Recent Articles in Bankruptcy
If you dread the idea of filling out a few B-309 forms, perhaps some perspective can help soften the blow. History is laden with famous bankruptcy filers. While they all have celeb status or history on their side with their own unique stories, they have one thing in common: They all rode the tailwinds of their financial success only to find misfortune at some point in their careers.
Bankruptcy is not the end of the line and does not spell eternal financial doom for filers. Both our research and our experience with former bankruptcy filers show that recovery from bankruptcy comes in all shapes, sizes, and speeds.
Let’s take a look at what life may be like after filing for personal bankruptcy?
Each chapter of bankruptcy has a specific reason for existing, along with a set structure to address an individual or business’s debt and how to proceed moving forward. It’s important to understand the differences between each chapter so that you can make informed decisions that will give you the knowledge and ability you need to successfully navigate your bankruptcy, with or without the aid of an attorney.
Bankruptcy is like a divorce from your debt. You will feel freedom and relief after letting go of the weight of an unmanageable debt load, but it hits like a wrecking ball on your credit score. Even though bankruptcy will stay on your credit for several years, you can work on repairing your credit and avoid doing anything to damage it while those years pass. Follow these steps to build and repair your credit during and after your bankruptcy filing.
From its terminology to its portrayal in popular culture, bankruptcy presents a confusing picture of how its processes work and how filers go about actually getting protection for their assets. You hear the term, “Declare bankruptcy,” but where do you declare it, and how do you declare it?
The first part of our four-part series titled Bankruptcy in America examines why people file for bankruptcy. We review some of the most famous bankruptcy filers and emphasize that bankruptcy can indeed happen to anyone. We also take a look at the numbers of bankruptcy filers, as well as the variety of reasons why they chose bankruptcy as a solution to their financial situation.
Money Fit by DRS Inc. is publishing a four-part series to explain the bankruptcy process in great detail. Our intention is to create a guide for individuals looking to understand the bankruptcy process so they can make informed decisions on whether this is an alternative to dealing with their debt that they should explore further.
The unexpected, devastating, and far-reaching economic effects of COVID will remain with our country and the world for years. Individuals may even feel the consequences for the rest of their lives. In many cases, individuals and households will turn to personal bankruptcy in order to protect their assets from creditors.