Bankruptcy is designed to help individuals and businesses get a financial reboot when they owe too much to ever repay. Even after bankruptcy, some may find themselves with unmanageable debt again. If you have filed for bankruptcy before but need another fresh start, you may be able to use bankruptcy as a tool again.
Bankruptcy and divorce share a common feature. With both of them, you get a fresh beginning that opens the door to a new chapter of your life. The fresh start can’t be overstated.
Making the decision to file for bankruptcy is hard enough. But once you have made that decision, you have to move forward with your life. Filing for bankruptcy can give you a sense of relief as you look to erase your debts and get things back on track.
Many people who fall deep into debt have concerns about filing for bankruptcy. It is true that the decision to seek bankruptcy should never be made without consideration. Unfortunately, some people do not even consider filing for bankruptcy because of the misconceptions surrounding bankruptcy filings.
If you are overwhelmed by debt, you may have looked into some of your options. Filing for bankruptcy is probably one of them. However, many people considering filing for bankruptcy do not know how to prepare. Preparing for bankruptcy is just as crucial as the filing process itself.
Unfortunately, millions of American households suffered health challenges and financial hardship due to the COVID-19 pandemic. As such, many people found it difficult to continue paying their mortgage. To cushion the effect, the federal government offered mortgage forbearance relief.
For individuals and businesses going through financial hardship, filing for bankruptcy is among the promising options to achieve debt relief and find a financial fresh start. Chapter 12 bankruptcy is available for family farmers and fishermen, whereas Chapter 13 bankruptcy is available to individuals earning regular wages who are overwhelmed with debt.
According to data from Statista, there were 21,655 business bankruptcy cases filed nationwide in the United States in 2020. For small businesses experiencing financial adversity, Chapter 11 or Chapter 12 bankruptcy can help you restructure your business affairs, reduce or eliminate your debt, and achieve financial relief while keeping your business afloat.
The lives of many people are affected by the probate process. In 2020, nearly 28,000 cases were pending in the probate courts in Arkansas. It stands to reason that most people should know something about how that process works.
In life, things often turn out differently from what we originally planned. The financial curveballs of life can sideline you from fulfilling your financial obligations, settling expenses, paying your debts, and keeping up with your bills. When facing financial distress, Chapter 7 and Chapter 13 bankruptcy are among the available bankruptcy options that can help you find relief.