Marriages suffer and break down for many reasons, but one reason is debt. In one survey, 54% of respondents said that a partner’s debt was a reason to consider divorce. Bankruptcy can help you get rid of debt, so it is unsurprising that it may help the marriage if it...
People are often nervous to file for bankruptcy because of what it means for the future. They worry that they will never be able to get a loan. They may be concerned about how this will affect their ability to purchase a home, for example, or a vehicle. The good news...
Filing for bankruptcy does not mean you will never qualify for another loan. Bankruptcy can lower your credit score and remain on your credit report for years, but lenders also look at what you do after the case ends. Your chances of approval improve as you rebuild...
Medical costs can be very high in the United States. To some degree, it is not surprising that medical bills are one of the top reasons cited in bankruptcy cases. A single medical emergency could leave someone with more debt than they can realistically repay. However,...
Filing for bankruptcy can raise concerns about whether you will lose important financial support. If you rely on government benefits to meet everyday expenses, understanding which payments are protected can help you make informed decisions during the bankruptcy...
Car loan defaults have been soaring in recent years. Some recent reports note that it is the highest level of default in 32 years. When looking at borrowers who are over 60 days behind, this type of default rate has not been seen since the mid-1990s. It is also...
Challenging life events often lead to bankruptcy filings. People with a sudden influx in expenses or a reduction in income may need the financial relief provided by bankruptcy. A divorce creates new financial obligations while simultaneously reducing a person's...
Foreclosure proceedings can lead to involuntary removal from a residence. People lose their homes and any money they invested in the property. They also have the record of their foreclosure on their credit report for years, which can make securing a new mortgage or...
If you are considering Chapter 7 or Chapter 13 bankruptcy in Florida, one of the most important concepts to understand is the “lookback period” also called the “reach back period.” This is the window of time before you file when the bankruptcy trustee and, in some...
When people file for bankruptcy, overspending on credit cards is one potential reason they may cite. They have simply spent beyond their means, or perhaps the high interest rates have caused their debt to increase. Even though they are paying the monthly minimum on...
