The Federal Bureau of Investigation (FBI) estimates that 10 percent of all bankruptcy filings involve fraud. According to UScourts.gov 413,616 bankruptcies were filed in the U.S. in 2021. That means that over 40,000 cases were fraudulent. In discussing bankruptcy...
A primary reason individuals and businesses file for bankruptcy is to have their debts discharged or reorganized. Under a debt reorganization, such as a Chapter 11 or Chapter 13 Bankruptcy, the filer works with court representatives to restructure their debts into a...
Ironically, despite a bankruptcy filing being a life-changing event, the debtor had limited contact with the court, especially if represented by an attorney. In very rare instances will the debtor actually meet the judge, as all court interaction is through the...
Filing for bankruptcy is a financial decision that can have long-term financial, business, and life impacts. A qualified lawyer can ensure that you make decisions that are aligned with your unique circumstances and financial needs. Specific support from an attorney...
Bankruptcy sometimes is the right solution to overwhelming debt and financial burden, but it’s not the only option. Therefore, it’s important to consider all options, including the pros and cons, before proceeding with filing for bankruptcy. For instance, bankruptcy...
Bankruptcy helps you resolve many kinds of unsecured debts, like personal loans or credit card debt. But, filing for bankruptcy doesn’t discharge all types of debts. The U.S. Bankruptcy Code specifies 19 categories of debts that can’t be discharged for Chapters 7, 11,...
You don’t have to have a lawyer to file for bankruptcy. Instead, you can represent yourself, which is called filing “pro se.” However, representing yourself will require additional time, research, and could cost you more time and money in the event you make a mistake....
Before deciding to file for bankruptcy, it’s important to consider all your options. However, there are times when bankruptcy may be the best solution. For instance, you may want to file for bankruptcy if: Attempts to negotiate with creditors haven’t worked Your debt...
Most filings for bankruptcy are due to financial hardship, like unexpected major expenses, not because of unchecked spending. Here are the four most common reasons why people file for bankruptcy. Medical debt Medical expenses can quickly add up and overwhelm a...
Bankruptcy makes sense for people and businesses who have significantly more debt than money and who don’t anticipate the situation changing in the near future. Additionally, sometimes people will file for bankruptcy when they need to restructure the terms of their...
