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Chapter 13 bankruptcy can provide a way for individuals to reorganize their debts and create a plan to repay them over three to five years. While this can be a lifeline for those struggling with debt, it can also lead to higher interest rates on future loans.  Several reasons contribute to this increase in interest rates. Understanding these key factors can help you navigate your financial recovery. Lower credit scores Chapter 13 bankruptcy affects credit scores significantly. When someone files for bankruptcy, it gets recorded

When debt becomes overwhelming, individuals and businesses can wonder which path to take to regain financial stability. Common options include filing for Chapter 7 bankruptcy and seeking debt settlement. While both promise debt relief, they differ in process, benefits and consequences. If you are seeking a way out of debt, how can knowing about Chapter 7 bankruptcy and debt settlement help you manage your financial situation? Chapter 7 bankruptcy Also called liquidation bankruptcy, Chapter 7 bankruptcy is a legal process that wipes out most unsecured

If your business is in serious financial trouble, filing for Chapter 11 bankruptcy could give your enterprise a fighting chance to survive by reorganizing your company and your debts. Creating a reorganization plan for your business is part of this process. While you may anticipate that you can create your own plan, there will be other parties who could have the opportunity to compose competing plans to yours. The debtor The debtor, namely the business that filed for bankruptcy, has the first opportunity to submit

Chapter 13 bankruptcy offers a way for people to restructure their debts and create a manageable repayment plan. In Maryland, as in other states, it is possible to finish a Chapter 13 bankruptcy repayment plan early under certain conditions. Understanding these conditions can help you achieve financial freedom sooner than you expected. Requirements for early completion To finish a Chapter 13 repayment plan early, pay all priority debts in full. Priority debts include obligations such as taxes, child support and alimony. You must also pay

Running a small business can be a dream come true. But sometimes, even the best dreams hit rough patches. Unexpected expenses, slow sales or a tough economy can leave a business buried in debt. If you are a small business owner facing financial hardship, Chapter 7 bankruptcy may be an option to consider. What is Chapter 7 bankruptcy? Chapter 7 bankruptcy is a legal process that helps individuals and businesses eliminate most of their debts. It is often called “liquidation” bankruptcy because the court appoints