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Are you in debt and unable to afford even the minimum payments? It may be time to stop fighting the inevitable and file for bankruptcy. It may feel like you’re quitting, but in truth, filing for bankruptcy can be the first step to a new financial beginning. Table of Contents You may have been pondering […]
Realizing that you cannot pay off credit card debt can be gut-wrenching. Minimum payments go mostly towards covering accrued monthly interest charges, while the principal barely gets touched. You have no extra disposable income and have no way of getting ahead in payments. Bankruptcy can be a way to regain control of your personal finances […]
Chapter 11 bankruptcy is also known as “reorganization bankruptcy.” It can also be called “business bankruptcy” because it’s primarily meant for businesses, including small businesses, sole proprietorships and partnerships. However, it can also be used by individuals whose assets are too big to qualify for Chapter 7 or Chapter 13. Table of Contents Chapter 11 […]
A common fear in filing for bankruptcy is that you will lose everything in exchange for discharging your debt. However, the reality is that even with Chapter 7, where assets get liquidated, very few filers end up losing anything. In fact, only about 4% of people who file end up losing assets. That’s thanks to federal […]
Despite the pandemic leading to record unemployment last year, Americans managed to pay off record amounts of credit card debt, largely thanks to two rounds of stimulus. What’s more, the federal government leaned on credit card companies to be flexible, asking them to extend deferment options, where customers could reduce or pause payments completely. However, […]
If you suddenly need cash, you can typically use your credit card in any ATM to get some money. But it is a costly process. While this is often called a “cash advance,” in reality, it is an expensive loan from your credit card company. Only use cash advances for emergencies and never use credit […]
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These proven strategies can help you get back on track if you’re ready to take the next step.
Getting out of debt isn’t easy, but will bring you many forms of relief.