The specifics of bankruptcy can seem confusing for anyone facing financial difficulties. It is also natural to wonder whether retirement savings are safe from creditors at this time. Understanding how bankruptcy laws affect retirement savings is important. Background about bankruptcy Bankruptcy is a legal process designed to help individuals and businesses overcome debt. There are different types of bankruptcy, but…
Dealing with serious debt can be a tough experience. While bankruptcy can provide relief from this debt, it is important to handle credit cards responsibly afterward. These are some ways to manage credit cards effectively post-bankruptcy. Budget wisely Create a comprehensive budget that outlines your income and expenses. Put aside part of your income towards savings and debt repayment, including…
When facing financial difficulties, filing for Chapter 13 bankruptcy can offer a structured path to manage debt and regain financial stability. If you file for Chapter 13 bankruptcy, you should understand how to successfully complete your Chapter 13 repayment plan. Understand your plan In 2023, 416,607 individuals filed for bankruptcy and 178,214 individuals and businesses filed for Chapter 13 bankruptcy,…
Life is full of financial challenges, and going through bankruptcy once and rebuilding is no guarantee that you won’t end up facing new financial issues in the future. A job loss, a medical emergency or problems with your business can all lead you down that road again. There’s no shame in seeking financial relief through bankruptcy – even if you…
Individuals who are facing financial hardship often consider bankruptcy as a way to resolve their economic challenges. Bankruptcy immediately halts collection efforts and can lead to the discharge of certain debts if someone successfully completes the process. There are different types of bankruptcy for people and businesses, and aspiring filers need to choose the chapter or type of bankruptcy that…
A Chapter 13 bankruptcy filing is one of the most effective solutions for personal debt. Those who earn average or above-average income, a house at risk of foreclosure and/or personal resources that would be at risk of liquidation in a Chapter 7 filing may choose Chapter 13 bankruptcy as a way to resolve their insurmountable personal debts. Chapter 13 bankruptcy…
There are several different forms or chapters of individual bankruptcy, and each offers different benefits for a filer. Most individuals considering personal bankruptcy will choose between Chapter 13 and Chapter 7 proceedings. The kinds of debts someone has and also their income and assets may influence what form of bankruptcy they file. However, it is often whether or not they…
Chapter 7 bankruptcy has a reputation for diminishing people’s personal property. After all, it is nicknamed “liquidation bankruptcy.” Those who are filing may have to sell off or refinance some of their assets as a means of extracting value from their existing property to pay their creditors. Only after making a reasonable attempt to pay as many creditors as possible…
It is easy to lie to yourself about how bad your debt situation really is. You may promise yourself that next week you’ll rework your budget or next month you’ll apply for a second job on the weekends, but there will always be more expenses on the horizon as well. When you have reached a point with your personal debt…
More and more Kentucky consumers have determined that filing for bankruptcy could be the way out of debt that’s spiraling out of control. Many have tried negotiating with creditors or consolidating debts. Some debts are more difficult to get rid of than others The promise of a fresh start is attractive. You get rid of the debt, and the phone…