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Bankruptcy

Recent Posts in Bankruptcy Category

  • When Should I File for Bankruptcy?

    Bankruptcy is for people who have fallen into severe debt. It essentially clears people of their responsibility to pay off this debt, legally protecting them from creditors. It is, however, not the only option. Bankruptcy should always be seen as a last resort. This article is for those who are unsure about whether they should go through with bankruptcy. It provides telltale signs that it’s time ...
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  • Bankruptcy in America: How COVID-19 Has Impacted Personal and Commercial Bankruptcies

    COVID-19 has affected almost every industry in the United States economy. Stay-at-home orders slowed or halted normal business operations and many business owners had to pivot to continue to run their companies. Unemployment hit historic levels and that appeared to be just the beginning. Commercial bankruptcy filings in 2020 were higher than they were during the same period in 2019; however, the ...
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  • What Not to Do Before Filing for Bankruptcy

    Filing for bankruptcy can help steer you down the right financial path. While it is a difficult decision, doing so can help you take control of your financial future. If you recently made this decision, you should know that many of the steps you take, or do not take, during this time will have a considerable impact on the success of your bankruptcy case. Today, we compiled a list of the so-called ...
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  • How Bankruptcy Can Impact Your Estate Plan

    Every year, hundreds of thousands of people across the US file for bankruptcy. In 2019, 772,646 Americans filed for bankruptcy. While most people who file for bankruptcy understand it can significantly impact their lives, many don't expect it to affect their estate plans. If you're considering filing for bankruptcy, knowing how it will influence your estate plan can allow you to preserve your ...
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  • Are U.S. Companies Taking Advantage of Bankruptcy Law?

    Recently, a lot of high-profile U.S. organizations and companies seem to be surviving imminent financial ruin by filing for bankruptcy. In February, the Boy Scouts of America filed for Chapter 11 after being hit with hundreds of sexual abuse lawsuits. And last fall, Purdue Pharma filed for bankruptcy after being ordered to pay a $12 billion settlement for their role in the opioid epidemic. Other ...
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  • How Bankruptcy Impacts Family Law Agreements and Orders

    Bankruptcy proceedings are one of the most significant areas of law that crosses over to family law . When someone files a bankruptcy petition, they essentially pause all movement regarding their financial obligations, including orders involving the division of property at divorce and family support obligations. Because much of the issues in family law cases involve payment obligations between ...
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  • Which Type of Bankruptcy is Right for Me?

    Bankruptcy offers solutions to financial stress, but there are different paths that you can take. Both Chapter 7 bankruptcy and Chapter 13 bankruptcy might offer solutions to help get you back on your feet, but which one is right for you? Chapter 7 Chapter 7 bankruptcy, also known as liquidation, allows a debtor to get rid of most of their debts and start over with a clean slate. A debtor must ...
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  • How Long Will a Bankruptcy Remain on My Credit Report?

    Escalating job losses, declining home values and weakening consumer confidence pushed over a million of individuals into bankruptcy in 2008—during the midst of the Great Depression. While filings have declined since then—with fewer than 775,000 people filing in courts last year—bankruptcy remains a word that strikes fear. However, after other options are considered, bankruptcy may be the only ...
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  • The Benefits of Filing for Bankruptcy

    Deciding whether or not to declare bankruptcy is without a doubt one of the most difficult things you’ll ever have to face. The emotional toll that it will take on your self-esteem and financial future is tough to wrap your mind around, but unforeseen live events can cause bankruptcy—and the truth is—it’s not all bad news. Benefits of Bankruptcy Bankruptcy is neither inherently bad or good, but it ...
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