The best offense is frequently a good defense. No matter how astute a business person you are, or how skilled you are as an investor, or how lucky you are with your lottery tickets, it does little good if you leave your assets hanging like a slab of meat in the water for trial lawyers [...]

8 Asset Protection Strategies – How to Protect Your Wealth From Lawsuits is a post from the Money Crashers personal finance blog.

Making millions of dollars or having celebrity status doesn’t do much to deter bankruptcy. Between 2008 and 2009, bankruptcy filings for those with more than $1 million in assets increased by 73%, and “Sports Illustrated” says that 78% of former NFL players go bankrupt within two years of retirement. Even some lottery winners go bankrupt [...]

6 Bankrupt Celebrities Who Went From Rich to Broke is a post from the Money Crashers personal finance blog.

Running a business is very risky. In fact, an estimated 49% of businesses fail within their first five years and approximately 30% of businesses don’t even make it through the first two years. Some industries are particularly risky and have even higher failure rates. For example, about 61% of independent restaurants don’t make it through [...]

The Real Reasons Why Companies & Business Startups Are Failing is a post from the Money Crashers personal finance blog.

If you’re considering filing for bankruptcy, you should know that not all debts are treated equally. For example, certain debts cannot be discharged, or forgiven, and must be repaid in full. Other debts, however, can be completely discharged either immediately or after a few years depending on if you file a Chapter 7 or Chapter [...]

How Different Types of Debt are Treated in Bankruptcy is a post from the Money Crashers personal finance blog.

The main issue that discourages most people from filing bankruptcy is the detrimental effect is has on their credit. It’s true that a bankruptcy can stay on your credit report for up to ten years and it seriously hurts your credit score. However, not filing for bankruptcy and allowing your debts to go to collections [...]

How Does Bankruptcy Affect Your Credit Score? is a post from the Money Crashers personal finance blog.

Declaring bankruptcy is a pretty extreme measure, but used in the right way at the right time, it can save you money, preserve your peace of mind, and get you back on your feet financially. However, declaring bankruptcy can also be expensive and time-consuming, and have a huge impact on your credit store. This, in [...]

When and Reasons Why to File for Bankruptcy is a post from the Money Crashers personal finance blog.

Petitioning for bankruptcy can be a long process, but it doesn’t need to be a difficult one. Most of it is simply a matter of filling out the paperwork correctly and approaching things in the right order. When a debtor attempts to declare bankruptcy, their case is examined by a government employee called a trustee. [...]

How to Declare and File for Bankruptcy – 4-Step Process is a post from the Money Crashers personal finance blog.

If you’ve decided to declare bankruptcy, it’s important to understand the different types. Both Chapter 7 bankruptcy and Chapter 13 bankruptcy offer unique benefits. Which one will make sense for you depends on your personal situation including, but not limited to, the amount of debt you have, your income, and the value of your assets. [...]

Chapter 7 vs. Chapter 13 Bankruptcy – Which Should You File? is a post from the Money Crashers personal finance blog.

Filing for Chapter 13 bankruptcy can stop creditor harassment, runaway interest rates and fees, and can provide you with a structured plan for paying down your debt. It’s sometimes referred to as a “reorganization” bankruptcy because it reorganizes your debts so that you can afford to pay them. Unlike a Chapter 7 bankruptcy, it does [...]

What Is Chapter 13 Bankruptcy – Filing Rules & Information is a post from the Money Crashers personal finance blog.

When you think of bankruptcy, you probably think of Chapter 7 bankruptcy. It is sometimes referred to as a “straight bankruptcy” or a liquidation. Chapter 7 bankruptcy allows most debts to be entirely forgiven without entering into a payment plan. Your non-exempt assets are “liquidated,” or sold off, in order to pay for at least [...]

What Is Chapter 7 Bankruptcy – Filing Rules & Means Test is a post from the Money Crashers personal finance blog.

General Motors grew from a small company in 1908 into a corporate giant within a couple of decades. For years, people believed that GM was too big to ever go away. Investors had a lot of confidence in the company and many employees invested their life savings into it. Everyone realized the mistake they’d made [...]

General Motors GM Chapter 11 Bankruptcy Timeline & Future Lessons is a post from the Money Crashers personal finance blog.

This is a very sensitive topic because it involves a decision that cannot be undone. I have personally “beat” bankruptcy, consulted with those contemplating bankruptcy, and helped those recover from bankruptcy. I am not a lawyer and I am not giving legal advice, but sharing my personal opinions of the topic. In our current economic [...]

Filing For Bankruptcy – Should You Ever Do It? is a post from the Money Crashers personal finance blog.

The current economic crisis has caused millions of Americans to lose their homes and has forced many to insolvency. Some have been forced to take the drastic measure of declaring bankruptcy. There is no shame in declaring bankruptcy. It may be a necessary step for some people that are overly leveraged. While going through a bankruptcy is [...]

How To Rebuild Your Financial House After Bankruptcy is a post from the Money Crashers personal finance blog.

I listen to the Dave Ramsey Radio Show every once in a while on my way home from work, and one of the most common topics I hear from callers is the question about bankruptcy. So many people call in for advice about whether or not they should file for bankruptcy. Ramsey, having gone through [...]

3 Reasons Why You Should Avoid Bankruptcy is a post from the Money Crashers personal finance blog.

The media is saying we’re in a recession, because they love to strike fears in the hearts of Americans. We tune into news programs more when bad news has struck. Think about how many news programs, newspapers, and magazines you consumed during the 9/11 attacks. We love bad news. This is why the media was [...]

How To Protect You and Your Family From Financial Ruin In A Recession is a post from the Money Crashers personal finance blog.