Category Archives: Chapter 7 Bankruptcy

What is Chapter 7 bankruptcy? Does Chapter 7 discharge all my debts? Learn more about the benefits of this bankruptcy chapter.

Why Are More Older Americans Filing for Bankruptcy?

Did you know that 8 percent of bankruptcy filers are aged 65 or older? This number has been trending upwards since 2008. One reason was the recession, which hit the elderly age group hard. And in some states, creditors are allowed to garnish up to 25 percent of a debtor’s disposable income, so bankruptcy can become an attractive option for people who fall behind on their bills. But perhaps the most common cause of senior bankruptcy is medical debt. Medical debt is the number one source of personal bankruptcy filings in the U.S. and given the high cost of healthcare for elderly people, it is easy for a debt spiral to drag down the finances of seniors with healthcare needs. According to the Consumer Financial Protection Bureau, debt collection is the most-complained about product or service for consumers over 62. The incessant calls and predatory nature of these companies can…
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What Do I Need to Know Before Filing for Bankruptcy?

The decision to file for bankruptcy is not an easy one. The stigma, the damage to your credit and the loss of certain assets can be a struggle. But sometimes, bankruptcy is the best option to reset your finances and move forward into the future without the burden of mounting debt. Things to Know About Bankruptcy Before You File You should know the difference between Chapter 7 and Chapter 13 bankruptcy. Chapter 7 bankruptcy involves liquidating assets in order to discharge most or all of your debt. If you opt for Chapter 7, you may be able to keep some of your assets, but you might have to give up nonexempt assets. Chapter 13, on the other hand, involves creating a payment plan to pay back creditors over a period of time. Chapter 7 tends to be a shorter process, lasting only a few months. Chapter 13 takes years to…
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Fyre Festival Files for Bankruptcy After Disastrous 2017

The Fyre Festival, as it was advertised, was a two-weekend music festival that was supposed to take place on the island of Great Exuma in the Bahamas. The event was widely promoted by celebrities including Kendall Jenner, Bella Hadid and Emily Ratajkowski. It was organized by Billy McFarland and Ja Rule. Prior to the festival, the showrunners experienced a wide variety of setbacks. And when the guests began to arrive, it was clear that the festival was not going to be the ultra-ritzy, fun getaway they were promised. Now, Fyre Fest LLC has filed for Chapter 7 bankruptcy. Fyre Fest allegedly promised repayments of $530,000 for investors’ investment in the festival. Fyre Fest was supposed to pay by May, but investors never got the money. The Fyre Fest Fiasco Guests paid at least $1,500 each for tickets to the swanky music festival. Advertising for the festival showed private jets, plush…
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