In our modern world, it's not uncommon for individuals to find themselves drowning in debt. Whether it's credit card bills, medical expenses, or student loans, the burden of debt can be overwhelming. For adults facing financial challenges, understanding how to manage debt effectively is crucial. With the guidance of debt management attorneys, individuals can gain valuable insights and strategies to regain control of their finances. Here are some key tips for navigating debt and setting yourself on the path to financial freedom.
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The two forms of bankruptcy most people use are Chapter 7 and Chapter 13. Chapter 7 is capable of discharging many of your debts by liquidating assets, and Chapter 13 involves creating a repayment plan where you pay back what you can over several years. While the process of using Chapter 13 bankruptcy is very similar to Chapter 7, there are a few key differences. Here is what you need to know about preparing for your Chapter 13 bankruptcy filing.
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Do you have a loved one who recently passed away? If so, this is probably a difficult time, both emotionally and logistically. If you're the executor of the loved one's estate, you may now be the person in charge of distributing their assets and making sure all the heirs get their inheritance.
This is usually done through a process called probate, which is the legal process for settling a deceased person's estate.
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Do you, like many Americans, face a pile of debts related to a medical emergency? If so, bankruptcy is an important, but a challenging, tool to consider. How can you know if now is the time to file for bankruptcy protection from medical debts? Here are five questions to answer for yourself.
1. Will More Debts Still Come?
One key component to finding the right time to file bankruptcy is determining whether the damage has been done or whether it's still ongoing.
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In some cases, being unable to pay your bills will cause court issues. Being sued by a creditor is an all too common problem for many people. Once you file for the debt relief afforded by a chapter 7 bankruptcy, though, your court case can be affected. For a better idea of what could happen to your court cases involving creditors, read below.
How Judgments Are Obtained
Unpaid bills can go to collections after a few months.
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