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Posts categorized: debt

The Means Test Explained 


If you are considering filing for Chapter 7 bankruptcy then you may have heard of the Means Test. The test basically determines whether your income is low enough for you to file for Chapter 7 bankruptcy.  Since Chapter 7 bankruptcy is known for debt forgiveness and discharging the debt, passing this means test determines whether your debt can be wiped...

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Changing Demographics of Bankruptcy Filers


In the 12-year span from October 1, 2005, to September 30, 2017, about 12.8 million consumer bankruptcy petitions were filed in the federal courts, (U.S. Courts). That breaks down to almost a million consumers a year. If you were one of the millions who did find the need to file, did you feel alone or like it was the end...

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The Red Flags Warning of Bankruptcy


  Debt can sneak up on some people, slowly, month-after-month. Some individuals may not realize just how bad it is, until it is too late to take action and “turn the ship around,” so to speak. Here are several warning signs that you may be headed toward a financial situation that may end in bankruptcy.   Behind on Your Bills...

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What Should I do Before Filing for Bankruptcy?


Bankruptcy is neither the end of the world nor should it be taken lightly. Bankruptcy is something you should research, weigh heavily, and plan for in the weeks and possibly months before you finally decide to file. Unless your financial difficulties happen suddenly, there are a few things that every debtor should consider and do before signing the paperwork and...

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Credit Cards: the Good, the Bad, and the Ugly


Do you have a love-hate relationship with your credit cards? Most Americans do. According to Experian’s latest State of Credit report, the average U.S. consumer holds about two bank-issued credit cards and carries a total balance of $5,551. That’s a lot of money, especially if you’re paying interest of 15% to 20%. Since so many consumers hold credit cards with...

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Recovery After Bankruptcy


Are you one of the 755,000 Americans who filed for bankruptcy last year? If you are, you probably found out that bankruptcy is not the end of the world. In fact, the relief from harassing calls from creditors and the onslaught of bills can be freeing. Now that you have a financial clean slate, it is time to start planning...

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