One critical part of every bankruptcy is something known as the “automatic stay.” This legal order, while fairly obscure, is critical to people declaring bankruptcy, since it gives them the breathing room they need to sort out their finances. But what exactly is the automatic stay, and how can it help people suffering from severe financial distress?
The prospect of declaring bankruptcy is, for many people, frightening, and some people see it as a major failure. However, for many people, declaring bankruptcy, and especially Chapter 7 bankruptcy, can be an essential step to helping them get a fresh start on their financial futures. So what does it mean to get a Chapter 7 bankruptcy, and how could it potentially benefit you?
For some people, Chapter 13 bankruptcy, which is also known as a wage earner’s plan, can be an effective means of escaping severe financial distress. However, many people do not understand what a Chapter 13 bankruptcy entails, or what its benefits are. Here are five important facts you should know if you are considering declaring Chapter 13 bankruptcy:
In bankruptcy law, there is something known as the “automatic stay,” which is issued whenever someone declares bankruptcy. This stay is critical to helping people who are declaring bankruptcy from falling into further financial ruin. But what exactly is the automatic stay, and why is it so important in bankruptcy cases?
For many people suffering from financial distress, bankruptcy often represents a “low point” that they want to avoid at all costs. However, this fear and hesitancy often comes from misconceptions about bankruptcy that are surprisingly common among regular people. Here are five common misconceptions people have about bankruptcy:
Every year, hundreds of thousands of people across the United States file for bankruptcy, seeking the protection of the bankruptcy court. This “bankruptcy protection” is an essential component of the bankruptcy process, and is crucial for ensuring people going through bankruptcy are able to recover from their financial situations. But what exactly is bankruptcy protection, and how does it help people suffering from extreme financial distress?
The decision to declare bankruptcy is a very significant one, and is never taken lightly. And yet, every year more than 500,000 people declare bankruptcy across the United States. The reasons that people declare bankruptcy are varied, but tend to fall into a few broad groups. Here are five of the biggest reasons that people consider declaring bankruptcy:
Bankruptcy, for many, signals an absolute low point that they would prefer to avoid at any cost. Not only does it indicate financial trouble, with bankruptcy typically indicating a person has more debt than they can reasonably pay off, but many see it as a sign of personal failure. But for some people, it may offer a chance to restart their financial lives. Here are five ways declaring bankruptcy might be able to help you: Continue reading “Five Ways Bankruptcy Might Help You”