bankruptcy and the recovery after

About Me
bankruptcy and the recovery after

Credit issues can arise more quickly than you might ever think. Within two years, my credit went from outstanding to outrageous and it all happened quickly. One day, I went into work like I normally did to find out that the plant was closing down and that many of the employees were let go immediately. I had no way to pay the bills that I owed each month. My only option after months of searching for work was to file for bankruptcy. This blog will tell you about the bankruptcy process and how to recover after it is all said and done.

Archive

3 Big Questions About Bankruptcy

26 February 2021
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Bankruptcy law can seem intimidating, especially if you've never dealt with it before. Unsurprisingly, it's normal for people to have questions for a bankruptcy attorney services provider. Let's look at three of the biggest ideas folks filing for bankruptcy should try to understand. Who Can File? In the strictest sense, anyone can file for bankruptcy. However, the court has a quick process for rejecting cases that don't meet certain criteria. Fortunately, the requirements for bankruptcy are. Read More …

What Does Liquidating Assets in Chapter 7 Bankruptcy Entail?

30 June 2020
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When someone petitions for relief under Chapter 7 bankruptcy law, the process leads to what is commonly referred to as liquidation. This is the conversion of assets into cash. If you're pursuing a Chapter 7 filing, it's a good idea to understand what liquidating assets will entail. Appointment of a Trustee Assuming your petition for bankruptcy is granted, the judge will appoint a trustee. This person is typically an attorney with a background in bankruptcy, an accountant, or an auditor. Read More …

Bankruptcy: Three Key Benefits

14 June 2019
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No matter how difficult your financial situation is, you probably want to avoid bankruptcy because it will damage your credit. But there is also a positive side to bankruptcy that anyone in dire financial straits needs to consider. Even though your credit rating will take a major hit, bankruptcy can also help you in several crucial ways. The following article takes a look at this important topic. Automatic Stay If you are at the point where you are considering filing for bankruptcy, then it's virtually certain that you are deeply in debt and very likely that your creditors are pressing you for payment. Read More …

Can Your Credit Score Go Up After A Bankruptcy?

26 February 2019
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One thing people are often surprised by is that they see their credit score go up immediately following a bankruptcy. If you're hesitant to file bankruptcy because you're worried about your credit score, you shouldn't be — though it's not as simple as being an "immediate fix." Here's what you need to know about how bankruptcy impacts your credit score. Why Your Credit Score Might Go Up After Bankruptcy In the lead-up to bankruptcy, it's likely that you'll stop paying many of your bills. Read More …

Know The Language Of Bankruptcy

9 January 2019
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If you are considering a bankruptcy filing, it might be helpful to understand some of the usual terms. For those about to file, the below terms are commonly used to describe some of the more important aspects of bankruptcy. Read on and find out what it means when you hear and see these terms. 1. Credit Counseling – This term can apply to the two required bankruptcy educational classes you must complete. Read More …