Millennials catch a lot of flak for their avocado toast and selfie-obsessed culture, but you may want to cut them so slack. Millennials are more financially behind than any generation that came before them, causing them to delay life milestones and even rely on their...
Bankruptcy is a legal proceeding designed to help people eliminate or reorganize insurmountable debt. But while bankruptcy provides many with the clean slate they need to get back on track, it isn’t without consequences. Bankruptcy can impact your credit score more...
It has long frustrated many, including personal finance guru Suze Orman, why someone can use bankruptcy to eliminate debt racked up on cars, clothes, travel and other nonessentials, yet student loan debt is pretty much stuck to you for life. Individuals have received...
For individuals and some businesses, chapter 7 bankruptcy may be their best option for a fresh start. Referred to as the “liquidation” bankruptcy type, chapter 7 involves the debtor giving up significant assets. These assets are then distributed and sold and the money...
Most people in the U.S. are living with some type of debt looming over them. In 2016, American household debt, including mortgages, home equity loans, credit cards, student loans and auto loans, reached a staggering $12.58 trillion. The average household alone carries...
Bankruptcy can get a bad reputation. When people hear of someone they know filing for bankruptcy, some people assume that money mismanagement is the root cause. However, many fall into financial despair due to circumstances beyond their control. Whether it be divorce,...
The first half of 2020 has brought a one-two punch to many small business owners in Maryland, along with many other American families and businesses throughout the region and nationwide. First, the COVID-19 virus pandemic, which was defined as such in early March,...
Before a person can declare bankruptcy, they must participate in credit counseling. This financial advice helps people understand their budgets and pursue alternative solutions. Credit counseling helps people avoid bankruptcy, which should remain a last resort for...
People are often reluctant to file for bankruptcy because they are concerned about the impact it will have on their credit score. However, you are already taking a hit to your credit if you’ve fallen behind on your bills. Avoiding available debt relief options may...
When you’re struggling with debt, creditor harassment can only make things worse. Fortunately, when you file for bankruptcy protection, a provision called the “automatic stay” kicks in. The automatic stay effectively ends any actions taken against you by creditors and...
