Chapter 13 bankruptcy can be a crucial first step out of overwhelming financial difficulties. Chapter 13 allows people to reorganize their debts and develop a three-to-five year repayment plan.
Determining whether to file for bankruptcy is one of the most difficult decisions many people make. Bankruptcy should be a last resort, as it will impact your credit for a number of years. However, it will help you get a fresh start financially.
The number of senior citizens filing for bankruptcy has increased by more than 200 percent in less than three decades. Social scientists who have studied this phenomenon point to a number of factors, including the rise in health care costs and a decline in pension income.
One of the largest sources of debt for many Americans is student loans. Many are still paying off loans decades after they finished college or graduate school.
If you're considering filing for bankruptcy, then you may have heard the terminology "wage earner's plan" thrown about. This phrase is just another name for a Chapter 13 bankruptcy. It's a simple way of describing what's involved in filing for this type of debt relief.
Making the decision to file a Chapter 7 or a Chapter 13 bankruptcy is difficult. One of the most powerful elements of bankruptcy that helps people make this decision is the promise of an automatic stay. This means an almost-immediate cessation in collection attempts made by your creditors. Most people find that once creditors stop their collection attempts, they feel better about moving forward with bankruptcy.
Some of the things that truly matter in life often come with a slew of myths and misconceptions. Chapter 7 and Chapter 13 bankruptcies are no exception to this concept. Many of the ideas about bankruptcy that frighten Long Island residents are not true. To make the best financial decisions and find the right way to clear your debt, it is crucial to investigate all of your options before choosing a path. This includes any of the myths surrounding Chapter 7 and Chapter 13 bankruptcy.
Living as a senior citizen in New York can be enjoyable for so many reasons. It can also be quite scary if your financial situation is in ruins. Just because you've worked your entire life doesn't mean that your finances will be in good shape. It all depends on how you handle your finances and credit. Let's take a look at bankruptcy as a senior citizen so you can determine if it's right for you.
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.
You have been considering bankruptcy, but you really do not like the idea of liquidating your assets with Chapter 7. You want to keep them. Is that possible if you opt to use Chapter 13 instead?