Filing for bankruptcy is a big life decision. It has the power to permanently resolve debts and provide lasting financial stability, but can come with some risks if your circumstances aren’t ideal for the bankruptcy process and you aren’t completely forthcoming with your bankruptcy lawyer. When it comes to large financial choices like filing for
Each year in the United States, thousands of individuals and businesses use bankruptcy as a lawful way to permanently discharge debts they can’t repay. If you’re one of the many people struggling to meet monthly debt payments, bankruptcy might be the best solution. There are two main bankruptcy chapters individual consumers can utilize to permanently
If your debts are piling up with no end in sight, you’re not alone. People all across the U.S. struggle financially for many different reasons. No matter how you’ve incurred debts like credit card debts, medical expenses, mortgage delinquencies, car loans and debts following vehicle repossession, and many other kinds of secured and unsecured debts,
Each year, thousands of U.S. households struggle with debt, and while a very few will eventually find ways to overcome that debt, most people will not. For those who know they will be unable to repay their debts, filing for bankruptcy is an effective option to resolve their debts permanently and without the threat of
Common law bankruptcy was established centuries ago to handle debtors that couldn’t repay their debts. In a successful economy, the best way to handle debts that can’t be paid by the borrower is with a bankruptcy system that stabilizes that debt load, returning consumers to the trade of goods and services while remaining fair to
Like any legal proceeding, bankruptcy is a big step to take in your life, and if you’re considering filing, you should prepare to be completely frank with your bankruptcy attorney about your financial circumstances/problems and you should prepare to collect paperwork that substantiates the assets you own and the debts you owe. Due diligence and
The year 2020 was a blockbuster one for disaster, with a global pandemic and a contentious U.S. presidential election, respectively, as the opening and closing credits. For many Americans, the biggest impact was the financial changes they had to face due to COVID-19’s effect on the U.S. economy. Despite the small boost the Coronavirus Aid,
Even if you’re facing severe financial difficulties, the social stigma around filing for bankruptcy can get in the way of making decisions that will positively affect your circumstances in the long term. But, getting past the negative social ideas around filing for bankruptcy might be the best choice you can make for your household’s financial
For individual consumers and businesses alike, bankruptcy is always an option that can help restructure, dissolve, and generally treat debts that filers wouldn’t be able to repay. The process of bankruptcy is designed with fairness to both the filers and creditors, but also serves to support economies from local municipalities to the national economic system.
Of the eight American Midwest states, over 127 million acres are made up of agricultural land that, just twelve years ago, generated a market value of over $80 billion annually. That value steadily declined from 2013 to today. Meanwhile, farm bankruptcies climbed to their greatest peak since the 2009 economic crash, with total Midwest cases
