By Jeff Field | Published July 8, 2024 | Posted in Bankruptcy, Chapter 13 | Tagged Tags: Bankruptcies, chapter 13, Inflation | Leave a comment
If you’ve felt extra financial pressure over the past couple of years, you’re not alone. Data from 2023 shows that bankruptcies are on the rise in the United States. While multiple factors have contributed to this increase, one significant driver is the persistence of inflation following the COVID-19 pandemic. As prices for essential goods and Read More
Read MoreIn recent years, there has been a notable increase in the number of seniors filing for bankruptcy across the United States. This trend underscores the financial challenges faced by older adults and highlights the complexities of planning for retirement amidst economic uncertainties. Traditionally, many individuals in their sixties and beyond could rely on pensions that Read More
Read MoreAfter successfully emerging from a Chapter 11 bankruptcy proceeding filed in 2020, Red Lobster is once again seeking protection from creditors. Many potential causes have been cited for the financial troubles afflicting the popular chain of seafood restaurants. Numerous mid-priced competitors have experienced similar problems maintaining their customer base while “fast casual” brands, such as Read More
Read MoreChapter 7 bankruptcy can be a powerful tool for someone who is struggling with debt. The ability to eliminate unsustainable credit-card balances or excessive medical costs can be life-changing. However, not every financial obligation can be discharged through this process. Along with student loans, taxes and past due child support, debts arising from willful and Read More
Read MoreFiling for Chapter 7 bankruptcy can be a daunting prospect, particularly when it comes to protecting your hard-earned retirement savings. While bankruptcy offers relief from overwhelming debt, the fear of losing retirement assets looms large for many individuals. Fortunately, the applicable laws give people struggling with debt the ability to safeguard their retirement nest egg Read More
Read MoreConsidering filing for bankruptcy while also contemplating an automobile purchase can be a complex and delicate balancing act. However, there are situations where having access to a vehicle is vital and waiting through the bankruptcy process imposes an additional hardship on you and your family. With careful planning and guidance from an experienced attorney, you Read More
Read MoreResponding to the COVID-19 pandemic, Congress in 2022 passed the Bankruptcy Threshold Adjustment and Technical Corrections Act (BTATCA). This legislation greatly expanded the scope of relief granted to debtors under the Small Business Reorganization Act (SBRA) and Chapter 13 of the Bankruptcy Code. Specifically, the law raised debt limits for filers, expanding eligibility for bankruptcy Read More
Read MoreFiling for bankruptcy is a financial decision that can provide relief for individuals overwhelmed by debt. However, it’s natural to wonder about the long-term consequences, particularly regarding credit status. One of the most common questions asked is: how long does bankruptcy stay on your credit report, and how does it impact your ability to obtain Read More
Read MoreDebt can feel like a heavy weight, dragging you down and making it difficult to see a way out. When considering financial options, many people considering bankruptcy are held back by common misconceptions about eligibility for the relief and about possible negative economic repercussions. To be clear, the purpose of bankruptcy is to give debtors Read More
Read MoreChapter 13 bankruptcy offers a path for debtors to repay creditors over time and avoid asset liquidation. Although debtors create their own plans and propose them to the court for approval, creditors themselves have a say in the process. They can file objections to a proposed repayment plan that they believe doesn’t treat them fairly Read More
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