Filing for Chapter 7 bankruptcy can be critical for individuals or businesses seeking relief from overwhelming debt. However, not all filings are accepted. Denials can result from various factors. Understanding these can help potential filers avoid common pitfalls....
Year: 2023
Does bankruptcy still carry a big stigma?
Some people who should declare bankruptcy avoid doing so because of bankruptcy stigma. Bankruptcy can be associated with failing or shame, and in turn, one may choose to be in debt, dealing with endless calls from creditors and potentially facing lawsuits. This guide...
How long will a discharge show up on someone’s credit report?
The ultimate goal of a bankruptcy filing is the discharge of someone's unsecured debts. While many people time their filings to benefit from the protection of an automatic stay in ways that will halt aggressive collection activity, the main benefit that most filers...
4 mistakes to avoid before filing for bankruptcy
Filing for bankruptcy is a significant decision that can provide relief and a fresh start if you face overwhelming financial challenges. However, it's crucial to approach the process with caution and avoid certain blunders that could prevent you from making the most...
3 tips for talking to your children about your estate plan
Estate planning is a sensitive matter. In addition to stating your wishes and following the required legal steps, you may need to talk to your children about your estate plan. But how can you approach this matter? Here are three tips to help you: 1. Determine...
How bankruptcy exemptions can help protect your assets
Bankruptcy exemptions allow you to protect your assets when filing for bankruptcy. When you are overwhelmed by debt and facing bankruptcy, exemptions offer a way to retain certain assets and safeguard them from being included in the bankruptcy estate. Here, you can...
4 estate planning questions to ask
You’re considering making your first estate plan. Estate planning can be greatly rewarding for you and your loved ones. However, estate planning also has a lot of moving parts. You may need to ask yourself several questions before drafting your first estate plan. 1....
3 ways trusts can help middle-class adults planning their estates
There are many different types of trusts that can serve numerous purposes for estate planning, but people often dismiss them as tools that are only beneficial for the incredibly wealthy. Yes, trusts can benefit those with multi-million-dollar estates or complicated...
Understanding 4 common types of trusts
When it comes to estate planning, trusts are an invaluable tool for protecting assets and providing security for the future. Through a trust, you can specify who will receive certain possessions after your death or who should manage those assets until then. A wide...
Why do some people fear bankruptcy?
For some people, the term “bankruptcy” is one of the scariest words in the dictionary. Bankruptcy allows businesses and consumers to manage their debts through a court proceeding. Since many individuals fear bankruptcy, they do everything possible to avoid it. Below...