Bankruptcy

Facing financial stress can feel overwhelming, but Chapter 7 bankruptcy might offer the fresh start you need. If you’re considering this option, one of your first questions is likely: How much does Chapter 7 bankruptcy cost? At Monohan & Monohan, we’re here to break it down for you with clear, honest answers. Let’s dive into the costs, what affects them, and how to plan for this process. What Is Chapter 7 Bankruptcy? Before we talk dollars and cents, let’s clarify what Chapter 7 bankruptcy is. Often called “liquidation bankruptcy,” Chapter 7 allows individuals to have [...]

Chapter 7 bankruptcy is a great way for people to relieve debt that’s become overwhelming. However, the process is often confusing and many people don’t know what they’re talking about when discussing Chapter 7 bankruptcy. That causes misinformation and confusion to spread. To ensure you’re making the right decision, you may need to learn what’s commonly misunderstood about Chapter 7 bankruptcy. Here’s what you should know: Myth 1: Liquidation bankruptcy isn’t the same as Chapter 7 Truth: Simply put, liquidation bankruptcy is another name for Chapter 7 bankruptcy. The reason for this is that the debtor’s nonexempt property is used to satisfy [...]

Credit card debt has a way of building up quickly with little warning. In some situations, individuals unexpectedly lose their jobs or have massive expenses that arise, forcing them to overextend themselves. Other times, people simply don’t have a balanced budget and slowly add to their balance month after month until they no longer have any available revolving credits. In both scenarios, those who are struggling with high levels of credit card debt may find themselves trapped in the cycle of making minimum payments and incurring not just interest but fees on their accounts each month. Thankfully, bankruptcy is a [...]