Filing for bankruptcy can be both terrifying and liberating. Many people fear that negative information reported to the three credit bureaus will outweigh the immediate benefits of debt relief. Although bankruptcies may appear for up to 10 years on your credit report, it is possible to make significant steps to rebuild your credit in the […]
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According to a recent report from WSAV NBC News in Savannah, the amount of credit card debt among U.S. consumers has now reached approximately $1 trillion. Data from CNBC goes further too also include debt stemming from mortgages, student loans, and vehicle loans, which roughly totals $13.15 trillion. This is the fifth year in a row that household debt has
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According to data from the American Bankruptcy Institute for 2017, there were approximately 44,407 personal bankruptcies in Georgia. If you recently had your debts discharged in Chapter 7 or completed a payback arrangement under Chapter 13, you may feel a sense of relieve. The challenge is how to manage financially after bankruptcy. Evidence of a bankruptcy will remain on your credit history for seven to ten
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Contrary to popular myth, bankruptcy debtors do not automatically lose their non-exempt assets, even in Chapter 7 liquidations. The trustee (a court-appointed bureaucrat who oversees the case on behalf of the judge) is under no duty to perform such random seizures. Instead, the bankruptcy trustee must examine non-exempt assets and determine if it is worthwhile
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Bankruptcy filing rates are down overall, but four Georgia counties are among the top ten in the nation in terms of consumer bankruptcy filings. With 1,096 bankruptcy filings per 100,000 people, Clayton County (Jonesboro) is second only to Shelby County in Tennessee. The recession hit folks in Clayton County hard, as unemployment peaked at 13.5
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Many people who work at Dobbins A.R.B., Moody A.F.B., Kings Bay N.S.B., or a company that supports these installations, put off necessary bankruptcy filings because they fear that such a move will result in the security clearance revocation. While financial problems may have an adverse effect, there is not a direct relationship between consumer bankruptcy
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Donald Trump has recently been under attack for filing bankruptcy. I would like to take this opportunity to defend him and our bankruptcy system. Trump has stated, “I have used the laws of this country…the [bankruptcy] chapter laws, to do a great job for my company, myself, for my employees, for my family.” see CNN
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Chapter 13 and Chapter 7 bankruptcy are great tools for lightening a person’s debt load. With both chapter 13 and Chapter 7, you can eliminate medical debt, credit card debt, and other types of unsecured debt. Shrinking your debt can be critical to your financial and emotional health. If the load gets too heavy, something
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The City of Detroit, the 18th largest city in the United States, has filed for bankruptcy. The city’s population has dropped from 2,000,000 in 1950 to approximately 700,000 today. The Wall Street Journal refers to Detroit as the “automobile capital and one time music powerhouse.” The Journal quotes Governor Rick Snyder as stating, “This [filing
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Bankruptcy has helped make the United States the greatest country in history. How is this possible? The reason is that it has allowed people to get a second chance and become productive again. Many famous people have filed bankruptcy and recovered. Many people in the history of this country have suffered financial disasters, filed bankruptcy,
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