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Bankruptcy Filings Increased in Q3 2023

By Bentz Holguin Law Firm, LLC |

The expected wave of pandemic-related bankruptcies may wash ashore after all. Consumer bankruptcy filings rose 13 percent in the third quarter of 2023. Business filings rose 29.9 percent, from 13,125 to 17,051, in the year ending Sept. 30, 2023. Non-business bankruptcy filings rose 12.4 percent to 416,607, compared with 370,685 in September 2022. This… Read More »

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Bank11

Are Bankruptcies on the Rise in 2024?

By Bentz Holguin Law Firm, LLC |

The overall number of consumer bankruptcy filings increased in 2023, for the first time in a very long time. However, the number of over-65 bankruptcies (gray bankruptcies) has risen almost every year since 1991. The combination of a shrinking social services safety net and increasing medical bills has caught many older adults in a… Read More »

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Bank18

Why Should I File Chapter 7 Bankruptcy?

By Bentz Holguin Law Firm, LLC |

In a nutshell, control is the best reason to file Chapter 7 bankruptcy, or more specifically, regaining control. Divorce, job loss, medical bills, and other unpredictable financial storms cause most bankruptcy filings. During these storms, ships are tossed around wherever the wind and other weather takes them. Bankruptcy calms the storm and allows your… Read More »

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GivingMoneyBack

Repaying PPPs, EIDLs, and Other Alphabet Soup Loans

By Bentz Holguin Law Firm, LLC |

Some people have compared 2020, the lockdown year, to 1930, the first full year of the Great Depression. Some similarities exist. A sudden, unexpected event (coronavirus and the Stock Market crash) caused both economic downturns. However, statistically speaking, 2020 was a lot worse than 1930. So, the government offered loan programs to help businesses… Read More »

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DebtIncrease

FAQs About Debt Settlement Negotiation

By Bentz Holguin Law Firm, LLC |

When debts become overwhelming, a situation that’s increasingly common, bankruptcy is, far and away, the best solution. Debt settlement negotiation is usually the next best thing. Non-bankruptcy debt negotiation cannot stop creditor harassment or protect your assets. But it can help debtors get a fresh start, which is the underlying purpose of a bankruptcy… Read More »

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Bankr19

Is an IRS Installment Agreement Better than Bankruptcy?

By Bentz Holguin Law Firm, LLC |

No, but it’s the next best thing. An IRS long-term repayment plan is usually a good option for people who don’t qualify for bankruptcy or cannot overcome severe bankruptcy-phobia. Bankruptcy qualification usually isn’t a problem. If people don’t qualify for tax debt discharge, which is likely, they usually qualify for Chapter 13 repayment plan… Read More »

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Bankr29

Bankruptcy vs. Non-Bankruptcy Debt Negotiation

By Bentz Holguin Law Firm, LLC |

Consumer debt has reached the point that, among many people, financial stress causes symptoms that resemble Post Traumatic Stress Disorder symptoms, such as depression, trouble sleeping, and anger. These symptoms make it difficult to function at work. That affects earning power, which increases financial stress, which increases PTSD symptoms, and the downward cycle continues…. Read More »

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BankruptcyQuestions

Can I Keep My Car if I File Bankruptcy?

By Bentz Holguin Law Firm, LLC |

More people than ever come into our office with this question. Auto loan delinquency rates recently hit a thirty-year high. Regardless of the amount of delinquency, and usually regardless of the vehicle’s financial value, you can keep your car if you file bankruptcy. Otherwise, a car or truck is subject to seizure after just… Read More »

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CoupleHome

Tips for Buying a House After Filing Bankruptcy

By Bentz Holguin Law Firm, LLC |

Consumer bankruptcy gives distressed debtors a fresh financial start. Debtors who return to the starting line should be able to take advantage of favorable market conditions, such as low mortgage rates. During 2024, observers expect already low rates to drop by an additional 1 percent, down to an average of 5.75 percent. For a… Read More »

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MoneyGavel

Will I Lose My Government Benefits If I Declare Bankruptcy?

By Bentz Holguin Law Firm, LLC |

Absolutely not. Government benefits, such as Social Security benefits, workers’ compensation benefits, and VA disability benefits, are exempt. Trustees (bankruptcy managers) have some power to intercept some government payments, such as tax refunds and stimulus payments. But this power does not extend to the aforementioned government benefits. Additionally, the Automatic Stay applies to government… Read More »

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