Everyone from retail chains, to individuals with medical and credit card debt, and even entire cities can file for bankruptcy. Bankruptcy is sometimes the only way out of debt and while it may have negative short-term effects, it provides a solution to a problem that so many of us will struggle with at some point in our lives. Financial experts and attorneys define the most common debt as “unsecured”. An example of very common unsecured debt is accrued credit card and medical debt. As we know, This doesn’t always happen as a result of a direct mismanagement of our funds. Life can throw us curve balls in the blink of an eye and put us into financial trouble quickly. A perfect example of this our country’s current crisis, the Covid-19 pandemic. There are also things to consider when deciding whether or not to file bankruptcy such as how it may impact your credit, how long the process takes, and the debt thresholds each type of bankruptcy requires. As every situation is different, so let’s discuss each of the most common types.
In 2019, decluttering was all the rage. Marie Kondo and The Minimalists became household names. However, did you know that decluttering is also an important thing to do with finances? Many people are overwhelmed by their own financial situation because they either do not understand it or it is just…messy. One of the easiest things you can do to help yourself is simplifying your financial life.
With the unemployment rate jumping from 3.5% to 4.4 % and multiple non-essential businesses forced to close, the job market is getting unattractive by every measure. Yet, amid this grim situation caused by the coronavirus pandemic, there is still demand for people especially those on the frontlines like online retail, delivery, and health. A number of companies especially the retailers are still hiring despite the prediction that the unemployment rate will still climb higher. Though not all employment opportunities are ideal, they are out there!
The coronavirus pandemic has left quite of wreckage in its wake, some of which is financial uncertainty and unemployment. Despite the government relief granted under the CARES act, a lot of people are frightened by the uncertainty this period poses. The unemployment rate has increased drastically with predictions of further increase and lots of people are behind on their loan repayments. With the insecurity, most people wonder when it is the right time to file for bankruptcy. Bankruptcy shouldn’t be considered a bad thing as it can be the best step to take you out of financial ruin. So, what should you consider when the idea of bankruptcy surfaces?
As you are surely aware, the Federal Government passed the CARES Act which is intended to provide relief for Americans as they are affected by the Coronavirus pandemic. While the Federal Government funds the Act and provides guidance on how to utilize the funds, it is up to individual states to decide how to allocate the money. Florida’s portion of the funding which resulted from the act is $4.1 billion. All eligible individual Americans received $1200 (depending on income), married couples received $2400, and additional funds were allocated to parents with children. The cash distribution was only one part of the CARES Act.
People all over the world are facing financial strain because of the Coronavirus pandemic. It may feel as though you will never recover or that you will lose everything because you cannot afford to pay the bills. There are many ways to get the help you need and there are tools to help you get out from under the crushing weight of debt. Your financial burden is not permanent. Here are some things to consider.
Contrary to the popular saying, filing for bankruptcy is not a bad thing. It is, in fact, a good thing as it eventually gives you the opportunity to have a clean financial slate. If your credit is in shambles, bills are piling up, your rent is due, and you have no means of making your monthly payments on your credit card – you should consider filing for bankruptcy. Chapter 7 bankruptcy is the best option if you can’t make your credit payments, but if you need a payment plan to pay back all your debt, you should opt for Chapter 13 bankruptcy. After filing for bankruptcy, all of your unsecured debts would be discharged, and you’ll have a clean financial slate – but it is not always easy. The red flag on your credit report that indicates you’ve filed for bankruptcy will make it hard to get any kind of loan or credit. Also, it will remain on your report for seven to ten years, depending on the type of bankruptcy you choose. In this article, we will discuss what life looks like after bankruptcy and how to build your credit after.
When a person is unable to pay back their outstanding debts, they can file for bankruptcy. There are two different types of bankruptcy- personal and business bankruptcy, but they are generally viewed as a means to getting a fresh financial start. People usually file for either a Chapter 7 or Chapter 13 bankruptcy when filing for a discharge. A Chapter 7 bankruptcy is for people who don’t have the means to pay back their debts while a Chapter 13 is for those who require a payment plan to be able to pay back their debts. You might be wondering if you can file for personal bankruptcy multiple times, and in this article, we will discuss this in detail.
There are a lot of false facts and myths surrounding bankruptcy, which have made it hard for a lot of people to decide their financial future. Sure, filing for bankruptcy isn’t easy, and people will always talk, but sometimes, this is the best option for you to get debt relief. Who doesn’t want relief from some of their debts? I know I do. Filing for Chapter 7 or Chapter 13 bankruptcy isn’t a simple feat, but it is a beneficial one once you are able to jump through all the hoops. In this article, we will discuss and debunk some of the myths surrounding bankruptcy.
Nowadays, there is a stigma attached to filing for bankruptcy as it is seen as a failing, which shouldn’t be so. Contrary to popular opinion, bankruptcy doesn’t always have to be a bad thing as it can be a good decision for a number of reasons. It is also important to remember that no two bankruptcy cases are the same and people file for bankruptcy for varying reasons. Some people file for bankruptcy because of unforeseen circumstances like unexpected medical bills or divorce. In cases like this, it is a good thing as filing for bankruptcy gives you the opportunity to regroup and start over. It is better to file for bankruptcy than to allow collections, foreclosures, and repossessions to push your scores down. In this article, we will be taking a look at some of the reasons why filing for bankruptcy can be a good thing.