Being buried in debt can cause a lot of stress. What’s even worse is when you’re no longer capable of paying it. Don’t worry though because it’s not the end of the world. You can always look into filing a Chapter 7 bankruptcy. As long as you’re eligible, this can be your key to getting a fresh start.
How Does it Work?
When you’re approved for Chapter 7 bankruptcy, collection agencies will no longer be able to chase after you. It’s a way to discharge most of your debt, giving you a much-needed relief from creditors, some of whom might have been starting to harass you just to make you pay. In favorable cases, you will also be able to keep some of your possessions such as your home or car.
Chapter 7 bankruptcy is the process of liquidating assets to help pay back debts to creditors. If you are going through such a scenario, this process may seem scary, and you may not know what the future holds for you financially. Get through this tough financial situation by knowing several key details.
Continue reading Useful Tips When Filing for Chapter 7 Bankruptcy
Money lending is always done in good faith, whether you’re the one loaning money or the one asking for a loan. Due to different circumstances, however, people often fail to make good on their loans, leading to debt. Before long, someone will be knocking on the debtor’s door, trying to make a collection.
If you find yourself either as a creditor or debtor, you’ll probably wonder whether your should approach a collection attorney or a collection agency.
Continue reading Collection Attorney Versus Collection Agency
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.
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.
Continue reading Why Do People Go Bankrupt?
So you’ve decided that you will need to file for bankruptcy, and that specifically, you’ll need to do it under Chapter 7. Before you go ahead and file the necessary documents with the help of your bankruptcy lawyer, know that there are certain eligibility requirements that you should meet first. Continue reading Chapter 7 Bankruptcy: Eligibility Requirements