bankruptcy terms
What Is the Downside of Filing for Bankruptcy? Objectively speaking, bankruptcy seems like a pretty sweet deal: you build up debt, you file with the court, and then they wipe that debt out. You basically get all of the stuff that you spent that money on for free, other than your time and the cost […]
What Are Advantages of Filing Bankruptcy? From the time we are children, it is programmed into our brains that filing bankruptcy is a bad thing. Ever played Monopoly? If you file bankruptcy, you lose. You don’t get a second chance, you don’t get a reorganization plan or a path to rebuilding your financial future. You […]
Understanding Accidental Bankruptcy Fraud Bankruptcy fraud is often associated with deliberate and malicious intent. However, accidental bankruptcy fraud can occur when an individual unintentionally violates the complex laws and regulations governing bankruptcy. This type of fraud can still have serious consequences, however, even if the applicant’s intentions were anything but malicious. Understanding how accidental bankruptcy […]
U.S. Credit Card Debt Breaks Through to $1 Trillion For the first time in history, U.S. credit card debt has breached the $1 trillion mark. This startling revelation was shared by the Federal Reserve Bank of New York on Tuesday, August 8th, 2023. In the latest quarter, a dramatic surge was observed, with credit card […]
Top 5 Bankruptcy Filing Errors to Avoid Navigating the bankruptcy process can be complex and stressful. Unfortunately, small mistakes can lead to significant setbacks. Understanding the most common pitfalls can ensure your filing is handled correctly and efficiently. Here’s a look at the top five bankruptcy filing errors and how to avoid them: 1. Incorrect […]
New Bankruptcy Forms Required Under the 2020 Cares Act Over the past few months, you may have heard in the news about the CARES Act (Coronavirus Aid, Relief, and Economic Security Act), which has resulted in items like the national stimulus checks, expanded unemployment insurance and the founding of the Coronavirus Relief Fund, amongst many […]
Hidden Advantages of Chapter 13 Bankruptcy If you ask the average person to describe bankruptcy, they would probably say, “You file some paperwork, your debt is eliminated, and your credit is destroyed. But at least you don’t owe any more money.” That’s not too far from the truth, at least for some filers. The common […]
Can Student Loan Debt Be Discharged With A Bankruptcy? If you are struggling with the burden of paying down your student loan debt, you are not alone. Millions of people are carrying tens of thousands of dollars in outstanding loan debt from their educational pursuits. If you are struggling financially, you may wind up asking […]
Biden Loan Forgiveness & Bankruptcy President Joe Biden announced his long-awaited student loan forgiveness plan. The plan, which was telegraphed in his campaign promises of $10,000 forgiveness per borrower, came in at that level – more if you qualified for Pell Grants while in school. However, the plan drew criticism from both sides of the […]
Bankruptcy Statistics Show a Surprising Trend in Early 2022 With the global pandemic, shutdowns, lockdowns, layoffs, and reduced working hours, many expected a drastic increase in the number of bankruptcy filings in the latter half of 2020 and throughout 2021. Many people were wrong, it turned out — bankruptcy filings actually decreased significantly in both years. […]