Can My Credit Card Company Cut My Credit Limit Without Notice?
A reader is mad because it’s happened to her – and she’s never been late with a payment.
Howard Dvorkin
4 minute read
Filing for Bankruptcy
Decide if it’s time to file, so you can make a clean break from debt.
CALL US NOW(800)-810-0989Compare Bankruptcy Options
Filing for bankruptcy can feel like you’re admitting defeat. But there are many cases where deciding to file really is your best option – and putting it off will just lead to more damage to your credit score and a deeper hole to dig out of once you finally decide to file. Bankruptcy can help save your home from foreclosure, and help you get out of crushing credit card or medical debt. And despite what you may have heard, you may even be able to discharge student loans in certain situations. But you need the right team of experts to ensure your bankruptcy filing delivers the best possible outcome for your finances.
[On-screen text] Bankruptcy Solution Center
Hello and welcome to Debt.com’s Bankruptcy Solution Center. Filing for bankruptcy isn’t necessarily a bad final decision. In fact, many times it’s the best way to overcome current financial challenges to get a fresh start. Here you’ll find information on Chapter 7, Chapter 13, and Chapter 11 bankruptcy.
We are A-plus rated by the Better Business Bureau and have helped thousands of people become financially stable and find solutions tailored to their unique situations. To get started, simply complete our form or call us to begin your journey to open a new financial chapter in your life.
Don’t struggle any longer. Give us a call. When life happens, we’re here for you.
[On-screen text] 844-402-3574
WANT TO KNOW IF YOU SHOULD FILE FOR BANKRUPTCY?
Talk to a certified pre-bankruptcy counselor now to evaluate your debts, credit, and budget to see if filing for bankruptcy really is the right choice in your situation.
Types of Personal Bankruptcy.
No one wants to wind up in bankruptcy, but in some cases, it is the only option to get a fresh start – here are the basics.
First, there are two types of personal bankruptcy. Chapter 7 bankruptcy is where your non-exempt assets are liquidated to pay-off as much debt as possible and then the remaining balances are written off. Most often, your home, vehicles, and retirement accounts are exempt.
With a Chapter 13 bankruptcy, a judge will assess your situation and designate a trustee to establish a payment schedule to pay-off your debts. This chapter is normally used for people who are behind on their mortgage payments, back taxes or who have child support issues.
You will make payments every month until the debts are satisfied according to the court-approved repayment plan.
Once the payments are complete, any remaining balances are written off. Every filing requires a means test.
A means test is where your income level is compared to the median income in your state. This determines if you qualify to file and what type of bankruptcy you can elect. You’ll be required to go through financial counseling to receive a certificate before you file.
Chapter 13 bankruptcy can be a better option than Chapter 7 bankruptcy if you have assets that you want to protect. Filing for bankruptcy can stop the foreclosure process if the bank is trying to take your home.
A chapter 13 bankruptcy will stay on your credit report for 7 years. And a chapter 7 bankruptcy will stay on your report up to 10 years.
Having these negative marks on your credit report may make it difficult to qualify for loans and new lines of credit for a period of time, but it’s not impossible and you can take steps to rebuild your credit again.
To get started, simply fill out our form or better yet, call us now, and we’ll match you with the best solution for your situation. We are A- plus rated by the better business bureau and have helped thousands of people become financially stable.
So, don’t struggle any longer, give us a call. When life happens, we’re here for you.
Should You File for Chapter 7 or Chapter 13 Bankruptcy?
There are two types of personal bankruptcy filings – Chapter 7 and Chapter 13. Choosing the right filing option is crucial. It can affect your assets and how fast you get out of bankruptcy, so you can get your fresh start. Learn the differences between the two main types of personal bankruptcy, so you can choose the right filing option for your needs. This video also explains how the means test can affect your filing and determine if you’re eligible to file for Chapter 7, so you know what to expect once you file.
Learn MoreMapping Personal Bankruptcy in the U.S.
There are over 750,000 bankruptcy filings in the U.S. every year, and over 61% of those are fast-exit Chapter 7 filings. That means over 450,000 Americans are getting a fresh start in about six months or less each year by making the decision to file. This map also shows how many residents have filed for bankruptcy and the percentage of Chapter 7 versus Chapter 13 filings in each state. This can help set your expectations for what you can expect once you make the decision to file.
More Statistics
DON’T WAIT TO GET THE FRESH START YOU NEED
Debt.com makes it easy to decide if it’s time to file. Talk to a certified bankruptcy counselor to weigh your options and see if it’s time to start the filing process.
How-To Guides for Recovering from Bankruptcy
In almost any case, you want to get a bankruptcy attorney when you file. Your bankruptcy lawyer will know every step you need to take to file successfully. That means you can focus on taking the right steps once you receive final discharge. These how-to guides can help you make effective plans to secure new financing after a bankruptcy discharge. You don’t need to wait seven years to move forward with your life.
