Effectively Dealing with a Financial Crisis

For many people, dealing with financial issues can be hard. Instead of worrying and making your problems worse, you need to remain productive and do everything you can to get out of this financial rut. Continue reading Effectively Dealing with a Financial Crisis

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Why Do People Go Bankrupt?

Eight years after the economic collapse of 2008 precipitated a wave of bankruptcy filings, people still hold some very deep misconceptions about this legal process. In reality, many folks go bankrupt because of unexpected and unfortunate circumstances.

Medical Expenses

According to a study done by Harvard University, medical bills are the biggest cause of personal bankruptcies in the country, representing 62% of all filings. This is hardly surprising, as the cost of getting stitches at an emergency room can cost up to $2,000 in some hospitals.

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Discharging Credit Card Debt in Bankruptcy

In a typical Chapter 7 bankruptcy, it is possible to have credit card debt discharged along with most other consumer and unsecured debts. However, this assumes that you didn’t use the card to charge any type of debt that cannot otherwise be discharged in bankruptcy. For instance, if you put your income tax debt on a credit card, you cannot discharge that debt for three years.
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Don’t File for Bankruptcy without a Bankruptcy Lawyer

If you are buried in mounds of debt and you feel like you will never be able to undue the damage, you should contact a bankruptcy attorney who can give you the advice that you need. A bankruptcy attorney is familiar with business law, and he or she will be able to help you regain control of your personal finances. Due to the complexity of bankruptcy law, it normally makes sense to hire a lawyer to represent you throughout the legal process. A lawyer will make sure that your paperwork is filled out correctly and that you select the correct type of bankruptcy to file give your unique situation.
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How Long Does Bankruptcy Stay on Your Credit Report?

If you are planning on filing for bankruptcy, it is good to know about the long-term ramifications of such a decision. For the first couple of years, you are going to have a hard time getting credit cards, auto loans and mortgages. In fact, you may be barred from getting a mortgage for as many as four years after your bankruptcy case concludes.
Continue reading How Long Does Bankruptcy Stay on Your Credit Report?