Before people file for Chapter 7, they usually have to attend credit counseling. As people look for a counselor, there are several factors they should consider. A credit counselor can help people understand all their financial options. According to Nerd Wallet, these...
Year: 2020
What type of property can you keep after bankruptcy?
If you struggle with debt you cannot afford, you can go through the bankruptcy process and keep many of your assets. Massachusetts law establishes exempt property that you can retain in a bankruptcy filing. Review the common property exemptions that may apply if you...
How bankruptcy’s automatic stay stops creditor calls
Having your finances spin out of control is stressful on its own, but if you are also facing constant calls and threats from creditors, you may be at your wit’s end. You may be exploring the idea of filing for bankruptcy to help get things back on track. If you do,...
Can I buy a car during bankruptcy?
Once you file for bankruptcy, you may feel a sense of relief. It can be the best possible move to make if you have serious financial struggles. Because of the automatic stay, it also provides you with at least temporary protection that can enable you to get your...
3 Common myths about filing for bankruptcy
The decision or whether or not you should file for bankruptcy is never easy. Bankruptcy is a serious financial decision that many people wrongly associate with financial ruin. In reality, bankruptcy helps millions of people eliminate inescapable debt and get their...
Chapter 12 bankruptcy: The basics
In 1986, Congress enacted Chapter 12 bankruptcy in response to the poor economic conditions of family farmers and family fishermen. The bankruptcy addresses the challenges these families face, such as the unpredictable cost of land, weather and commodity prices. The...
Will I lose my home by filing Chapter 7?
Depending on your financial situation, filing a Chapter 7 bankruptcy may help you get back on your feet financially. However, many people worry about potentially losing their home or other vital assets through the process of a liquidation bankruptcy. However, while it...
The effects of bankruptcy do not have to last forever
After declaring bankruptcy, some people may feel hopeless and helpless. Although they no longer have mounds of debt, their credit score takes a big dip and it is hard to borrow money. The good news is the effects of bankruptcy do not have to last a long time. It...
Uncertainty clouds virus-related job losses
All across the United States and the world, people are struggling to figure out how to shift their lives to accommodate the coronavirus pandemic. It seems that nobody is immune to the impact that the outbreak is having on society, but the effects may vary greatly from...
Qualifying for a mortgage after bankruptcy
Although bankruptcy will lower your credit score, most individuals who file can qualify for a new home loan within a few years. Different lenders and types of mortgages have different guidelines about approving clients with a previous bankruptcy. If you are struggling...