Any business venture comes with some risk. Most businesses don’t become profitable for at least two years. Unfortunately, about 20% of new businesses fail within two years; 45% fail within five years; and 65% fail within ten years of opening. There are many reasons why businesses fail, from low financing to overly rapid expansion, but
For individual consumers and businesses, several different types of bankruptcy are available. Individuals can file Chapter 7 liquidation cases that discharge debt in exchange for the sale of non-exempt property (in most cases, a person’s property is fully exempt and one does not lose property), or they can file Chapter 13 reorganization cases that restructure
There are several ways in our economic system to find permanent relief from debts that are significantly compromising your quality of life. These solutions range from working out an agreement with your creditors to filing for court-administered bankruptcy relief. If you have the right kinds of debt and your income isn’t meeting your expenses, bankruptcy
Dealing with debts you can’t consistently pay off each month can be one of the most stressful situations for individuals and households to face. Whether you’ve accrued debt from your mortgage, car loan, and credit cards, or had unexpected medical expenses, job losses, and other circumstances, those financial obligations can seriously compromise your quality of
If you’re facing debt you can’t repay, you might have considered some debt resolution options like one on one settlements with your creditors, a relief program, or debt consolidation. These options can be effective in relieving your debts in a few ways but none is as quick, reliable, efficient and permanent as a bankruptcy case.
Individual consumer bankruptcy cases can resolve most types of common debt for filers, including credit card debts, medical bills, mortgages, old utility bills, bounced checks, personal loans and car loans, among others. Many people are wary of resorting to bankruptcy because of the negative hit you can take to your credit when you file. The
If you’re struggling to meet debt payments and are considering filing for bankruptcy to receive long-term debt relief, it’s important to take into account how difficult the process might be. If you have several debts that are secured by some of your property, the bankruptcy process may quickly become complicated. For any given bankruptcy case,
Every year, the cost of living, retail prices, and many other aspects of our economy and lives change slightly. The same is true for the bankruptcy requirements and the bankruptcy code because the way bankruptcy works from case to case reflects household debts and household incomes. If you are considering filing for bankruptcy, you may
There are many ways to resolve debts that you would otherwise never be able to repay, but the fastest and permanent way is through bankruptcy. Depending on the type of bankruptcy you file, your case could be processed as quickly as three to four months. In comparison, debt relief programs can take up to two
Using bankruptcy to permanently resolve common debts like credit cards, medical expenses, mortgages, car loans, personal loans, and even tax debts can be an effective, yet complicated process. Bankruptcy law is nuanced and shifts in the way it handles the financial situations presented in each petition on a case-by-case basis. There are two types of
