The bankruptcy process can be challenging, especially if you’re self-employed. Proof of income is one of the major factors in a bankruptcy case. When you’re not getting a paycheck from an employer, this presents unique issues; self-employed individuals, sole proprietors, and independent contractors don’t always have paystubs that immediately verify their income. Self-employed workers, just […]
Studies show about two-thirds of people who file for bankruptcy do so to manage debt from medical bills. Chapter 13 bankruptcy is one option that may reduce the amount you owe and make it easier to pay. In general, bankruptcy doesn’t prioritize medical bills. They’re considered general unsecured debts similar to credit cards, while overdue […]
If you’re considering cashing out your retirement savings to pay off debt, or worried that filing for bankruptcy will affect your 401(k), here is some information that can help you rest easy. Your 401(k) is usually protected. You won’t lose the funds in your account because of bankruptcy because federal law protects such accounts from […]
The COVID-19 outbreak has led to economic difficulties that have affected many small business owners. As a result, many have turned to small business bankruptcy. If you are one of them, there are a couple of options to consider during this challenging time. Continue reading to learn more. Chapter 11 Bankruptcy If you want to […]
When it comes to bankruptcy proceedings, most people don’t ever set foot in a courtroom, and have very little, if any, contact with a judge. Typically, when you file for bankruptcy, you have to fill out detailed paperwork, meet with a bankruptcy attorney, and make a one-time appearance at a ‘341 hearing’, otherwise known as […]
When an employer, lender, or landlord reviews applications for new hires, bank loans, or housing, more often than not they will conduct a thorough background check. Background checks are generally used to verify your identity, but they also reveal other vital information about your past, including criminal history, work history, education, past evictions or foreclosures, […]
While Chapter 7 bankruptcy will allow filers to erase qualifying debt, nondischargeable debts can’t be eliminated by filing for bankruptcy. Qualifying debts include past-due credit card balances, unpaid medical bills, and personal loans, amongst others. The U.S. bankruptcy code won’t forgive debts like student loans, income tax debt, or legal fines. Those are considered nondischargeable […]
With the economy arguably in a slump and unemployment at an all-time high, Americans are having to make adjustments to their financial plan to see them through these uncertain times. CNBC reports that over 40% of Americans are unable to afford an unexpected event or emergency that exceeds $1,000. Those statistics should make everyone take […]
If you’ve been considering bankruptcy, but the coronavirus pandemic has delayed your decision, here are some steps you can take now. The #QuarantineLife is first starting to end as U.S. businesses begin to open up. States are lifting COVID-19 restrictions at different paces. Even if you haven’t gotten out of quarantine yet, your state is […]
Even before the coronavirus pandemic, economists were warning of a possible recession in 2020. Trade issues with China, economic declines in other regions, flat global industrial production, and increasing personal debt are just some factors that have been stressing the U.S. economy. The longest economic expansion in history appears to have ended, with 10 million […]
