Entries by Padgett & Robertson

How Does Bankruptcy Affect Your Credit Score in the Long Run?

What keeps someone in massive debt from filing for bankruptcy? In many cases, it’s a fear of damaging their credit score. Your credit score is the key to securing new lines of credit, enjoying lower interest rates on the debt you do carry, and otherwise making your financial status more secure. However, it doesn’t need […]

Credit Card Debt Still A Challenge Despite Dip In Spending

Since the start of the pandemic, the average amount of credit card debt most families have is dropping. But for families in financial distress, credit card debt remains a substantial burden. Filing for bankruptcy can relieve that burden, but exactly how depends on the type of bankruptcy filed. Historic Drop In Credit Card Debt According to data […]

4 Things You Need To Know About Bankruptcy And Divorce

There are few things in life that impact your finances more than your marital status. Who and when you marry can impact your earning potential for the rest of your life. Sharing household expenses can improve your quality of life. Getting a divorce can completely wreck things. In fact, divorce is one of the leading […]

Bankruptcies Decrease Despite Economic Downturn

Many people assumed that the financial downturn caused by the COVID-19 pandemic would force a lot of people into bankruptcy. However, statistics released by the Administrative Office of the U.S. Courts show a significant drop in the number of people filing for bankruptcy in 2020 compared to 2019. Annual bankruptcy filings in calendar year 2020 totaled 544,463, […]

How Long Will A Bankruptcy Stay On My Credit Report?

We talk about bankruptcies as a way to get a fresh start. You can wipe the slate clean and begin all over again. For the most part this is true, but there is one long-term impact of bankruptcy you should be aware of. Filing for bankruptcy will negatively impact your credit score, and that negative impact […]

A Meeting Of Creditors

A group of bees is called a swarm. A group of rhinoceroses is called a crash. A group of hyenas is called a cackle. We’re not sure if there is an official term for a group of creditors, but we suggest “a headache.” In all seriousness, getting a filer’s creditors together is part of every bankruptcy […]

Are Student Loans Dischargeable in Bankruptcy?

In 2020, student loan debt across the United States hit a whopping $1.56 trillion. Yes, trillion. This 1.56 trillion-dollar burden is borne by 45 million Americans. The only consumer debt category higher than student loans is mortgages. Credit card and automotive debt are dwarfed by student loan debt. The class of 2018 graduated with an […]

5 Possible Alternatives to Foreclosure on Your House

Being delinquent on your mortgage is a scary time. You’re faced with potentially losing your home at a time when stability is what you need. In 2008, U.S. mortgage foreclosures spiked as a result of overextended lending and poor credit standards. Currently, millions of Americans are struggling to make their mortgage payments due to the […]

Bankruptcy Is Not A Moral Failure

When P.T. Barnum, the king of curiosities and co-founder of the self-proclaimed “Greatest Show on Earth,” went bankrupt, Ralph Waldo Emerson wrote that it showed the gods to be “visible again.” Emerson and many others were pleased that Barnum was in financial trouble because they disapproved of his money-making tactics. Emerson’s attempt to tie Barnum’s […]