The ability to file for bankruptcy is an important resource for people unable to pay off their debts. Nevertheless, few people understand how bankruptcy really works. Here are our picks for the 5 most common bankruptcy myths. Only irresponsible people file for...
Until recently, there was a strong social stigma against filing for bankruptcy. People saw it as immoral and a way to cheat the system. Since then, attitudes have changed. Reforms to the U.S. Bankruptcy Code and a decline in the stigma associated with bankruptcy have...
The COVID-19 pandemic and the resulting shutdowns caused economic hardship for many people and businesses. For some, bankruptcy was the best way to escape crippling debt. Chapter 11 filings for businesses were up nearly 20% in 2020, with retailers and...
We like to think that something as official and consequential as a credit report is error-free, but unfortunately, credit reporting errors do happen. One study by the Federal Trade Commission found that about five percent of consumers have at least one damaging error...
Under federal and state law, debt collection agencies are prohibited from using certain abusive and fraudulent tactics to coerce debtors into paying off their debts. If the debtor is able to prove that debt collectors have violated their rights, they may be entitled...
As many of us have come to realize, financial situations change quickly. After buying an item on credit, we may come on hard times and have trouble paying off the loan. If you’ve missed payments on a property you have as collateral, the lender could try to...
