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What Does Life Look Like After Bankruptcy?

What Does Life Look Like After Bankruptcy?

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.

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Can You File for Personal Bankruptcy Multiple Times?

Can You File for Personal Bankruptcy Multiple Times?

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.

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Bankruptcy Myths

Bankruptcy Myths

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.

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Bankruptcy Is Not Always a Bad Thing

Bankruptcy Is Not Always a Bad Thing

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.

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Mallinckrodt Considering Chapter 11 Bankruptcy Because of Opioid Settlement

Mallinckrodt Considering Chapter 11 Bankruptcy Because of Opioid Settlement

Mallinckrodt, which is considered one of the biggest generic opioid manufacturers in the US, has tentatively agreed to settle the numerous federal lawsuits against them. This company was sued by the local and state government because of the opioid crisis, and they have tentatively agreed to pay $1.6 billion to settle it. The company stated on Tuesday that the agreement was endorsed by over 40 US territories and states with a large committee of lawyers representing different countries and towns.

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Fast Ways of Borrowing Money

Fast Ways of Borrowing Money

There comes a time in one’s life when you need some extra cash to settle some financial problems that you might have. Then the need to borrow money arises, it might be to settle some kind of emergency, buy a car, to get your first home, or even to settle some other high-interest debt. Whatever be the case, it all boils down to you wanting to borrow money. You don’t need to be shy or worried because you are not in this alone.  Borrowing money is part of life, and in most cases, you need to borrow to maintain a healthy financial life. However, there are various ways in which one can borrow money, both the good and the bad. With the increase in people wanting to borrow money, more financial online loaning institutions are springing up, but your ability to choose the best is what matters.

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Forced Into Bankruptcy Because of Prescription Costs

Forced Into Bankruptcy Because of Prescription Costs

About 70% of Americans spend money on prescription drugs because they suffer from one illness or another. Depending on the kind of illness, prescription drugs are inevitable, and what’s worse is that most people can’t do without these drugs. The problem is, the cost of prescription drugs is very high, and many people can’t afford it, and they eventually fall into bankruptcy.  Some Americans spend about 75% of their earnings on prescription drugs, and sometimes even their insurance company can’t cover the entire cost. This issue of bankruptcy is eating deep into society, and the most affected are the retirees, low-income earners, and middle-class citizens.

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Sears bankruptcy taking down small businesses

Sears bankruptcy taking down small businesses

According to reports, small businesses have been caught in the crosshairs of Sears Holdings bankruptcy. Sears filed for bankruptcy on October 15th, 2018, after several failed attempts to save the business. Things haven’t been going well on the business front for this company as small business owners are bearing the brunt of this as the Sears Holdings estate it trying to take payments back from these small businesses. This process according to reports, is an attempt to gather funds to close its bankruptcy case. In this article, we will take a look at how the Sears Holding bankruptcy is impacting small businesses.

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Can You Discharge Your Tax Debt Through Bankruptcy?

Can You Discharge Your Tax Debt Through Bankruptcy?

No matter how you fill out your W-4 or how much money you set aside for taxes, you may end up owing the federal or state government.  This is tough enough for people that are not enduring financial stress.  It is perhaps impossible for people considering bankruptcy.  There are many types of debt that you can eliminate through bankruptcy and there are some which you cannot.  There is secured debt and unsecured debt.  At any rate, debt is debt and it does not go away unless it is dealt with.

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Getting a Degree Abroad to Reduce Student Loan Debt

Getting a Degree Abroad to Reduce Student Loan Debt

Life can be a tad difficult for students who just graduated high school with a dream to study at some of the best Universities in the United States. Not difficult in the sense that they can’t make it but more like expensive because even though they do get accepted into those colleges, the cost of education for the four years could be literally back-breaking. Studies have shown over the years that a growing number of students are moving to international schools to get their degrees rather than doing it in their home country because of the price difference.

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