bankruptcy blog

Did you know that Americans currently owe nearly $14-trillion in debt? While we can agree that not all debt is bad debt, such as mortgages – which is one marker of the sign of the health of the economy—we can all agree that too much personal debts from credit cards and the like is a  … Read more

As this challenging year draws to a close, millions of families are finding themselves out of work and in growing debt. The financial burden for most American’s spreads like wildfire in uncertain times of today when the choices between feeding the family or other living essentials. Unemployment also brings additional financial burdens to families as  … Read more

An estimate by the Federal Reserve Bank of  New York, reports a large percentage of the population is deemed as “financially solvent”. Financial insolvency, otherwise known as “being broke”, means one owes more in debt than has in valued assets. The FRBNY estimates nearly 15% of the population is considered financially insolvent. As the economy  … Read more

Chapter 7 bankruptcy is the most popular type of personal bankruptcy. It discharges the most debt without repayment and takes the least amount of time. If you choose between Chapter 7 and Chapter 13, it is usually the better option to choose Chapter 7. Basic Process The first thing to do when you are going  … Read more

During our current economic crisis, retail and restaurants are going out of business in record numbers. For large complex businesses, Chapter 11 bankruptcy will oversee the procedures and reorganization of the company’s debt. These corporations seek the court’s protection while working out a plan to pay their debts and resume business.  When a company has  … Read more

Filing for bankruptcy can prevent foreclosure, car repossession, or other forms of property loss, which may be vital for the family. When you file your paperwork with the court, an automatic stay goes into effect, stopping all actions against you from collecting on a debt. Bankruptcy can help to stop Foreclosure If you would like  … Read more