grounded in reality. Bankruptcy basics While Chapter 7 bankruptcy is often r ..read more

It’s stressful to have debt hanging over your head. Excessive debt is one of the chief causes of the kind of psychological distress that can lead to broken marriages, chronic health problems, trouble sleeping and more.  Bankruptcy offers real financial relief – but a lot of people are hesitant to file because they’re afraid their employers will find out and fire them.  You’re protected by law – if your employer even finds out Most of the time, employers never find out when their employees file for bankruptcy. While bankruptcies are public records, you have to actually go looking for ..read more