Tag Archives: Bankruptcy

Should I Pick Chapter 7 or Chapter 13 Bankruptcy?

If you are ready to declare bankruptcy to start settling your debts, deciding which kind of bankruptcy to file for can be a challenging decision. When filing for bankruptcy for an individual, you can either decide on Chapter 7 bankruptcy or Chapter 13 bankruptcy. Chapter 7 bankruptcy: This is the most common type of consumer bankruptcy. When you file, you receive an “automatic stay” which stops creditors from trying to collect more debt from you. Chapter 7 bankruptcy is a faster acting plan, designed to eliminate dischargeable debt like credit card debt and medical bills. After these debts are gone, room is made to pay off non-dischargeable debts, like student loans and child support payments. It is favorable to those who earn less than the median income in their region. In Chapter 7 bankruptcy, creditors will attempt to sell your “non-exempt” property. A Washington, D.C. bankruptcy attorney can help you…
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How to Protect Your Home from Foreclosure

If you’re struggling with your finances, losing the house may be your biggest fear, but there are a few steps you can take to protect your home from foreclosure. Here are some tips to help you avoid foreclosure in a difficult situation. How to Protect Your Home from Foreclosure Understand every option: There are a wide range of alternative options to foreclosure, including short-term borrowing solutions that help you make payments, and long-term solutions that help you rework your situation. The right solution will depend on the particulars of your circumstances. Make sure you are aware of every option before committing to one path. You can look at the Federal Reserve’s official Foreclosure Resources for Consumers to help you evaluate the different game plans. Research particulars before you involve your lender: Go over your mortgage and take a serious look at your budget to make sure you know your stuff…
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4 Signs It’s Time to File for Bankruptcy

Many might view the decision to file for bankruptcy as a sign of defeat, but sometimes It’s actually the best financial option on the table. Bankruptcy can help you get out from under debts and begin a new journey towards financial freedom. Here is a look at some of the signs that you might benefit from filing for bankruptcy. When to File for Bankruptcy: You’re surviving off of credit cards: It’s common for debt to get so bad that you fall into the trap of spending your entire paycheck on making payments. This is a sign you are stuck in a toxic cycle. Without any cash in the bank, this can force you pay your living expenses with your credit cards. Often, this can have the troubling effect of putting you deeper into debt each month. You’re using one credit card to pay for another: Occasionally, making your credit card…
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