Filing for Chapter 7 bankruptcy helps people who have an overwhelming level of debt start over again with their finances and move forward with more responsible borrowing habits. However, after the Chapter 7 bankruptcy timeline is over, your bankruptcy will leave a pretty big mark on your credit report for the next 10 years. That can make it extremely difficult to get approval for credit on major purchases like cars and houses. But while it’s difficult to build up a good credit score again, it certainly isn’t impossible.
When it comes to bankruptcy, people generally fall into one of two camps: those who aren’t sure what it means to file bankruptcy but think they should, and those who know what it means to file bankruptcy and aren’t sure if they should. Both types might not know when to file bankruptcy, how to file bankruptcy, or where to seek bankruptcy help.
Just a year ago, Boston-based digital TV startup Aereo had the potential to completely revolutionize the way people watch television. Since then, Aereo has been on a gradual downward descent starting with a June Supreme Court ruling that the company’s services violate copyright law. And on Thursday, Nov. 20, Aereo finally filed for Chapter 11 bankruptcy help, facing lawsuits from a number of television networks, according to the Boston Globe.
If you are so deeply in debt that you feel you have no hope of paying off your creditors, then filing for bankruptcy may actually be the best long-term decision, no matter how scary it sounds. Here are the five top questions people ask about Chapter 13 bankruptcy:
After their baby’s premature birth in a Hawaii hospital resulted in a hospital bill almost totaling $1 million, one Saskatchewan couple is considering filing for bankruptcy. According to a November 19 CTV News article, Darren Kimmel and Jennifer Huculak went to Hawaii for a vacation in October 13, when Huculak was six months pregnant but cleared to travel. The couple had even bought Blue Cross insurance for the trip.