Monthly Archives: February 2024
How Does Non-Bankruptcy Debt Negotiation Work?
Non-bankruptcy debt negotiation could significantly decrease household debt. Nationwide, this figure has continually increased in recent years, all the way to over $17 trillion by the end of 2023. Therefore, most families can barely pay monthly bills. An unexpected expense, like a medical bill or family emergency expense, could mean financial disaster. Usually, bankruptcy… Read More »
Is Chapter 7 Better Than Chapter 13?
In most cases, yes. The long and difficult Chapter 13 process usually takes at least five years to complete. In contrast, judges usually issue Chapter 7 discharge orders in less than nine months. Therefore, these debtors quickly put their financial problems behind them and move on with their lives. Furthermore, as outlined below, Chapter… Read More »
How Does Bankruptcy Protect My Car?
More people than ever use bankruptcy to protect their motor vehicles. High loan interest rates and high inflation have propelled auto loan delinquency rates to near historic highs. Bankruptcy’s Automatic Stay is like a force field that surrounds your car and keeps the repo man away, regardless of the amount of delinquency. Section 362… Read More »
Bouncing Back From a Chapter 7 Bankruptcy
By the book, bouncing back from a Chapter 7 bankruptcy is a ten-year process. Usually, a Chapter 7 filing notation remains on a credit record for a decade. However, in most cases, the rebound process begins almost immediately after people file their voluntary petitions. We stress the “voluntary” nature of a Chapter 7 bankruptcy…. Read More »