Due to COVID-19, record numbers of businesses, families and individuals are struggling to fulfill their debt obligations. Filing for bankruptcy can be a very helpful tool, with several options available. Chapter 7: Individuals and families Chapter 7 can be a quick, easy way to eliminate credit card debt, tax debt, personal loans, old balances from car repossessions and early termination of apartment leases. There is no limit on the amount of debt that Chapter 7 can eliminate. Chapter 7 does not mean that individuals and families must give up their home, cars, jewelry, bank accounts or other assets. To qualify, […]
How Bankruptcy Can Bring a Fresh Start
Bankruptcy is a sensitive subject to discuss – especially now during the COVID pandemic when unprecedented numbers of people and businesses worldwide are facing financial hardship. An unnecessary stigma is associated with the word, “bankruptcy,” and many people have the false impression that it means failure. As children, we are taught that bankruptcy is how people lose in Wheel of Fortune and Monopoly. The reality is that bankruptcy can be the best financial decision for individuals, families and business owners. The purpose of bankruptcy, as stated by the Supreme Court in 1934 is to give “the honest but unfortunate debtor…a […]