If you declare bankruptcy, one of the things you may naturally worry about is how that filing is going to impact your ability to earn a living. You know that Chapter 7 means liquidating assets. However, are you going to have to sell the tools you use to make a living right now?
Bankruptcy is becoming more common among senior citizens. In fact, according to a new report from the Consumer Bankruptcy Project (CBP), the rate of new bankruptcy filings among people who are at least 65 years old has doubled since 2013. The average amount of debt that seniors who file for bankruptcy have is over $17,000.
If you're a Long Island resident who is contemplating filing for bankruptcy, your debts may have accrued from many sources. Credit card debt, personal loans and student aid obligations can all take a huge chunk out of your disposable income.
You have a great business idea, but you have too much debt to get it started right away. You decide that you're going to file for bankruptcy, eliminate your debt and then start the company. How soon can you do it?
You may have numerous reasons to hold assets overseas. Perhaps your company does business with foreign entities, and you have an interest in those entities. Maybe you have immigrated to the U.S. and still own personal property in your homeland. Or, you may simply want to diversify with some high-risk investments that may yield higher returns.
Financial mistakes are pretty common. As much as everyone wants to be in control of their finances, life has a way of getting out of control. Sometimes, it just takes one small mistake. Other times, a series of chronic mistakes cause the problems. What are some of the most common errors people make? A few are listed below: