Experiencing financial difficulties is a common part of life. Many people choose to file bankruptcy when these difficulties become too overwhelming. Filing bankruptcy does not make you a failure. Life throws unexpected challenges, and bankruptcy is a tool to overcome...
Bankruptcy
The downsides of borrowing from a relative to pay off a creditor
If you are experiencing financial distress, you may think about turning to relatives for help. Borrowing money from a family member to pay off a creditor can seem like a practical solution. However, it does have its share of downsides worth considering before you take...
Handling retirement savings in bankruptcy
According to NPR, the rate of seniors filing bankruptcy is on the rise. Since 1991, the number of people over the age of 65 filing has tripled, and this group has different concerns than younger filers. For older individuals filing for bankruptcy, there has to be an...
How does a bankruptcy filing affect your taxes?
According to the Administrative Office of the U.S. Courts, over 380,000 Americans filed for bankruptcy in 2022, and over 18,000 of those were in Ohio. The decision to file for bankruptcy is a significant one, carrying both relief from crushing debt and serious...
Dealing with retirement savings when filing for bankruptcy
Bankruptcy is a process where people can receive assistance with their debts by liquidating some of their assets. Although the thought of filing for bankruptcy is worrisome to many people, its goal is to help people get back on their feet and make a fresh start....
Bankruptcy statistics you need to know about
When debts and other monthly payment obligations become too much to handle, it can seem like you have limited options for how to make ends meet. Filing for bankruptcy is one such option, but the word itself carries somewhat of a negative connotation in casual...
How can businesses proceed while facing bankruptcy?
When you start to notice signs that you may need to file for bankruptcy, you may initially feel overwhelmed. If taxes or penalties start to build up and you want to look more into another option, following a few steps while learning more about bankruptcy can help....
Is all medical debt treated equally in bankruptcy?
Medical debt is the reason for a vast majority of bankruptcy cases, and it is generally treated like any other unsecured debt. Whether or not you pay any portion of medical debt after bankruptcy approval depends on the type of bankruptcy you file. Chapter 7 and...
Strategies that could help deal with high medical debt loads
Medical bills often cause families to struggle with overwhelming debt burdens. About one in five U.S. households will face an unpaid backlog of medical bills, as noted by the Consumer Financial Protection Bureau. As reported by CBS MoneyWatch, the CFPB found that debt...
Tips to handle debt during divorce
In addition to the emotional impact of divorce, ending your marriage can also negatively affect your financial well-being. Whether you have shared debt with your spouse or you have accumulated bills you cannot pay with the cost of establishing a separate household,...