Blog Posts - Chapter 7
Why there’s no shame in bankruptcy
Nobody wants to file bankruptcy – but you shouldn’t be ashamed to do it, either. A lot of people feel like bankruptcy is a sign of some personal failure, or they’re embarrassed that other people might find out about their money troubles. That way of thinking is self-destructive and unnecessary,...
Can bankruptcy help when facing foreclosure?
If you’ve missed payments on your mortgage, you are likely worried about losing your home. Perhaps you’ve even gotten notifications from the lender telling you that you have an outstanding balance due. If you do not get caught up on your back payments, they are going to foreclose and take...
2 reasons to ignore negative bankruptcy stigmas
There’s sometimes a stigma around bankruptcy that keeps people from filing. They are worried about how others will perceive them. They don’t want to tell friends or family members that they’re going through bankruptcy because it feels like a personal failure. They worry about being judged by others. Of course,...
Don’t let your bankruptcy lead to fraud charges
When filing for Chapter 7 bankruptcy, debtors must be very careful not to omit any debts or do anything that the court or trustee could perceive as fraudulent actions. Should that occur, your financial troubles could morph into criminal charges. Nobody wants that. Read on to learn of some common...
Should you worry about medical debt if you have insurance?
Medical debt is a significant issue in the United States. When you look at the reasons that people file for bankruptcy every year, you will find that medical debt is very commonly cited. It’s one of the top reasons that consumers find themselves facing unsustainable debt and looking into bankruptcy...
Should you file for Chapter 7 bankruptcy?
If you don’t earn much income and your debts have become overwhelming, filing for Chapter 7 bankruptcy may be the opportunity you need to regain control of your finances. For those who qualify, Chapter 7 bankruptcy can serve as a gateway to a fresh financial start. Yet, because this opportunity...
Deficiency judgments: What homeowners need to know
When you’re a homeowner in financial distress, you may be looking into a number of different possibilities. Should you let your home go through foreclosure? Should you ask the bank if you can offer a deed-in-lieu of foreclosure to try to minimize the impact of the default on your credit?...
Dos and don’ts for bankruptcy
Having debts that you’re unable to pay can be a stressful experience. For some people, there’s simply no money to get those bills paid. It can be very disheartening to have creditors calling and mailing statements to attempt to get money when they know they don’t have any. For some,...
Is Chapter 7 bankruptcy a good option for debtors?
There are a number of debt management and debt relief opportunities available for individuals who are struggling with debt. If a single account is giving you trouble and you’ve recently secured an inheritance or a tax refund, exploring a debt settlement arrangement could allow you to move forward unburdened. If...
How to prepare for Chapter 7 bankruptcy
Not many situations are as stressful and frightening as struggling with debts that you cannot pay. Fortunately, Chapter 7 bankruptcy allows you to discharge unsecured personal debts so you can get back on your feet and focus on rebuilding your finances. However, the process of filing for bankruptcy can be...
Rebuilding your credit after filing for bankruptcy
One of the primary reasons why individuals who are struggling with debt hesitate to file for bankruptcy is that they’re worried about what taking this step will do to their credit. Thankfully, creditors are usually far more interested in someone’s recent financial history than their older approaches. As a result,...
Will you lose your house if you file bankruptcy?
Filing for bankruptcy can be an incredibly stressful experience. With all of the legal paperwork, not to mention any judgments passed down by creditors, you’re likely feeling overwhelmed and unsure of what will happen next. One fear many people have is losing their house when they file bankruptcy; after all,...
2 signs you need to file Chapter 7 bankruptcy immediately
Millions of Americans go through financial difficulties each year. One of the remedies you can opt for if your finances are in disarray is declaring bankruptcy. A Chapter 7 bankruptcy can help you discharge unsecured debts like credit card and medical debts. But exactly when should you file for bankruptcy? If...
2 mistakes to avoid when filing for Chapter 7 bankruptcy
Filing for bankruptcy is a viable option to get out of debt and get back on a secure financial footing. When filing for bankruptcy, it’s important to avoid mistakes that may result in issues during the process. Knowing what these mistakes are is the best way to file them during...
Do you qualify for Chapter 7 bankruptcy in Pennsylvania?
For someone with moderate to low-income levels and major debt, a personal bankruptcy filing can help them regain control over their finances. There are several kinds of personal bankruptcy available, and most people will qualify either for Chapter 13 proceedings or a Chapter 7 bankruptcy. A Chapter 7 bankruptcy is...
Get the facts about chapter 7 bankruptcy before you dismiss it
Have you ever heard someone claim that you can only file for bankruptcy once in your life? If so, you have heard a common myth that many people believe. You can file a chapter 7 bankruptcy multiple times if you continue to experience financial hardships. The myth above is one...
Why is Chapter 13 bankruptcy called a wage earner’s plan?
Chapter 13 bankruptcy is an option that you may have when you don’t qualify for Chapter 7 or you’re not interested in going through a liquidation bankruptcy. This plan is often referred to as a wage earner’s plan, or you may have heard it called a “wage earner’s bankruptcy.” It’s...
How bankruptcy could give you some breathing room
It’s a question that many Pennsylvanians face: Would I be better off financially if I pursue bankruptcy? The reality is that many people live paycheck to paycheck, meaning they are one life crisis away from financial devastation. Even if you aren’t experiencing a crisis, it may seem impossible to dig...
Key facts about an automatic stay
When you file for bankruptcy, if you’re facing different collection efforts or foreclosure, one thing that happens is that an automatic stay is put on those cases. An automatic stay can be very helpful, but you must make sure that you know exactly how it works. Let’s break down a...
How can bankruptcy stop your debt from killing you?
When someone says that their debt is killing them, it might sound like an exaggeration. Yet, it may be more accurate than you realize. Debt is not only a financial burden. It can act as a considerable burden on your mental wellbeing. Many people have committed suicide because their debts...