The number of elderly individuals in the United States who have proceeded through the bankruptcy process has increased substantially over the last few years. Statistics reveal that in 1991, elderly individuals comprised 2% of individuals who filed for bankruptcy. This group, however, now comprises approximately 12% of people who pursue bankruptcy. This increase will result…

Facing debts that you are not able to pay is a scary situation. Many people who struggle with unmanageable debt do not believe they have any options.  While filing for bankruptcy to manage this debt is a solid option for many, not everyone is certain about what the bankruptcy process entails or how to best…

While money certainly cannot solve every problem that arises in the world, lack of it can cause a number of negative feelings including sadness and stress. Some people put off filing for bankruptcy because they worry about the stress and struggle that may result. During this critical time it is helpful to remember that the…

How the Bankruptcy Process is Unique for LGBT Individuals Individuals who identify as LGBT face a number of unique obstacles in every area of their lives, including filing for bankruptcy. Statistics compiled by the William Institute have revealed that the poverty rate for same-sex couples is higher than for individuals in heterosexual relationships. When a…

The Social Security Administration reports that there are approximately nine million individuals who receive social security disability benefits. Due to the amount of these benefits, however, it can prove challenging to pay for monthly living costs. As a result, many people supplement their disability income with credit cards, which can eventually lead to significant debt.…

Many people who have encountered financial difficulties believe that bankruptcy is the best possible option. While it is true that bankruptcy is often a good choice, there are a number of reasons why people should think twice before filing for bankruptcy in certain situations. The following will discuss some of the reasons why you might…

Rebuilding your credit score and financial situation after navigating bankruptcy can seem like an impossible task. It is common to worry that filing for bankruptcy will have a negative impact on your credit score and will prevent you from fulfilling your long term goals. By creating a recovery plan after bankruptcy, however, it is possible…

If you have overwhelming debts and are experiencing constant harassment from bill collectors, it is understandable that you would want to seek relief in filing for bankruptcy. Before entering this process, however, it is critical to ask yourself if you are actually ready to file for bankruptcy or if it might be a better idea…

While many people have heard of the bankruptcy “means test,” they are uncertain about what exactly this test includes. The means test is used to determine if a person’s income is low enough to qualify to file for Chapter 7 bankruptcy. The purpose of this test is to block individuals with higher salaries from filing…

Corporate bankruptcies are somewhat misunderstood. While Chapter 11 bankruptcy is called a reorganization, the idea that a business will emerge from bankruptcy stronger is not as simple as just filing for bankruptcy. Instead, there are other relevant factors required that will allow a bankruptcy to rehabilitate a business. Sears Currently, the once-mighty Sears Holdings is…