Today, Chapter 7 is the most common form of bankruptcy for both individuals and businesses. Because the Chapter 7 process is only available to those with income-to-debt ratios lower than the Minnesota median, bankruptcy is often associated with unemp
When you file for bankruptcy, the people or organizations you owe money to are broken down into several different types of creditors. Generally, these creditors are considered as priority, secured, and unsecured. Within these categories, there is a s
Financial difficulties can occur for any number of reasons at any time in one’s life, but with the accumulation of debt into retirement and a decrease in income, retirees are increasingly becoming more likely to file for bankruptcy. Several studies
For many people, the prospect of facing legal issues in any type of court is a daunting one. Because most legal actions can affect your life for the long-term, it’s natural to be apprehensive about going through any court proceeding. The process of
When an individual or business fails to meet debt obligations without excuse, they may start to experience more aggressive collection actions from creditors. If you have been struggling to make your debt payments for several months, filing for bankru
Businesses struggling with unmanageable debts have a range of options for debt relief at their hands. While debt consolidation and debt management plans are popular options that’ll keep a debtor’s overall credit in good standings, there are often
The process of filing for bankruptcy has a poor reputation for its effect on property and long-term damage to credit. The legal process of bankruptcy, however, is designed to help filers emerge from crippling debt with a fresh start and a manageable
Filing for bankruptcy is an option available to almost every consumer and business in the US. However, despite the layman’s access to filing for bankruptcy, the fact remains that it is a complex, highly nuanced legal process. While a debt from whic
If you’re struggling to meet loan payments and bills alongside daily living expenses, bankruptcy is an option for individuals, business owners, and corporations alike. Designed to liquidate assets, discharge debts, reorganize expenses, and generall
Most Americans over 30 have around $150,000 in various debts including mortgages, car loans, credit cards, medical bills, taxes, and other accumulated debts. This debt can often begin to cripple the quality of life for individuals and families who ca
