Some people believe that filing for bankruptcy can permanently destroy your creditworthiness. However, this is not true. Your credit scores are not permanent. While a record of the bankruptcy will remain on your credit report (for seven to ten years after the file date), you can start to improve your scores after filing. Pull your…
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How Can I Resolve Unaffordable Medical Bills?
Medical bills are a common reason why people suffer financial hardship. Even if you have a decent health insurance policy, it is still possible to accrue tens of thousands of dollars in medical debt. You may have heard stories of some people with insurance policies receiving bills in the tens of thousands of dollars. These…
Are You Prepared for a Financial Emergency?
A new survey published by Bankrate.com, a personal finance website, found that only 39 percent of Americans could cover a $1,000 emergency expense. Job loss, surprise medical bills, property damage or a chronic illness could very easily upend the financial lives of these individuals. There are many, many ways to prepare for a financial emergency.…
What are the Most Common Myths About Filing for Bankruptcy?
Bankruptcy has a bad reputation for the wrong reasons. It is also poorly understood by many in our society. Some of the myths about bankruptcy can make people less likely to file even when they would benefit. Common myths about bankruptcy include but are not limited to: It permanently ruins your finances. Bankruptcy attorneys are…
What Are the Most Common Bankruptcy Fears?
Bankruptcy has a bad reputation in the US as something that will permanently destroy your finances and cost you important assets. However, bankruptcy’s reputation is undeserved. For people who cannot pay back their debts and who are at risk of having their assets seized, bankruptcy can be an extremely useful tool. Attorneys are used to…
What are the Possible Benefits of Chapter 13 Bankruptcy?
Depending on their individual situation, people filing for bankruptcy on consumer debts may choose between Chapter 13 and Chapter 7 bankruptcy. With a Chapter 13 bankruptcy, also called the “wage-earner’s bankruptcy”, you pay back your creditors during a three to five-year repayment plan. Depending on your situation, Chapter 13 may have multiple benefits. Stop foreclosure:…
