When you are under a mountain of debt, filing for bankruptcy may be the only viable option, as it can allow you a fresh new start in your financial life. However, it doesn’t hurt to have a little bit more know-how about bankruptcy before you considering filing for it....
Month: January 2020
How Filing for Chapter 7 Bankruptcy Can Prevent Car Repossession
If you are failing to keep up with the payments on your car loan, you risk the danger of the creditor repossessing your car. While filing for Chapter 7 bankruptcy may not automatically prevent car repossession, the stay period that comes with it can give you the...
5 Biggest Reasons Why so Many Chapter 13 Cases Fail
According to available data, only 33% of Chapter 13 bankruptcy cases result in a discharge. For comparison, nearly 96% of Chapter 7 cases succeed. There are many factors involved that result in such a striking failure rate for chapter 13 cases. We list down the 5...
6 Mistakes to Avoid Before Filing for Bankruptcy
1. Not Choosing the Right Chapter The most common consumer bankruptcies are Chapter 7 and Chapter 13. However, there is a considerable level of difference between the two. Chapter 7 liquidates your assets as a means to pay off your outstanding debt, while Chapter 13...