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Bankruptcy Archives

Considering bankruptcy? You are not alone

When a couple has a baby, it is common to see the new mom posting pictures on social media and dad might be handing out cigars to friends and family to announce the happy event. When it comes to bankruptcy, these types of jovial reactions are probably not going to occur.

Take precautions when closing credit card accounts

According to a report from the State Comptroller's Office, the average New York resident carried a $3,710 credit card balance in 2017. This is $600 more than the national average. If your credit card debt is overwhelming, you are not alone. Late bills, bad credit and financial instability creeps into our lives and the result can be crippling.

Three tips for rebuilding credit after bankruptcy

Bankruptcy is a viable option for debt relief, but it does not come without consequences on your credit score. While your credit score will take a hit, sometimes bankruptcy is necessary to get rid of debt and get back on track. Your bankruptcy will show up on your credit report for up to 10 years, but that does not necessarily mean your credit will be in the tank for that long.

4 common reasons people turn to bankruptcy

Overwhelming debt does not just come to those who are careless with money. Debt grows and expands if you lose a job unexpectedly if a medical condition arises and you cannot pay for treatment, or even because you are seeking a divorce. Filing for bankruptcy is not an irresponsible thing to do but may be the key to a fresh financial start. If any of the following situations apply to you, you may benefit from considering bankruptcy.

Over your head in credit debt? Try these 3 solutions

Credit debt affects many people in the United States! A 2016 report from the American Household Credit Card Debt Study showed that the average American home has $16,061 in credit card debt alone. Add to this student loans, auto loans, and mortgages, and it is easy to see why people sometimes struggle to get by.

Young professionals often dragged down by credit card debt

As a young professional, you know just how difficult it can be to juggle every aspect of your life. From your personal life to growing your career to managing your finances, there is a lot on your plate. Unfortunately, if you don't stay on top of all these details, it could lead to a challenge that can be difficult to overcome.

What credit card debt looks like in 2016

It's easier than ever to obtain a credit card. American's have difficulty saying "no," when it comes to credit card offers. As of 2016, the average debt is quite high. The national average for credit card debt, according to the Federal Reserve, is $935.6 billion. This roughly equates to an average debt, per person between the ages of 18 and 65, of $4,717.00. The overall total national average is higher than it has been since 2011, but far less than it was in 2008.

Medical debt leads many to bankruptcy

Numerous studies, surveys and polls (from sources as varied as Harvard University to financial site NerdWallet) have found that the leading cause of consumer bankruptcy isn't reckless spending. It also isn't student loans or divorce. It isn't even the death of a breadwinning loved one. No, these studies consistently found that the number one self-reported cause of personal Chapter 7 and Chapter 13 filings in America is medical debt.

Debt collection changes that could soon be passed into law

If you've been paying attention to the news, you might have caught wind of potential changes to debt collection rules. Federal regulators have proposed a series of regulations to ease the burden on debt-riddled consumers. These rule modifications arrive in response to a seemingly endless number of consumer credit defaults and debt collectors' relentless pursuits of those unpaid debts.

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