Bankruptcy

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 [...]