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December 2015 Archives

Chapter 13 can help wage earners with debts

Not all bankruptcy involves massive blows to your credit score, loss of certain assets or long-term financial issues. In fact, if handled properly, a bankruptcy filing can be exactly what you need to help you gain a fresh financial start and regain control of your life, without any negative side effects at all. This is especially true if you have a significant income that would allow you to pay off your debts given a few years.

Chapter 7 bankruptcy filings have been increasing

Sometimes statistics can help put things into perspective, and this is often true for bankruptcy. Some people view bankruptcy as a failure, believing that only those who have put themselves in a hole through poor money management file for bankruptcy. While there are certainly some people who file for bankruptcy because of poor financial decisions, there are also many individuals who were saddled with sudden, unexpected circumstances such as loss of employment or a serious medical condition.

Bankruptcy can help with credit card debts

There are many benefits to credit cards, the most obvious of which is allowing people to manage their finances more accurately by paying for everything at a specific time; when their paychecks have been deposited. Credit cards can also buy people some much needed time when it comes to unexpected bills that a person may not be able to afford at the moment, but can pay off with later wages. Of course, credit cards come with a very inherent risk: debt.

What is a confirmation hearing in Chapter 13 bankruptcy?

Two of the most common types of bankruptcy are Chapter 7 and Chapter 13. Generally speaking, people are more familiar with Chapter 7 bankruptcy, in which a filer's assets are sold and liquidated in order to pay off debts. This is what most people think of when they think of bankruptcy, but Chapter 13 is a different option that allows people to come up with a repayment plan in order to pay off their debts over the next few years.

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