Pre-bankruptcy planning plays an important role when individual debtors are involved in bankruptcy cases. The aim is usually to devise a strategy and create an environment that increases the possibility of the bankruptcy’s success. Typically, this involves efforts to...
Foreclosures and bankruptcies typically take place independently. While the former refers to the mechanism that lenders use to recover their dues upon default, the latter gives debtors means to eliminate their debts. In some instances, filing for bankruptcy can help...
Dealing with bankruptcy and divorce during the same stage in life can be rather challenging. To keep things as simple as possible, it is best that you don’t overlap both. More often than not, couples who are in this predicament opt to file for bankruptcy before going...
Baby boomers across the U.S. carry significant debt. However, according to statistics released by Ameriprise Financial, less than half of them prioritize paying down their debt. In addition, more than 30% boomers who’ve retired carry at least one debt in addition to...
The number of baby boomers who file for bankruptcy has increased significantly in the last three decades. Only around 2% of all elders in the U.S. filed for bankruptcy in 1991, and the number stands at around 12% now. While bankruptcy can give people a fresh start if...
Baby boomers seem to be caught in a particular predicament. While they have relatively good credit scores, they are also burdened with considerable debt. If you find yourself in this situation and are nearing retirement, it is important that you take a close look at...
The simple answer to this question is yes. However, different aspects affect your ability to get a mortgage after a Chapter 7 bankruptcy ruling. These include the type of loan you seek, the time that has passed since the Chapter 7 discharge, and whether or not you...
Chapter 7 bankruptcy – also referred to as liquidation bankruptcy – gives debtors the ability to clear different types of unsecured debts. If you are struggling to make repayments, if your finances seem out of control, or if collectors are calling you persistently,...
If your bank account is garnished, it is because a civil court has allowed a creditor or a collection agency to withdraw funds from your bank account to collect money for a debt in default. Creditors take this step only when they fail to settle debts via phone calls...
If you’ve decided to deal with your debt by filing for bankruptcy after going through credit counseling or contacting an attorney, it is normal to wonder which path to take next. At this stage, individuals and small business owners are typically presented with two...