Monthly Archives: May 2025
What is the Best Bankruptcy for Seniors?
As outlined below, the best bankruptcy for seniors usually depends on the type of debt the senior has. Before the mid 1990s, almost no one asked this question, because almost no senior adults filed bankruptcy. However, the filing rate for the over-55 demographic has increased over 60 percent since 1991, even as the overall… Read More »
What Happens with Chapter 7 Bankruptcy?
Chapter 7 bankruptcy, which is also known as a liquidation bankruptcy, discharges most unsecured debts, such as medical bills and credit cards. According to the Bankruptcy Code, a discharge “releases the debtor from personal liability for certain specified types of debts.” In plain English, discharge eliminates the legal obligation to pay a debt, but… Read More »
Is Debt Settlement a Good Idea?
If you have more debts than you can comfortably pay and a bad case of bankruptcy-phobia, then yes, debt settlement is usually a good idea. Generally, if unsecured debt payments, like credit card payments, exceed 15 percent of your gross income, that debt is difficult or impossible to repay. As for bankruptcy-phobia, many people… Read More »
How Soon Can I Buy a House After I File Bankruptcy?
By the book, most people can buy a house between two and four years after they file bankruptcy. These waiting periods are Fannie Mae standard waiting periods. The exact length depends on the type of loan, type of bankruptcy filing, and a few other factors. Waiting the required number of months isn’t enough. Prospective… Read More »