Individuals may feel overwhelmed while acting as a full-time caregiver for a spouse, child or aging relative. When a serious illness requires round-the-clock care, some caretakers quit their jobs or reduce their hours. An individual may also sell off his or her assets...
What you should know about a reaffirmation agreement
The flexibility of bankruptcy, even Chapter 7 bankruptcy, can help you keep certain assets while discharging burdensome debt. A reaffirmation agreement is one example. You may fear you will lose a car that has an outstanding loan balance. However, if you sign a...
What can you lose in bankruptcy?
After a recent health scare, you now have an unexpected medical debt to add to your student loan debt, both of which push your finances to the brink. If you file for bankruptcy, what do you stand to lose? Bankrate explores what creditors may take to offset your debt....
How can you rebuild your credit score?
Most people fear bankruptcy because of the harm it does to their credit score. If you fear your credit score dropping, it is important to know that you can rebuild after. According to My Fico, there are several ways that you can build up your credit score, no matter...
What are the main causes of overwhelming credit card debt?
As a young family, you and your spouse may find yourselves making credit card purchases far more often than you would have anticipated. After all, when you first set up housekeeping, you likely need “everything.” Unfortunately, for most couples, this need continues...
Do you know these bankruptcy myths?
Your efforts to improve your financial health over the last few years proved fruitless. You thought about filing for bankruptcy, but feel uncertain about whether the move makes sense. To help, read these bankruptcy myths from the American Bankruptcy Institute. After...
Fewer Americans filing for bankruptcy
If you are facing financial hardships as a result of unemployment, you are not alone. Across the U.S., many people are struggling with the loss of their job and their primary source of income. However, data shows that even though many Americans are facing financial...
Why you might not want to put off bankruptcy until the new year
This year has been one for the record books. If you racked up medical debt this year or got furloughed from a job, you may be struggling to cover your bills and expenses. One way out of the morass of debt is to file for Chapter 7 bankruptcy. But a lot of people...
What is a Chapter 7 reaffirmation agreement?
Many young families that are facing financial hardship worry about their future. They might know that bankruptcy is an option that's available to them, but they often fear that pursuing bankruptcy will leave them with nothing. As a result, these families tend to work...
How does the automatic stay work during the bankruptcy process?
The automatic stay can provide important relief for filers of bankruptcy that is ongoing during the bankruptcy process. It is essential for struggling consumers to understand how personal bankruptcy protections can help them enjoy debt relief overall and provide...
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The Law Office of Kim Covington is a debt relief agency, and I have helped families, individuals and small businesses, file for bankruptcy relief under the U.S. Bankruptcy Code, for over 19 years.