As a general rule of thumb, it is not a good idea to transfer assets or make big purchases right before you file for bankruptcy. However, sometimes a person facing bankruptcy has no choice but to purchase a vehicle right before filing. Remember,
Read MoreMultiple studies over the last ten years have shown that medical debt is the leading reason that individuals file for bankruptcy. If someone is injured in a car accident, he or she may have to take time off work, and if that person had been barely scraping by, a week or two of lost wages can
Read MoreLet’s say your financial life is a mess. Your income doesn’t cover your bills, you don’t answer the phone because the bill collectors are screaming at you 24/7, you’re afraid to leave the house because
Read MoreThere are situations when filing a Chapter 13 bankruptcy can help a homeowner save their house from foreclosure. When a debtor files the petition for bankruptcy relief, the automatic stay kicks in, preventing creditors from collecting any debts from the debtor. (Please see our section on the Automatic Stay for more information). During the lifetime of the bankruptcy, the Automatic Stay will prevent the bank from initiating or proceeding with a foreclosure. This gives the debtor an opportunity to pay back the money owed against the mortgage.
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