Bankruptcy is designed to help individuals and businesses recover from debt and continue to participate in the global and national economy. While bankruptcy offers what’s essentially a government-sanctioned financial backup plan, it’s not a bailout to simply rid yourself of debts with no concern for your lenders. When you file for bankruptcy, the process will
Over the past 50 years, bankruptcy law has seen changes that have affected how individual consumer and business cases are handled today. The most recent overhaul in bankruptcy law came in 2005 when the Bankruptcy Abuse Prevention and Consumer Protection Act (BAPCPA) was enacted to prevent the possibility of filers taking advantage of the system
Chapter 7 liquidation bankruptcy is the most common type of individual consumer bankruptcy in the US. The process of Chapter 7 works to liquidate a filer’s non-exempt bankruptcy estate property in return for the discharge of their debts. Not only is it an effective way to free yourself from credit card debts, medical bills, and
If you own a business and are struggling to meet payments on anything ranging from rent to utilities, you may benefit from taking advantage of the government-regulated system of bankruptcy. While it might seem like a big step to take, bankruptcy is designed to help businesses of all sizes into a full financial recovery. In
If you’re struggling to make monthly debt payments on time or missing payments completely, you may be eligible to file for bankruptcy. However, there are many who consider bankruptcy to be a last-ditch effort to save their finances. Whether you’re ready to file for bankruptcy or want to try to work through your debts another
Bankruptcy is often viewed as a last option for those with extreme debt and low income, but there’s more than one kind of bankruptcy available to individuals and businesses. Chapter 7 bankruptcy is the type of bankruptcy that fits the description that’s most often associated with being bankrupt due to the liquidation of the
With medical insurance getting more expensive each year and procedures becoming more technically-advanced with new equipment and medicines, individuals can easily accumulate overwhelming medical debt very quickly. While studies may debate whether severe medical debt is directly causing an increase in U.S. bankruptcies, the fact remains that it’s often a correlating problem most filers experience.
If you’re struggling with meeting monthly payments on your credit cards, car, medical bills, and even your mortgage, you may be a candidate for bankruptcy. Bankruptcy is often negatively viewed as a social taboo, but the reality of bankruptcy is largely a positive one. Those who file for individual or business bankruptcy are offered a
If you’re struggling to meet debt payments on a regular basis and have been for some time, you may find yourself in over your head financially. Fortunately, U.S. law offers a way back to the surface and an opportunity for a fresh start through the process of bankruptcy. Navigating this nuanced system alone is a
When you file a petition for bankruptcy, your case will immediately see the effects of an automatic stay. Whether you qualify for Chapter 7 liquidation bankruptcy or choose to file for Chapter 13 bankruptcy, you can benefit from the court-ordered halt to creditor action that takes the form of an automatic stay. The power of
