The means test is a financial assessment used to determine if you're eligible for Chapter 7 bankruptcy. The goal? To ensure that people who can afford to repay some of their debts don't use Chapter 7 bankruptcy to wipe out all their debts unfairly. This step generally...
Chapter 7 bankruptcy can be a viable option for small business owners who face overwhelming debt. However, it’s important to understand the long-term consequences before proceeding. Impact on personal credit Chapter 7 bankruptcy remains on personal credit reports for...
When debt becomes overwhelming, individuals and businesses can wonder which path to take to regain financial stability. Common options include filing for Chapter 7 bankruptcy and seeking debt settlement. While both promise debt relief, they differ in process, benefits...
Running a small business can be a dream come true. But sometimes, even the best dreams hit rough patches. Unexpected expenses, slow sales or a tough economy can leave a business buried in debt. If you are a small business owner facing financial hardship, Chapter 7...
Many individuals find themselves in financial binds at some point in their lives. These people may consider filing for bankruptcy to relieve their financial burdens and get a fresh start. However, navigating Chapter 7 bankruptcy can be a challenging process and can...
As economic landscapes evolve, the United States is seeing a surge in consumer bankruptcy filings. Several factors contribute to this upward trend, impacting individuals and families across the nation. Understanding the elements behind the increase in consumer...
One misconception surrounding chapter 7 liquidation bankruptcy is that it equals complete financial downfall. On the contrary, the primary purpose of chapter 7 is to provide a fresh start for individuals or businesses struggling with debt. It allows for the discharge...
Among the many financial challenges that individuals and families face, the inability to afford mortgage payments stands out as one of the leading causes of bankruptcy in the United States. Homeownership is a significant milestone for many. However, when mortgage...
Medical debt plagues countless Americans and often leads to financial distress and, in some cases, bankruptcy. The financial burden of health care expenses can be overwhelming. Many individuals and families find themselves in dire straits due to their inability to...
Overwhelming financial difficulties can be incredibly challenging to overcome. In certain cases, they can be near impossible to surpass without outside aid. Bankruptcy can provide relief from unmanageable debt. A common misconception that keeps many from using it is...
