Monthly Archives: August 2017
Last week, we put out a short list of some of the pros and cons of filing Chapter 7 bankruptcy. Filing bankruptcy is a huge decision and one that will have several financial implications in the years following. But bankruptcy is also a valuable tool for people who are drowning in debts and have no way out. Here are some more of the benefits of Chapter 7 bankruptcy, as well as some of the downsides. Pros and Cons of Chapter 7 Con: It can be almost impossible for someone who files for bankruptcy to get a mortgage, if he or she doesn’t already have one. Pro: There are certain lenders who will loan money to people deemed “bad risks,” so it is not impossible. Difficult? Yes. But it can be done. Con: You cannot discharge things like child support, (most) student debt, recent back taxes or spousal support in bankruptcy….
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Deciding to file for Chapter 7 bankruptcy can be one of the most difficult financial decisions someone can make. What if filing is a mistake? Do you have any other options? Is bankruptcy really that helpful, or will it take your already spiraling finances into a deeper pit? What will people say about you if they find out you filed for bankruptcy? Chapter 7 bankruptcy can be a difficult thing to go through and the struggles can last for a long time. But there are some real positives to the process that can help you emerge stronger than before. Here is a list of some of the pros and cons of Chapter 7 bankruptcy. Pro: The process of filing takes only 3-6 months. If you do not file and it is the right choice for you, your debts can continue to pile up beyond that 3-6 months, so filing as…
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Last month, bridal retailer Alfred Angelo filed for bankruptcy protection. In the days following the filing, the company went through efforts to obtain customer records and to deliver dresses and accessories across the country, but a recent statement indicates that they will no longer be fulfilling orders. In short? If you don’t have your dress yet, you should start looking elsewhere, if you haven’t already. This is, according to the statement, due to the logistical and financial strain of continuing to fulfill open orders. The statement was the first public statement from Alfred Angelo since the stores abruptly closed down at the end of the day July 13. At the time, employees had no idea what was about to happen. Managers were instructed to return keys after close and customers were unable to reach the phone’s customer service line. If you are affected by the closing, you may still have…
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