Cellphones have become one of the most essential items we carry, just like a wallet, purse, or set of keys. Without our phones, performing tasks throughout the day, including work-related duties. In the distant past, bankruptcy courts used to consider cellphones as luxury items because they were not as common as it is today. Now, most people do not have…Read More
As part of President Joe Biden’s commitment to provide immediate relief for American families who fell behind on mortgage payments and rent during the COVID-19 pandemic, the Department of Agriculture, the Department of Housing and Urban Development, and the Department of Veterans Affairs announced a coordinated extension and expansion of forbearance and foreclosure relief programs on February 16, 2021. About…Read More
If you decide to file for bankruptcy, you may be concerned about how that will impact your credit score. Even if you do not file for bankruptcy and you continue to fall behind your bills, the truth is that your credit score has already taken a significant hit, especially if you are facing foreclosure or vehicle repossession. But remember, a…Read More
Whether you about to file for Chapter 7 or Chapter 13 bankruptcy, the court will appoint a “bankruptcy trustee” to oversee the administration of the case. The duties and responsibilities of the trustee depend on the type of bankruptcy that is filed. But first, it is important to understand what a “bankruptcy estate” is before knowing the role of a…Read More
Most Americans consider filing for bankruptcy a last-ditch effort to overcome financial hardship. However, when faced with rising health care costs, even those employed can find it more and more difficult to make ends meet. Medical issues are the number one cause of bankruptcy in America. According to research, 66.5 percent of all bankruptcies were caused due to medical reasons…Read More
Job loss can be a financially devastating experience. While consumers file for bankruptcy for many different reasons, job loss is one of the leading causes of bankruptcy in America. Although there was an upswing of job creation in August 2020, payrolls are still short over 11 million jobs compared to pre-pandemic levels. By May, close to 39 million Americans filed…Read More
Understanding What Can And Cannot Be Exempted From The Liquidation Process If you are considering filing for Chapter 7 bankruptcy, you may be wary of the liquidation process. Unlike a Chapter 13 bankruptcy, which focuses on reorganizing your debt and committing to a multiyear, partial repayment plan, Chapter 7 bankruptcy filers undergo liquidation to compensate creditors. Even the word “liquidation”…Read More
Recognizing When Filing May Be Necessary Filing for bankruptcy is never anyone’s first choice. Though, the process helps many individuals overcome seemingly hopeless financial obstacles, the need to file stems from having an exorbitant level of debt. Mounting debt can be the result of any number or combination of factors: a serious injury, the loss of a job, a confluence…Read More
It doesn’t take much to find yourself in debt. Whether times are difficult, or you simply are living your life to the fullest, debt can sneak up on you. While consumers are always better off being more proactive in managing financials, the cost of living is often too much for the average family to bear. If you find you are…Read More
Image by Gerd Altmann from Pixabay The idea of filing for bankruptcy can be overwhelming. However, it can prove to be a positive step if you are experiencing unmanageable debt. When you file for Chapter 7 bankruptcy, a 341 meeting is held with your creditors and trustee to determine how to proceed with your remaining debt. Here we review who…Read More
