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Personal Bankruptcy Archives

Enjoy the protections of the automatic stay in bankruptcy

One of the factors that drives some people to file for bankruptcy is that they are sick and tired of debt collectors contacting them constantly. The phone calls and letters seem to come at the most inopportune times. While it is sometimes possible to stem these calls by asking them not to contact you or by entering into a payment arrangement, some creditors will continue to harass you.

Keeping your financial freedom after bankruptcy

There are many different methods for getting back on financial track after you file for bankruptcy. While you are in the midst of the process, you will have to live on a cash budget. Once the court discharges the case, you have to determine what type of financial lifestyle you are going to live.

Automatic stays provide some protection from creditors

People who are tired of checking the mail or answering the phone because of debt collection attempts might appreciate one of the immediate impacts of bankruptcy – the automatic stay. When you file for protection, the court issues an order that prevents creditors from trying to collect on your bills.

Bankruptcy can have mental health impacts

The process of filing for bankruptcy is difficult for many people. Not only do you have to deal with the lifestyle changes that you are going through, but your emotions are probably suffering greatly. You might feel as though you let people down. You might be worried about how others see you now. You may be concerned about your job and your home. All of this can weigh heavily on your mind.

Can a liquidation bankruptcy help?

When it comes to debt relief, one of the primary options is a Chapter 7 bankruptcy. Chapter 7 bankruptcy has many benefits for people who cannot afford to pay back what they owe. As a liquidation bankruptcy, it may require you to give up a portion of your assets for sale. However, there are exemptions, so that you don't have to start over from scratch -- and many people end up giving up nothing at all.

Bankruptcy might provide limited foreclosure relief

People have various reasons for wanting to file for bankruptcy. When you are faced with bills that have a higher payment than your income, you might consider taking this step. For some individuals, the point that pushes them to bankruptcy is foreclosure. They might be so focused on stopping the foreclosure that they take this step.

Should you consider bankruptcy if you're behind on payments?

A personal bankruptcy may never have crossed your mind in the past, but now that you've lost your job and have had to run up your credit to make ends meet, you're not sure what to do. You found a new job, but now what you earn isn't enough to cover the bills you've created when you couldn't work.

Bankruptcy can mean restructuring your life

Trying to find your financial footing after a bankruptcy can be challenging. Not only must you rebuild your credit, you also have to stay on top of your basic bills. Some people assume that things will be fine once their debts are discharged. But the truth is that you will likely be on a tight budget for awhile.