DECIDING TO FILE
Deciding to file for bankruptcy isn’t an easy decision for most people. Personal feelings of failure, embarrassment and defeat can get in the way of making the right decision for your money. But bankruptcy isn’t an end. It’s often the best choice for solving your current problems with debt, so you can turn the page and start a new chapter for your finances.
UNDERSTANDING BANKRUPTCY
Once you decide to file for bankruptcy, you want to know exactly what you need to expect. This can give you peace of mind as your filing works its way through bankruptcy court, which can help reduce the stress of declaring bankruptcy.
FIXING YOUR CREDIT AFTER BANKRUPTCY
Once you get final discharge, you’ll be ready to start rebuilding your credit, so you can get your fresh financial start. Recovering from bankruptcy doesn’t have to take years and you don’t need to wait for the credit penalties to expire. There are key steps you can take directly after discharge that can help you recover faster, so you can get any new financing you need without a hassle.
KEY CONCERNS AND QUESTIONS
Every financial situation is different, but there are certain situations that require special considerations if you decide to file for bankruptcy. These are some of the most common special concerns when it comes to filing. If you still have bankruptcy questions, hit the Ask Our Experts button below to ask Debt.com’s panel of certified bankruptcy experts and attorneys.
READY TO FILE?
Talk to a debt resolution specialist now for a free evaluation, to make sure bankruptcy is your best option and get on the road to recovery today.
Have Questions about Bankruptcy?
Debt.com’s panel of financial experts answer questions from consumers about bankruptcy. Learn when you should file Chapter 7 versus Chapter 13, what filing means foreclosure and collections, and how to recover quickly once the court discharges your debt. Here are some of our most popular questions about bankruptcy
Can a Business Legally Refuse to Take My Cash?
A reader walked out of a store that took credit cards only. Can he sue them?
Howard Dvorkin
4 minute read
What’s the Best Strategy to Cancel a Credit Card?
Canceling a credit card may negatively affect your score. Learn how to cancel a credit card to minimize the damage and how to decide which card to close.
Laura Adams, Quick and Dirty Tips
5 minute read
Are Store Credit Cards Really a Good Idea?
A reader wants to know if having 12 of them is helping or hurting her.
Howard Dvorkin
8 minute read
What Should I Do If I Made a Mistake While Disputing Charge-Offs?
A reader wonders what to do after accidentally reporting a charge-off as ID theft.
Ashley Davison
9 minute read
Should I consolidate my credit card debt?
Debt consolidation loans don’t always work, especially if you run up new credit card balances too quickly. Know the right time to consolidate your credit.
Howard Dvorkin
5 minute read
Why are TransUnion and Equifax Scores so Different?
Credit reports from different reporting agencies don’t always match. In some cases, those discrepancies can have a big impact on your score.
Laura Adams, Quick and Dirty Tips
10 minute read
What Happens When You Are Sued by a Creditor – and Can’t Afford It?
Two readers struggle with getting sued by creditors because of their debt. Can it happen, and if it does, what should they do?
Debt.com
10 minute read
Latest News about Bankruptcy
SCRA Bankruptcy Protections for Service Members and Veterans
Military Service Members and Veterans have some special considerations and protections that come into play when filing for personal bankruptcy. Learn how the SCRA protects you and what you need to discuss with your attorney as you decide to file.
Debt.com
5 minute read
Making the Decision to File for Personal Bankruptcy
Nine experts weigh in on filing for personal bankruptcy. Learn when it’s time to file, how to decide what Chapter to file and if the stigma traditionally associated is deserved.
Debt.com
8 minute read
Big (but Confusing) News About Private Student Loans and Bankruptcy
A recent court case might make it easier to get rid of your private student loans.
Michael Koretzky
8 minute read
Chapter 12 Bankruptcy
Family farmers and fishermen can find relief from their business debt with this form of reorganization bankruptcy, as long as they meet the requirements.
Kira Rosemarie
3 minute read
10 Things to Know Before You File Bankruptcy
Before filing, make sure you know how bankruptcy can affect the next chapter of your life.
Deb Hipp
8 minute read
Don’t Stumble on These Crucial Steps to Filing Bankruptcy
It pays to know all the steps to bankruptcy before you file.
Deb Hipp
8 minute read
Ways to Build Credit After Filing Bankruptcy
Filing bankruptcy doesn’t have to hold you back from rebuilding your credit.
Deb Hipp
5 minute read
How to Deal with Credit Card Debt in Bankruptcy
Most credit card debt can be discharged during a Chapter 7 or Chapter 13 bankruptcy filing, but there are some things you need to know to avoid issues in court.
Debt.com
8 minute read
DISCLAIMER: Debt.com does not provide bankruptcy services, but, upon request, acts as a legal referral service for attorneys who may be able to assist you. It is ultimately up to you to determine whether the attorneys or law firms that we may introduce you to are appropriate for your situation. Nothing on this site should be taken as legal advice for any individual case or situation. This information is not intended to create, and receipt of viewing does not constitute an attorney-client relationship.
See additional Advertising Disclosures