What Are Advantages of Filing Bankruptcy? From the time we are children, it is programmed into our brains that filing bankruptcy is a bad thing. Ever played Monopoly? If you file bankruptcy, you lose. You don’t get a second chance, you don’t get a reorganization plan or a path to rebuilding your financial future. You […]
Understanding Accidental Bankruptcy Fraud Bankruptcy fraud is often associated with deliberate and malicious intent. However, accidental bankruptcy fraud can occur when an individual unintentionally violates the complex laws and regulations governing bankruptcy. This type of fraud can still have serious consequences, however, even if the applicant’s intentions were anything but malicious. Understanding how accidental bankruptcy […]
U.S. Credit Card Debt Breaks Through to $1 Trillion For the first time in history, U.S. credit card debt has breached the $1 trillion mark. This startling revelation was shared by the Federal Reserve Bank of New York on Tuesday, August 8th, 2023. In the latest quarter, a dramatic surge was observed, with credit card […]
Top 5 Bankruptcy Filing Errors to Avoid Navigating the bankruptcy process can be complex and stressful. Unfortunately, small mistakes can lead to significant setbacks. Understanding the most common pitfalls can ensure your filing is handled correctly and efficiently. Here’s a look at the top five bankruptcy filing errors and how to avoid them: 1. Incorrect […]
The Rising Trend of Bankruptcy Among Seniors Bankruptcy, traditionally viewed as a last resort for those overwhelmed with debt, is showing an alarming rise among the elderly population in America. A study from the Consumer Bankruptcy Project revealed that the rate of Americans aged 65 and older filing for bankruptcy has tripled since 1991. This […]
New Bankruptcy Forms Required Under the 2020 Cares Act Over the past few months, you may have heard in the news about the CARES Act (Coronavirus Aid, Relief, and Economic Security Act), which has resulted in items like the national stimulus checks, expanded unemployment insurance and the founding of the Coronavirus Relief Fund, amongst many […]
Joann Fabrics Files Bankruptcy – Here’s the Story Joann, the venerable institution in the fabric and craft retail sector, aged 81 years, finds itself navigating rough financial waters, compelling it to seek Chapter 11 bankruptcy protection. Amid an era where discretionary spending is on a decline, the Ohio-rooted company has unveiled plans to fortify its […]
Hidden Advantages of Chapter 13 Bankruptcy If you ask the average person to describe bankruptcy, they would probably say, “You file some paperwork, your debt is eliminated, and your credit is destroyed. But at least you don’t owe any more money.” That’s not too far from the truth, at least for some filers. The common […]
Federal Reserve Raises Interest Rates: Implications for Individuals, Homeowners, and Borrowers Interest Rates Increasing The recent decision by the Federal Reserve to raise interest rates for the 10th time in just over a year has significant implications for individuals, homeowners, and borrowers. This 0.25 percentage point increase brings the benchmark borrowing rate to a target […]
Can Student Loan Debt Be Discharged With A Bankruptcy? If you are struggling with the burden of paying down your student loan debt, you are not alone. Millions of people are carrying tens of thousands of dollars in outstanding loan debt from their educational pursuits. If you are struggling financially, you may wind up asking […]
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