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What to do if you've got $100,000 in credit card debt

The Federal Reserve estimates that Americans have more than $4 trillion in consumer debt. That’s a lot of money. So if you’re staring down a large debt bill, remember this: You’re not alone. And not only have other people been in your shoes, they’ve also found a way out —…

The states where people have the most unpaid medical bills

Income inequality in America is at its highest point in the last 50 years, according to recent data from the U.S. Census Bureau. Nearly a third of U.S. households have more credit card debt than they do emergency savings. But it’s not just overspending or inadequate incomes to blame. A…

Top 10 states with the most Chapter 7 bankruptcies

When it comes to why more people file for Chapter 7 bankruptcy in some states than they do in others, many factors come into play. States with high divorce rates, low median incomes and temperamental job markets can all cause bankruptcy filings to be higher, according to Michael Bovee, who…

Help, I’ve been sued by a debt collector!

If your old debts have been turned over to a collection law firm and you’ve been avoiding their letters, calls and other attempts to collect your debt, don’t be surprised if the firm takes legal action with a lawsuit.  Editor’s note: This article picks up where our article Collection law…

How to negotiate medical bills and avoid medical bankruptcy

Negotiate, negotiate, negotiate. That’s the mantra to remember if you’re behind on your medical bills or facing a medical bill you can’t afford.  Understandably, most people want to avoid having medical bills send them into bankruptcy. In most cases, the sooner you deal with your medical debt, the better. For…

U.S. states with the highest bankruptcy rates

If someone lives in a state with a high divorce rate, an unstable job market, low wages or a slew of natural disasters, that can all cause personal bankruptcy rates to be higher, according to Michael Bovee who has worked in debt resolution for 20 years and is the co-founder…

What Is Bankruptcy Counseling and Do I Need It?

Even if you have a pretty good handle on what bankruptcy is all about, and you’re confident it’s the best path for you to take, you’ll still need to take two bankruptcy counseling courses. Every state requires you to take these courses to successfully go through personal bankruptcy. In fact,…

6 Steps to Rebuild Your Credit After Bankruptcy

The way people feel after going through bankruptcy can vary widely. Many feel relieved, some frustrated, others battle-worn. It partly depends on the road they took to get there. “Some people are ecstatic, it’s a big burden lifted,” says Michael Bovee, who has been working in debt settlement for 20…

Here’s How to Keep Medical Bills From Sending You Into Bankruptcy

Dealing with major health problems is stressful enough, but mounting medical bills can make that stress even worse. It’s hard to pin down exactly how many people file bankruptcy because of medical debt, in part because it’s usually a combination of factors that leads to bankruptcy. But along with a…

Seven questions to ask before filing for bankruptcy

If you’re in debt over your head, afraid of being sued, and just want the collection calls to stop, you may be considering bankruptcy. Bankruptcy gives those with more debt than they can repay a chance at a fresh financial start. It stops court actions and Chapter 7 bankruptcy, specifically,…

Thinking about bankruptcy? These options may be better

Do you have knots in your stomach over your financial situation? Sleepless nights? Creditors calling? You need a plan to manage your debt. And if bankruptcy is on your mind, it’s time to do your homework and see if it’s the best solution for your financial woes. There are plenty…

Am I Too Old to Declare Bankruptcy?

Filing for bankruptcy protection is a big decision for anyone, but for older people, it also raises some unique concerns. Many older adults have a lot of equity in their homes, something worth protecting, but that could be threatened in certain Chapter 7 bankruptcies. If you’re an older adult, it’s…

8 Bankruptcy Myths You Should Stop Believing

Many people have misconceptions about bankruptcy. Not just the process, but also about the future fallout that comes from declaring bankruptcy. While bankruptcy should be taken seriously, it’s often not as scary as people think, said Michael Bovee, co-founder of debt relief company, Resolve. “People are so afraid of bankruptcy,…

What does bankruptcy mean for your rewards credit card?

Many credit cards come with some nice perks. Maybe it’s cashback, a great deal on airline miles, or tons of travel points. If you’ve spent years accumulating those rewards, the thought of losing them can be upsetting. Filing for bankruptcy throws the future of those rewards points into uncertainty. Here’s…

What are the differences between debt relief & bankruptcy?

Bankruptcy is not necessarily the villain of a debt recovery story. At times, it can be the right solution that gives a consumer a chance to start over. However, like all debt relief options, there are pros and cons. Comparing bankruptcy to these other options can help you assess the…

Collection law firms: Things could be about to get real

So you’ve received a notice from a collection law firm that it has been assigned your account. This no doubt feels like a serious matter, and, honestly, it is. But you are not powerless — you still have ways to reduce your risk of being sued. You can also use…

How much does it cost to file bankruptcy?

Let’s be perfectly honest: If bankruptcy is among your considerations for fixing your financial situation, the associated costs of filing likely aren’t significant enough to keep you from doing so. Still, it’s good to understand what costs are involved so there aren’t any surprises. This article will walk you through…

7 celebrity bankruptcies and what you can learn from them

Tax man troubles. Bad investments. Shady financial advisers. Lavish spending. These are some of the pitfalls that lead the rich and famous to file for bankruptcy. Here are seven of the most famous celebrity bankruptcies. Most famous folks end up filing Chapter 11 bankruptcy, a much less common form (7,735…

How to file Chapter 13 bankruptcy

Hopefully, if you’re reading this, you’ve looked into different ways to resolve your debt woes before jumping straight to bankruptcy. For most people, these debt relief options include debt settlement, debt management, and even debt consolidation if your finances aren’t too far gone. Most debt experts consider bankruptcy an option…

How long after bankruptcy can I buy a house?

So you’ve declared bankruptcy at some point in the recent past and now you’re wondering when you can buy a new home. The simple answer to this question is, well, simple: Whenever you want. There aren’t any specific laws limiting your ability to buy a home at any point during…

How often can you file bankruptcy?

Most people don’t want to file bankruptcy even once, let alone twice or thrice. But there are financial reasons why it may be necessary at times. There are limitations to how frequently a consumer can file, though. Let’s take a look at what those limitations are and how they can…

Credit counseling vs. Chapter 13 bankruptcy: Which is right for you?

If you find yourself in over your head in debt it might feel like there’s no chance of relief, but you do have options to manage your debt. In fact, there are many ways to take control of your finances and get back to a healthy situation. Here we will…

Bankruptcy: The differences between Chapter 7 & Chapter 13

When you’re facing more bills than income, sorting through the options for debt relief becomes a mission of urgency. You may want to rule out even thinking about bankruptcy because it has such a bad rap in many circles. But the truth is that sometimes it’s your best option. Learning…

Bankruptcy: The differences between Chapter 7 & Chapter 11

If you’re falling behind on credit card and loan payments or noticing that the debt keeps growing despite your best efforts to stay current, it may be time to seek protection against your creditors and find help getting out from under your debt. Facing bankruptcy can be daunting, but know…

Debt Consolidation vs. Bankruptcy: What’s the Difference?

If you’re on the brink of going deeper in debt and facing late payment fees, you may be considering debt relief options. Consolidation and bankruptcy are quite different, but both are worth considering to get on a path to a clean financial slate. What is debt consolidation? Debt consolidation usually…

Frequently Asked Questions

What is Bankruptcy?

Depending on the type of Bankruptcy filing, it’s an opportunity…

How does Bankruptcy work?

The two most common types of Bankruptcy filings are Chapter…

How much does Bankruptcy cost?

The average national cost for Chapter 7 is around $1,800,…
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