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Bankruptcy Archives

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.

Beware the lure of payday loans for your financial woes

Many of us have been in a short-term financial pinch. It could be that an unexpected car repair, appliance replacement or emergency room visit stretched us thin and left us worried about how to make ends meet until our next paycheck. In those situations, many people will use a credit card, borrow money from a family member or friend, ask their boss for a paycheck advance or dip into an emergency fund to cover unforeseen costs.

Three ways bankruptcy can help your credit score

The word bankruptcy may seem like a four letter word akin to those your parents always warned you never to speak. In reality, instead of resulting in a mouth full of soap, filing for relief through a petition for bankruptcy can be beneficial in certain situations. This is not always the case, and those who are considering bankruptcy should tread carefully. However, for some, bankruptcy can help in three ways: eliminating unmanageable debt, setting you up for a clean-slate and leading to a better credit score over time.

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