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People sometimes worry that filing for Chapter 7 bankruptcy means they’re going to lose everything. They know that it is referred to as liquidation bankruptcy, and they understand that this means they have to sell their assets to pay off a portion of what they owe.…
When you file for bankruptcy (under any chapter, including Chapter 7), an immediate legal protection goes into effect. It’s called the “automatic stay,” and it acts like a shield, protecting you from most creditors. Here’s how it works: As soon as you file, most garnishments must…
Filing for Chapter 7 bankruptcy can wipe out many of your debts and allow you a fresh start in your financial life. However, not all debts are treated the same way. Secured debts, in particular, come with added complexities because they are backed by collateral –…
You’ve been thinking about filing for bankruptcy for months. Maybe you have a lot of outstanding medical debt, which is an incredibly common reason for bankruptcy, or maybe you have credit card debt. No matter how you got it, you realize that you can’t pay it…
One of the worst aspects of getting into debt you cannot afford to pay back is the constant attention from creditors. They may contact you themselves or pay a debt collection firm to do it. It can leave you scared to answer the phone, open the…
If you are dealing with debt, one of the things you may want to consider is going into bankruptcy. Bankruptcy is usually a good idea for those who have tried other debt-resolution options, such as consolidating or negotiating down debts, but that still have significant debt…
When people are in debt, one of the main options they tend to look at is debt consolidation. There are times when debt consolidation can be an excellent choice, but it’s not always the right solution. Consolidating medical debt may seem like a good way to…
Like many people who need to file bankruptcy, you may not have the means to satisfy your debts through a Chapter 13 repayment plan. You will likely fear the prospect of filing Chapter 7 bankruptcy, though, since it could cause you to lose your home. Keeping…
If you’re planning to get married in the near future, it’s always best for you and your spouse-to-be to talk with each other honestly about your finances. This includes not just your current financial situation, but your attitudes towards spending vs. savings and your goals for…
Millions of Americans file for bankruptcy every year. Then there are millions more who could benefit from filing for Chapter 7 or Chapter 13 bankruptcy but don’t. People who put off or avoid bankruptcy have many reasons for their actions. Fear is one of the biggest.…
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