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The U.S. Courts reported bankruptcy filings in the U.S. in 2022 totaled 380,634. In each case, creditors could bring their claims to the court to seek payment. This occurs at the 341 meeting. Understanding what transpires during this meeting is important for anyone...
In times of severe financial stress, you might find yourself considering various options to regain financial stability. One such option is filing for bankruptcy under Chapter 7, a legal process designed to eliminate most of your unsecured debts. But how does this...
When faced with impending bankruptcy, it is tempting to think that a final shopping spree on credit will have no consequences. After all, you are about to discharge the debt, right? Not so fast. The bankruptcy process is far from being a free pass for reckless...
A Chapter 7 bankruptcy can be a workable solution for a person going through financial hardship. The process allows an individual to discharge debts that they cannot realistically repay and get a way to start over. However, the law protects some individuals and...
If you have found yourself reaching for your credit cards more frequently, you certainly are in good company. In fact, according to Bankrate, the average American now has more than $5,000 in credit card debt. Still, it makes sense to keep close tabs on your credit...
If you have overwhelming debt, you may be struggling with impossible monthly bills as well as harassing phone calls from collection agencies. However, when you file for bankruptcy, the court automatically issues a “stay.” This automatic stay temporarily prevents...
If you have decided to petition for Chapter 7 or 13 bankruptcy protection, the so-called 341 meeting will be the first step on your journey to a better financial future. What is the purpose of the 341 meeting and what can you expect to happen? A little background The...
Like many Americans, you may consider bankruptcy an absolute last-resort option, even if you are facing overwhelming debt. Worried about losing your house, your vehicle and other property that you value personally, you may wonder if a debt relief company might be the...
When Congress altered the bankruptcy laws in the early 2000s, it changed eligibility to file for Chapter 7. Now, you must undergo a means test to ensure you meet income limitations for filing. If you fail the means test, you will not be able to file Chapter 7. The...
A bankruptcy may clear your debts and give you a clean slate, but in doing so, it also puts a black mark on your credit. Your credit score will take a hit. Your next step after the bankruptcy discharge is to begin rebuilding your credit. Boosting your credit score can...