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Most filings for bankruptcy are due to financial hardship, like unexpected major expenses, not because of unchecked spending. Here are the four most common reasons why people file for bankruptcy. Medical debt Medical expenses can quickly add up and overwhelm a...

Bankruptcy makes sense for people and businesses who have significantly more debt than money and who don’t anticipate the situation changing in the near future. Additionally, sometimes people will file for bankruptcy when they need to restructure the terms of their...

There are six types of bankruptcy that address different situations and needs. These include: Chapter 7 Chapter 7 is the most common form of bankruptcy for individuals. It’s sometimes also referred to as liquidation or straight bankruptcy. Chapter 7 bankruptcy helps...

Here are the five steps for filing bankruptcy. 1. Compile all of your financial records Before filing for bankruptcy, you’ll want to gather all your financial records, including your debts, assets, income, and expenses. This information will give you, anyone assisting...

If you have assessed your financial situation and determined that the only option for managing your debt is to pursue bankruptcy, there are two primary ways to file. The first is to hire a qualified attorney that can guide you through the process. The second is to...

People tend to think of bankruptcy as a financial matter. Bankruptcy is more accurately described as a legal proceeding involving money. It is a legal resource intended to be used when a person or business has exhausted all other options and is unable to repay...