Are You a Candidate for Individual Chapter 11 Bankruptcy?

Filing for bankruptcy is a difficult decision. Still, hundreds of thousands of Americans file for Chapter 7 or Chapter 13 bankruptcy each year and find debt relief. Although Chapter 11 bankruptcy is typically reserved for large corporations, individuals may also file Chapter 11 in some circumstances. It may even be more beneficial depending on the

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What is Chapter 7 Discharge?

Chapter 7 bankruptcy is the most commonly filed type of bankruptcy in America. In fact, when people hear the term “bankruptcy,” they are usually thinking of a common Chapter 7 liquidation, during which a court-appointed trustee collects a debtor’s nonexempt assets, such as vacation or second homes, a new vehicle, investments or valuable artwork, and

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Do Tax Returns and Refunds Change After Bankruptcy?

When you’re already struggling financially, it may feel like rubbing salt in the wound to have the government demand additional tax forms or to have your trustee take your tax refund away. However, bankruptcy does not exempt you from filing your taxes, nor does it guarantee that you will be able to spend your tax

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The Pros and Cons of Filing Chapter 13 Bankruptcy

While bankruptcy carries a social stigma, it can be one of the smartest financial decisions a person can make. Although many people still carry the misguided notion that debtors are lazy or foolish with their money, more often than not, a bankrupt person’s financial situation was simply outside of their control. Evidence suggests most personal

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Bankruptcy Myths Resolved

Filing for bankruptcy is never an easy decision. People often feel as if there’s an implication of financial irresponsibility attached to anyone who utilizes the bankruptcy process, or that the people who go through bankruptcy are trying to take advantage of the system and escape their obligations. These common misconceptions, unfortunately, cause many people who

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What Can Chapter 11 Business Bankruptcy Do for Business Owners?

While no one ever wants to file for bankruptcy, it’s important people know what their options are so they can make the best choice in unfortunate circumstances should they arise. This is especially true when it comes to small business owners, where their business is likely their livelihood. When small businesses experience financial crisis, Chapter

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Getting Back on Track After Bankruptcy

Filing for bankruptcy can be embarrassing and intimidating, especially when you think you’ll become a financial pariah when it’s all over. Don’t lose hope. There is life after bankruptcy and many Americans can achieve financial stability with just a few habit changes. If you’ve filed for bankruptcy recently, take these steps toward a brighter financial

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Credit Scores and Bankruptcy

Filing for bankruptcy is never an easy choice to make. Bankruptcy is a last resort to consider only when other options like debt management plans, settling or consolidation fail. Although it has its saving graces, bankruptcy can have detrimental effects on your purchasing power. One negative effect of declaring bankruptcy is a temporarily lower credit

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Things to Avoid If You’re Filing for Bankruptcy

There are several common mistakes people who are considering bankruptcy make before they file. Some are intentional in an attempt to lessen the negative repercussions on them and their lifestyle and others are just mistakes they don’t realize could cause issues with their bankruptcy proceedings. The following are some examples of actions you should avoid

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Should I File for Chapter 7 or Chapter 13 Bankruptcy?

Many people who are struggling with debt consider bankruptcy, but how do you know which type of bankruptcy to file? If you’re a consumer who is just beginning research on bankruptcy options, you can generally rest a bit easier knowing there are really only two types that are likely relevant to you. Chapter 7 and

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