Bankruptcy can be a challenging experience, but it does not have to define your financial future. Rebuilding your credit after bankruptcy requires determination and strategic planning. Understand your credit report U.S. Courts reports that 2023 saw 416,607 individual...
Bankruptcy
Why bankruptcy is nothing to be ashamed of
Bankruptcy is a legal tool designed to help those who are struggling with debt to achieve a fresh start. It’s a process that allows individuals and businesses to reset their financial standing -- not a label of failure. Understanding why bankruptcy is nothing to be...
What’s the difference between bankruptcy discharge and dismissal?
If you’ve been reading up on bankruptcy as you consider whether this is the best choice for you, you’ve likely come across a lot of new and confusing terms. They may even sound like they mean the same thing when they don’t. Two words used frequently when discussing...
2 common causes of bankruptcy
Bankruptcy is often associated with reckless spending. While this can certainly be a contributing factor, the reality is that it plays no part in most bankruptcy cases. Millions of Americans are currently struggling just to pay their bills, and this is through no...
2 ways Chapter 7 and 13 bankruptcies differ
Realizing that you have more bills than money every month is disheartening. It’s the factor that may make you recognize that you need to do something to reclaim control of your finances. Filing bankruptcy is one option that may help you to enjoy a fresh start. Once...
Can you file for bankruptcy more than once?
Bankruptcy is a process that allows people to resolve debt obligations. People often file for bankruptcy when their debt obligations become too much to handle. This could happen after building up lots of credit card debt, medical debt or late fees. Chapter 7 and...
What Chapter 7 bankruptcy exemptions may Massachusetts allow?
Massachusetts law allows debtors to claim exemptions for some of their assets. You may, for example, claim a homestead exemption to protect your primary residence if you file for Chapter 7 bankruptcy. The Secretary of the Commonwealth of Massachusetts website notes...
Is bankruptcy the right choice for you?
According to Experian, the average American owes roughly $97,000 in debt. Bankruptcy might appear as a beacon of relief if you are facing a horizon filled with financial stress. However, you should not take the decision to file for bankruptcy lightly. How do you know...
Understanding non-dischargeable debts in Chapter 7 bankruptcy
Individuals struggling with overwhelming debt may find Chapter 7 bankruptcy to be a viable option. However, it is important to note that the courts will not discharge all debts in bankruptcy. To consider bankruptcy as a debt relief option, understanding...
What is debt collector misrepresentation?
If you find yourself in debt, you will also likely find yourself dealing with debt collectors. In most cases, they will follow the Fair Debt Collection Practices Act (FDCPA) well. In other cases, though, they may attempt to say or do things to get their money faster,...