Consequences of filing bankruptcy

Consequences of filing bankruptcy

Bankruptcy can help you discharge overwhelming debt, but it also impacts your credit, job, and personal relationships. Getting a mortgage after bankruptcy A bankruptcy shows on a credit report for 7 to 10 years from the date filed, depending on the type of bankruptcy....
When you shouldn’t file for bankruptcy

When you shouldn’t file for bankruptcy

Filing for bankruptcy shouldn’t be the first option considered when you’re faced with significant debts. Before filing, you’ll want to explore other options like debt consolidation or negotiation. Additionally, bankruptcy doesn’t solve all financial situations or...
Common Bankruptcy Fraud Examples

Common Bankruptcy Fraud Examples

The Federal Bureau of Investigation (FBI) estimates that 10 percent of all bankruptcy filings involve fraud. According to UScourts.gov 413,616 bankruptcies were filed in the U.S. in 2021. That means that over 40,000 cases were fraudulent. In discussing bankruptcy...
What Is a Bankruptcy Discharge and How Does It Operate?

What Is a Bankruptcy Discharge and How Does It Operate?

A primary reason individuals and businesses file for bankruptcy is to have their debts discharged or reorganized. Under a debt reorganization, such as a Chapter 11 or Chapter 13 Bankruptcy, the filer works with court representatives to restructure their debts into a...
What to Expect During the Bankruptcy Process

What to Expect During the Bankruptcy Process

Ironically, despite a bankruptcy filing being a life-changing event, the debtor had limited contact with the court, especially if represented by an attorney. In very rare instances will the debtor actually meet the judge, as all court interaction is through the...