In an age when society is hooked on everything DIY, we are trained to find ways to do things without needing assistance or services from another party. The proliferation of YouTube videos about a range of topics from cooking to construction makes us think we can accomplish great feats with just a little guidance. However, thinking this way can sometimes cause a multitude of problems, especially where bankruptcy is concerned. [Read more…]
The Bankruptcy Filing Process: What to Expect
You have put every penny you can spare toward your bills, yet nothing seems to pull you out of your debt dilemma. At this point, it may be worth considering one final option: filing for personal bankruptcy. As traumatic as this may seem, it enables many debtors to turn the corner and set themselves on a new (if lengthy) course toward a healthier financial future. The complexities of filing for bankruptcy can add an extra layer of intimidation to the process, but you should not let that deter you from doing what you need to do. To help you put your fears aside to focus on your debt-relief objectives, here’s a basic overview of what you can expect from the bankruptcy filing process.
How do payday loans and bankruptcy mix? If you are struggling with payday loans, you may be able to find some relief by filing bankruptcy. Payday loans are unsecured loans obtained through a variety of sources. Individuals often reach towards these loans for a fast and seemingly easy way to get funds, but interest rates are very high, and the repayment is quite difficult. Many are forced to take increasingly larger payday loans out to repay their existing loans. This cycle is financially debilitating, but bankruptcy may offer some an option. [Read more…]
For individuals with student debt and bankruptcy needs, it’s important to know that, while it is hard to do, it is not impossible to have your debts discharged through bankruptcy. In many situations, bankruptcy is not available as a way of discharging student loans. In order for this to happen, you will need to show proof that the debt will impose some level of undue hardship on you and your dependents, as the Bankruptcy Code states. How can you do this? [Read more…]
If you’re feeling overwhelmed with debt, you might be considering a debt consolidation loan – after all, the idea of rolling all those maxed-out credit card bills, massive student loans, car payments, and other financial liabilities into a single payment seems pretty appealing, right? Let’s discuss whether debt consolidation or bankruptcy is your best option. [Read more…]