Individuals who find themselves over their heads with debt may find that Chapter 7 bankruptcy is one way to handle their money issues; however, before the process can begin, they must pass a means test. Credit Karma notes that this test measures whether someone...
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Looking at the benefits and disadvantages of an automatic stay
Perhaps you are dealing with nonstop harassment from creditors seeking payments from you and you want this situation to end. If you have decided to declare bankruptcy, keep in mind that as soon as you file, you release the power of the automatic stay. However, along...
How can you restore your financial reserve after bankruptcy?
Bankruptcy can help you reduce your debt and reorganize your finances. With a new lease on financial independence, you may want to look for ways to maintain freedom from debt. Rebuilding your financial reserve will take time. You will need to commit to establishing...
3 advantages of Chapter 13 bankruptcy
Bankruptcy in general offers you a lot of advantages. For example, once you file, collection actions against you stop immediately due to the automatic stay. Depending on your financial situation, you may have several bankruptcy options available to you. Chapter 13 is...
Your debt-to-income ratio and your future financial success
Owning a home is one of the more effective ways to achieve financial security. After all, you can probably expect your house to appreciate in value over time, allowing you to borrow against its equity. You may also be able to sell the house in the future for a large...
What should I know before filing for bankruptcy?
When debt becomes too much for you to reasonably handle, bankruptcy is a viable option. Filing allows you to establish a clean financial state, and in many cases it allows you to retain property, such as your primary home and vehicle. In the event it is the right...
Timeline and strategies for home ownership following bankruptcy
If you recently filed for bankruptcy, it may feel good to start from scratch. However, you may also be wondering when, if ever, you will get your life back. One thing that may seem unattainable is to own a house in the future. With hard work and good decision-making,...
Strategies to rebuild your financial reserve after bankruptcy
Bankruptcy provides you with the chance to start over and reduce your debt. Moving away from the stress of creditors asking you for money and into a newfound freedom can bring life-changing opportunities. Because you may have had to use a substantial amount of your...
How Chapter 7 and Chapter 13 bankruptcies differ
Losing control over your finances may have you looking for potential solutions, and you may be considering filing a New Jersey bankruptcy case. Chapter 7 and Chapter 13 bankruptcies both help individuals whose personal finances have spiraled out of control. However,...
Will your employer find out about your bankruptcy?
Bankruptcy comes with a lot of questions, one of the most common of which is, will your employer find out? Generally speaking, the answer is no, but as with everything, exceptions do exist. Though filing for bankruptcy results in the creation of a public record, your...
