BANKRUPTCY BLOG


February 14, 2018

Celebrity Bankruptcies

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Celebrity Bankruptcies Although they live vastly different lives from the average consumer, celebrities often have to make hard decisions about their financial future, just like the 800,000+ people who file for bankruptcy each year. Below, we’ve put together a list of some of America’s most prolific actors who made the decision to file for bankruptcy in recent years. Marvin Gaye “Ain’t No Mountain High Enough” singer Marvin Gaye first filed for bankruptcy in 1976, making
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Rebuilding credit after bankruptcy If you’ve recently filed for Chapter 7 bankruptcy, chances are your credit was in tatters. Contrary to popular misconceptions, bankruptcy won’t ruin your financial future. Start with the basics, and work your way back to a good credit score by following these steps. Start with a budget: After a bankruptcy, lenders are looking for proof that you can pay your current obligations and have a little left over. A lighter debt
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Is bankruptcy right for you? Weighing the costs and benefits The holiday season can be very stressful for those who live with debt.  For some, bankruptcy seems like the answer, but the negative stigma of the word can have some people denying the need for bankruptcy, even in dire situations. Despite its negative stigma, filing for bankruptcy can be very beneficial for some people. Bankruptcy can completely wipe out some debt, while also preventing collectors
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Bankruptcy in the United States: A Brief History While bankruptcy laws have been amended numerous times in our country’s history, their primary purpose has never wavered: to allow individuals and businesses to eliminate or reorganize accumulated debt. The Bankruptcy Act of 1800 In 1800, Congress passed the first federal law relating to bankruptcy, fittingly called the Bankruptcy Act of 1800. This act: Only allowed merchants to file for involuntary bankruptcy Did not allow individuals to
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Priority Debt & Filing for Bankruptcy Before filing for bankruptcy, you should know that not all debts are treated equally. For example, certain debts,called Priority Debts, cannot be discharged, or forgiven, and must be repaid in full. What are Priority Debts? Priority Debts, or debts that take priority over other debts, cannot be forgiven in the event of a bankruptcy. These Priority Debts are called so because they will be the first to receive the
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