Pier 1 Imports, Inc. Puts Forward Bankruptcy Proposal

Pier 1 Imports, Inc. has said it will close as many as 450 stores and lay off thousands of employees as part of a bankruptcy plan it has presented to investors. Pier 1 Imports, a retail chain specializing in home decorations, has had difficulty maintaining its profitability in the face of the shift from physical retail locations to online shopping. If the bankruptcy plan is accepted, it is not clear whether Pier 1 will survive. Continue reading “Pier 1 Imports, Inc. Puts Forward Bankruptcy Proposal”

Explaining Chapter 13 Bankruptcy

When many people think of bankruptcy, they imagine something extreme: their property confiscated, their bank accounts emptied, their rooms left bare. And while that can happen to some people in rare and unusual circumstances, there are two primary forms of bankruptcy available to individuals. The more common version, where your non-exempt property may be sold off to satisfy as much of your debt as possible, is known as Chapter 7 bankruptcy. However, Chapter 13 bankruptcy is an alternative option and is more appropriate for particular situations. Continue reading “Explaining Chapter 13 Bankruptcy”

Consumer Automobile Debt Skyrockets With Rolling Debts

Consumers that borrow money to purchase automobiles increasingly find themselves with debts that far outweigh the value of their cars, according to a new article in the Wall Street Journal. In one noteworthy case, one man found himself with a $45,000 loan on a car worth $27,000. Some commentators have compared this growth of automobile debt to the spate of high-interest mortgages that were common prior to the 2008 housing market crash and are concerned what this high level of debt means for consumers. Continue reading “Consumer Automobile Debt Skyrockets With Rolling Debts”

Medical Bills Remain Biggest Cause of Bankruptcy in US

There is an image that some people hold about people who declare bankruptcy, that they are irresponsible or can’t control their spending habits. However, according to CNBC, medical bills are a key factor in as much as two-thirds of all bankruptcies in the United States based on a recent research study. Unfortunately, this trend of “medical bankruptcy” is nothing new and, according to the study cited by CNBC, has been at roughly the same level for the past decade. Continue reading “Medical Bills Remain Biggest Cause of Bankruptcy in US”

Going Bankrupt Isn’t the End of the Line

When you are deep in debt and considering bankruptcy, it can seem almost like the end of the world. With your finances underwater, with more debt than you can reasonably handle, declaring bankruptcy can feel like giving up, and you might not know how to climb back up. Fortunately, however, bankruptcy can be the first step to recovering your financial future, provided you are prudent about how you handle yourself. Continue reading “Going Bankrupt Isn’t the End of the Line”

Bankruptcy, Credit and You

Bankruptcy, Credit and YouWhen you’re deep in debt, it can feel like there’s no way out. Bankruptcy can offer relief by discharging some or all your existing debts, but many people fear the effect that declaring bankruptcy will have on their credit ratings. After all, declaring bankruptcy can impact a person’s credit, making it harder to do things like getting credit cards, applying for loans or looking for a new apartment or home. Continue reading “Bankruptcy, Credit and You”

Generation Xers Have Highest Debt Load

A LightStream Survey conducted by the Harris Poll showed that those in Generation X (ages 36 to 51) carry an average nonmortgage debt load of $30,334 — the highest of any other generation. Boomers (ages 52 to 70) have the second-highest amount of debt with $27,513, followed by Millennials ($22,784) and Generation Z ($6,983). Continue reading “Generation Xers Have Highest Debt Load”

Filing for Bankruptcy in New Jersey

bankruptcy lawyer New JerseyUnfortunately, many individuals across the United States and in the state of New Jersey face extremely difficult financial conditions which significantly affect their way of life. For some, filing for bankruptcy may be the best (or only) option to relieve themselves of their financial burdens. Federal bankruptcy laws allow individuals who qualify to have a fresh start. Continue reading “Filing for Bankruptcy in New Jersey”

Filing for Bankruptcy in New Jersey

bankruptcy lawyer New JerseyUnfortunately, many individuals across the United States and in the state of New Jersey face extremely difficult financial conditions which significantly affect their way of life. For some, filing for bankruptcy may be the best (or only) option to relieve themselves of their financial burdens. Federal bankruptcy laws allow individuals who qualify to have a fresh start. Continue reading “Filing for Bankruptcy in New Jersey”

How Can Divorce Affect Your Credit Score?

Going through a divorce can be a stressful and challenging time. One impact of divorce that is often overlooked is the impact it can have on your credit score. It is common for individuals going through a divorce to focus on figuring out the details of living their lives separately, but figuring out your now individual finances can be difficult.
Continue reading “How Can Divorce Affect Your Credit Score?”