Due to inflation and rising medical cost, it is no surprise that bankruptcy among seniors is on the rise. However, compared to other debtors, there are some advantages that senior citizens enjoy in regards to bankruptcy. If you are elderly seeking debt relief, here’s what you need to know regarding bankruptcy.
Chapter 7 bankruptcy and Chapter 13 bankruptcy are two common legal options with different consequences, but both are helpful for borrowers who have accumulated too much debt. Chapter 7 bankruptcy can help clear some or all of the debt. However, if you file for this type of bankruptcy, you will have to surrender assets such as cash or property. Chapter 13 bankruptcy helps you get some of the debt discharged, but you get to keep your property, and you can repay your debts through a repayment plan. If you have accumulated too much debt and want to file for bankruptcy, you would want to determine which type of bankruptcy would be right for you. We will help you with this.
Thinking about buying a car after bankruptcy? Well, getting approved for a loan might seem impossible since bankruptcy can stay on your credit report for at least seven years. However, there is still hope because there are lenders out there who work with people who have a bankruptcy on their report. The caveat, however, is that your interest rate will be very high. Saving some cash for a down payment and improving your credit by making timely payments may help increase your chances of securing a car loan.
Sometimes the story doesn’t end when a bankruptcy case is decided and the discharge is granted. A court may reopen a bankruptcy case once a request is made. In this article, you will learn all about reopening a bankruptcy case, who is eligible to request it, and common reasons why someone may choose to do so. Continue reading.
During a bankruptcy case, the court may ask you to report any transactions that you made to ‘insiders. The status of bankruptcy insider means that the person or entity was or is in a close relationship with the debtor and holds sensitive information about them that may be of critical importance during the bankruptcy case.
Life in the United States is tough for the general public. Not everyone has a six-figure salary and can afford to keep paying bills on time. Many people are troubled by debt resulting from credit cards, home loans, student loans, car loans, etc. Debt keeps mounting, and there comes a time when a person has …