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Multiple factors can lead to financial challenges. Illness or injuries may produce thousands in medical bills. Recessions lead to job losses, and pandemics may also keep employees home. Unexpected expenses and income shortages may leave people unable to pay their bills. When this happens, some may consider bankruptcy as a way to resolve their financial…
If you’re facing impossible debts and are unable to repay creditors, it can feel like a hopeless situation. However, filing for bankruptcy can give you the fresh start you need when experiencing financial difficulties. It’s important that you choose the right type of bankruptcy for your circumstance to get the most benefits from this often…
Even with the continued decline in bankruptcies in recent years, Nevada still ranked number two in bankruptcies for 2021. During the pandemic, stimulus payments and financial assistance programs helped numerous people avoid bankruptcy. However, with the recent concerns about rising inflation, interest rates, and the economy shifting into a recession, the number of bankruptcies could…
Filing for bankruptcy can cause even the highest credit scores to plummet deep into the subprime lending zone. Whether you start in the high 700s or the low 600s, bankruptcy will most likely drop your credit rating well below 550. Being in this “subprime” lending zone means that an individual will have difficulty obtaining loans…
In August 2022, President Biden announced a plan to cancel student loan debt ranging from $10,000 to $20,000, depending on various requirements and income levels. However, at the beginning of November 2022, a federal district court in Texas ruled the plan was unconstitutional. As a result, many borrowers have no idea whether they will still…
Between a pandemic that has shaken the globe and the most recent inflation spikes that the United States has recently seen, the economy appears to be in a constant state of chaos and affecting everyone’s lives. The pandemic knocked many people off their feet, both financially and physically, as most people were suddenly unable to…
If you are considering filing for bankruptcy, you need to know how your credit score is going to be impacted. You also need to know how long it will take to recover financially. The most important thing to remember is that filing for bankruptcy can provide financial relief when you are struggling the most. As…
Health care spending in America is expected to reach a startling $4.8 trillion by 2021. That number is up from $2.6 trillion in 2012, and only $75 billion in 1970. With medical expenses rising so rapidly in the United States, it’s no wonder that the number of Americans unable to afford health care is rising…
If you are considering filing for either Chapter 7 or Chapter 13 bankruptcy in Nevada, there are some exemptions specific to the state that you should be aware of. Although bankruptcy is largely governed by federal law, some exemptions and information are available on a state-by-state basis. You retain your property and assets when filing…
If your small business has a significant amount of debt, filing for bankruptcy could be the right path to take. Bankruptcy can help you reorganize your debts and might even assist you in saving your business. Bankruptcy can help you liquidate your company or eliminate personal liability for business debts. Depending on your specific needs,…
The cost of health care is on the rise, and the number of Americans lacking adequate medical insurance coverage is increasing along with it. In this climate, many people have alarmingly high medical debts and have turned to bankruptcy for relief. As long as you qualify, Chapter 7 bankruptcy can effectively eliminate these medical debts….
There’s a lot of confusion about whether selling belongings before bankruptcy is okay. The short answer is yes, as long as you stay within the guidelines. Here’s what you need to know about selling assets before bankruptcy: It’s okay to sell – at fair value If you are about to file for bankruptcy, you are…