Individuals who are facing foreclosure are often afraid of being homeless. people who can’t afford their monthly mortgage payments are in this situation due to financial hardship. Sometimes it can be due to a divorce, medical reason, or loss of employment. Individuals are often surprised when their bank refuses to accept their mortgage payments or …
Businesses that are impacted by the coronavirus pandemic may be wondering where they should turn. Small businesses make up a third of the U.S. economy and with the unforeseaable future small business owners may be thinking about filing bankruptcy to help them get out of debt. Below we will discuss the different chapters of personal bankruptcy that small business owners may be able to file to get out of debt. Business owners will need to think about whether or not they want to keep running their business or shut their business down.
Some individuals see this happen to them when they lose their job, get sick, or get divorced. Individuals should be aware of warning signs signaling they may need financial help.
If you are thinking about filing bankruptcy, you may think that you are the only one in this position. Thousands of individuals file bankruptcy every day to help them get back on a straight financial path. JC Penny, Pier 1 imports, and Toys R Us are only a few of the big companies that have used …
Individuals who are unable to pay their bills because of the Coronavirus pandemic may be stressed about the financial uncertainty people are facing. Individuals in this situation may benefit from doing some preliminary research to see what options they may have available now to ensure they are taking the right financial steps to get out …
The U.S. unemployment rate hit 14.7% in April, the highest rate since the Great Depression. According to different sources, 20.5 million jobs were wiped away in the worst loss on record. These staggering numbers show the U.S. economy may be shattered. Individuals who are part of this group and are in debt are asking “should …
Most individuals ask “what is bankruptcy?” Many believe that bankruptcy is used when individuals make bad financial decisions. Although, yes that may be true, bankruptcy, is also a tool to help individuals get out of debt and start over. There are many different reasons why individuals file bankruptcy.
With the coronavirus pandemic going on, many business owners may be wondering how their business debts can be eliminated in a Chapter 7 bankruptcy. If you own a business, have debt, and can’t pay, filing bankruptcy can help you eliminate your personal liability. Keep in mind, however, that even if you are not personally liable for the debts, in a Chapter 7 bankruptcy, your business will still be liable for the debt. This is because the business is a sole proprietorship.
Many individuals are unaware that a bankruptcy attorney can help you get a loan modification. A loan modification can stop a foreclosure, lower your monthly payments, and allow you to stop suffocating in debt.
If you are struggling to pay your bills, you may be experiencing an endless amount of collection calls from creditors. While creditors are allowed to call you to try and collect the debt owed to them, creditor harassment is not allowed by the Fair Debt Collection Practices Act (FDCPA). You may be wondering how can debt collection proceed if they can’t harass me? what laws must a creditor obey?
Knowing what to do if you have debt collectors calling you, can help you prepare for bankruptcy filings, lawsuits, etc. It is important to find out as much as you can so that you are ready if debt collectors start to harass you. This way you are better prepared to fight your rights and hold creditors responsible for their unlawful practices.