Even though bankruptcy protection offers a path to financial freedom for many Americans, some type of social stigma often accompanies bankruptcy filings. If either Chapter 7 or Chapter 13 bankruptcy is right for you, you should try not to worry about the opinions of...
Has Debt Taken
Over Your Life?
How to avoid a debt collection scam
If you have worked hard to get rid of debt, it can be disconcerting to get a debt collection call for an obligation you do not recognize. But scammers often use this tactic because many people have enough debt that it is difficult to keep track of. According to...
Oklahoma church buys medical debt to help citizens
People wrongfully assume that financial irresponsibility is the primary reason for bankruptcy filings. The majority of people who file do so not because they mishandled their money, but because they experienced an illness or injury that lead thousands of dollars in...
Do you have to get debt counseling before bankruptcy?
You can file for bankruptcy if you meet the requirements. Of course, whether you should file for bankruptcy is another matter entirely. To decide whether bankruptcy is right for you — and how exactly you might go about it — there is a mandatory credit counseling step....
Reasons why people resist bankruptcy
Because of the stigma and myths associated with bankruptcy, individuals who may benefit from discharging their debts often avoid it. Misinformation and fear of having made poor budgeting choices may prevent some individuals from seeking much-needed relief. The Federal...
High-interest payday loans may discharge with bankruptcy
Individuals experiencing financial hardship may mistakenly believe that defaulting on a payday loan results in an arrest or spending time in jail. As reported by USA Today, debt collectors threatening individuals they could face fraud charges may have crossed the line...
3 tips for life after bankruptcy
Bankruptcy, such as Chapter 7 and Chapter 13, takes between five and seven years to pay off. It is stressful, embarrassing and devastating to your credit rating, but the process can mean a fresh start. The new beginning starts with developing a game plan to guarantee...
Credit reporting errors can happen after bankruptcy
Filing for bankruptcy in Kentucky is an opportunity for people to revitalize their finances and get rid of overwhelming debts. Contrary to what many believe, bankruptcy is not a crushing blow to credit scores. While it will impact a person's credit, the effects do not...
How does the automatic stay impact debt collection?
When you file for bankruptcy, the court issues an order called an automatic stay. The automatic stay provides a freeze on your debts. According to Cornell Law School, the automatic stay will help to pause actions by creditors against you in most cases. It serves as a...
Are bankruptcy filings on the decline?
This year has been unlike any other, and it has lead to some unusual trends in bankruptcy filings. In general, bankruptcy filings have gone down in recent months. However, certain types of bankruptcies have grown more popular during this same span, and recent events...
