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Posts tagged "Chapter 7"

Why Chapter 7 bankruptcy is so popular

There are many different ways to file for bankruptcy. The routes for doing so are called bankruptcy "chapters." The most beneficial bankruptcy chapter for you will depend on your individual circumstances. If you are a private individual filing for bankruptcy as opposed to a business, you will generally have two possible routes to bankruptcy: Chapter 7 and Chapter 13.

Can Chapter 7 bankruptcy help those with a shopping addiction?

Many people have problems with compulsive shopping. Casually termed as "retail therapy", it's common for light-hearted jokes to be made about those who love to shop and have more clothes than they can wear. However, those with a shopping addiction can find themselves in a dark place emotionally, especially when their compulsive shopping is negatively affecting their finances and their relationship.

Filing for bankruptcy when unemployed

Many people across the United States have a significant amount of debt. While this is never a good situation to be in, it is nothing to be ashamed of. It's common for those who live from paycheck to paycheck to accumulate significant amounts of debt through the use of credit cards. It may be possible to keep up with credit card minimum payments when you have a steady job, but if you suddenly become unemployed and have no savings, you may find yourself in a complicated financial situation very quickly.

Will I be eligible to file for Chapter 7 bankruptcy?

In difficult financial times, filing for bankruptcy can be a great way to get a fresh financial start and be free from the burden of debt. One of the most popular bankruptcy chapters is Chapter 7. It's a preferred choice for many debtors because it enables them to quickly liquidate assets to pay off debts. In the majority of cases, these debtors will also benefit from a debt discharge, which means that they will be completely free of debt at the end of the process.

What exactly is a loan modification?

Individuals who are having difficulty paying their mortgage often think that they have no options but to let their home go. This isn't the case though. The process that lenders have to go through to foreclose on your home is quite expensive and involved. This often motivates them to want to try to work with you to help you stay in your home. A loan modification may be an ideal option for you to pursue to get back on track with making timely mortgage payments once again.

Tackle credit card debts with Chapter 7 bankruptcy

Chapter 7 bankruptcy is perhaps the most common form of bankruptcy because it makes it possible for a person in debt to gain a fresh financial start. Over the holiday period, many people rely solely on their credit cards to make purchases, and as a result, they can find themselves in huge amounts of debt in the new year. Filing for Chapter 7 bankruptcy can quickly clear these debts in many cases.

Could Chapter 7 bankruptcy change your life?

The financial demands of having a family can mean that you spend more money each month than what you earn. Many people find that they lose track of what they are spending because of their use of credit cards and loans to fund their lifestyle. When they finally sit down to calculate the extent of their debts, they are often very surprised.

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