No, filing for bankruptcy does not mean that you will lose everything. This is a common misconception, though, and it makes some people wary of filing. They believe that they are going to have to sell all of their assets, and so, even though they may be out of debt,...
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 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...
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...
Bankruptcy helps individuals and businesses who can no longer pay their debts eliminate or repay them under the supervision of the court. Several factors, particularly unexpected life events, can lead to debt outweighing income. This can eventually result in someone...
Some property is vulnerable to liquidation in bankruptcy. When people pursue a Chapter 7 filing, the trustee overseeing their case might require the liquidation of certain assets to repay creditors at least partially before proceeding with the discharge. Some property...
Financial pressure has a way of closing in fast. Missed payments turn into collection calls, balances grow and suddenly bankruptcy starts to look like the only way out. For many people in Florida, bankruptcy offers a legitimate path to regain control, but it’s not a...
Any kind of overwhelming debt can weigh heavily on your mind – but when you owe back taxes to the federal government, the stress can be tremendous. The Internal Revenue Service (IRS) can be aggressive when it comes to collections. Will filing for bankruptcy wipe out...
If you and your spouse are overwhelmed by debt, filing for joint bankruptcy can be a practical and strategic way to reset your financial future. Joint bankruptcy allows married couples to file a single bankruptcy case together. Instead of two separate filings, you...
