You may already be struggling to repay a few different loans and the monthly bills. Then you receive a notice that a creditor will enforce an order requiring your employer to garnish your earnings. The percentage can vary, but wage garnishments can take an average of...
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bankruptcy
When is bankruptcy the most logical option?
The gradual erosion of your finances has led to your family facing a significant burden. You clearly saw this coming due to steep losses in income, growing medical expenses, a now-unaffordable mortgage along with spending habits that too often were illogical. Cornered...
Chapter 13 bankruptcy has debt limits
Some people know a Chapter 13 as the "wage-earner's bankruptcy." This is because it is reserved for individuals who can afford to make regular payments to the bankruptcy trustee. The money goes toward paying off creditors, and the payments continue for three to five...
Take control of your finances with bankruptcy
The thought of having to file for bankruptcy doesn't set well with some adults because they take pride in paying their bills. The thing to remember is that bankruptcy is a tool that enables you to take control of your finances when circumstances spiral out of control....
Know how a Chapter 7 bankruptcy will impact you
Most people hope they never have to experience filing for bankruptcy. In the past, there was a stigma associated with filing for bankruptcy protection. Now that the stigma is largely gone, many people don't dread it quite as much.Consumers generally file either...
Considerations for living on a bankruptcy budget
People who file for Chapter 13 bankruptcy will have to watch their spending throughout the course of the bankruptcy. This is because you will have to make payments to the bankruptcy court in an effort to pay off your debts. There won't be much money left once this is...
7 signs that bankruptcy might benefit you
Paying bills isn't anyone's favorite activity but it is a necessity of life. Some people are even more upset about having to do this each month. These are the people who have more bills than they have money. They are the ones who have high credit card balances,...
Bankruptcy and the effects it has on your credit
Having to file bankruptcy will impact various areas of your life, including your credit score. If you are considering filing a Chapter 7 or a Chapter 13, you need to know how yours might be affected. All of these impacts could have a negative pull on your life for a...
Student loan debt and bankruptcy
Student loans are the second highest debt category for consumers. Only mortgages surpass this. However, student loans usually can't be discharged in bankruptcy. The reason for this is that a person has to pass the Brunner test if they are going to have the student...
Medical bills can lead to harassment, put an end to them
Medical bills can be quite costly and can lead to very serious financial issues. Even if you have wonderful insurance, some items that aren't covered might lead to troubles. If you are in this position, there is only so much else you can cut back on so that you can...
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