Even when you're in good financial shape, you may have concerns about the future. Many people come to find that an emergency, such as a job loss or medical illness, would make it next to impossible to stay current with their bills.
No matter how hard you try to avoid bankruptcy, there may come a point when you have no choice but to go down this path. However, before you make this decision, be sure it's best for you and your finances.
If your debt is mounting and nothing seems to bring relief, it may be time to consider a bankruptcy filing. As one of the biggest financial decisions you'll ever make, don't jump into the process until you're sure of what you're doing.
As you compare Chapter 7 and Chapter 13 bankruptcy, you want to make the right choice for your unique financial situation. While there are benefits to both, most people find that the advantages of Chapter 7 bankruptcy have them strongly considering this option.
Many Arizona homeowners have been able to delay their foreclosure proceedings -- and prevent the loss of their homes -- by filing for bankruptcy. This benefit may be received by filing for bankruptcy after it is clear that a foreclosure will occur. The bankruptcy then triggers what's referred to as an "automatic stay," which prevents all debt collection activities against you -- including legal actions like foreclosure.
Your small business may be your financial lifeline to earn money and survive in the world, but that doesn't mean it will always be successful. Just like people, small businesses can fail to pay their bills as well, and if a business falls into serious debt problems because of this, bankruptcy may be the best course of action.
Having to go to the emergency room is a frightening event for most people. Do you know what's even scarier? Getting the medical bills for that emergency room visit. Even if you have insurance, there is a good chance that you are going to get some considerable bills in the mail.
A report, recently released by the federal government, shows that during the final half of 2016 on into the first six months of 2017, there was a 3 percent decline in bankruptcy filings among Americans. While that may sound good, as many as 772,594 people filed for bankruptcy during that same time frame. Three key reasons seems to dominate in terms of why they chose this option as a way of addressing their debt.
Millennials are often being touted and lauded for their financial acumen, their lack of reliance on credit cards and also their wise relationship decisions about marriage. However, one area that has certain financial analysts concerned is that millennials don't appear concerned about their partners' existing debt levels. Eighty-eight percent of Americans 65 years of age and up believe that debt levels are an area of concern to be looked at when choosing a romantic partner, whereas only 67 percent of millennials think so.
Chapter 7 bankruptcy is a liquidation program. Some assets are sold off, and the money is then used to pay down the debt of the person filing. Any remaining debt will be forgiven.