Have Bankruptcies Increased During the Pandemic?

have bankruptcies increased during pandemic

Although the economic impacts of the recession caused by the novel coronavirus and COVID-19 pandemic have varied widely by industry and even from person to person, everyone agrees it’s been severe. And yet personal bankruptcy filings in 2020 were the lowest they’ve been since 1986! In fact, bankruptcy filings actually went down by nearly 30% in 2020 compared to 2019. What exactly is going on here?

For Most People, Bankruptcy is the Absolute Last Resort

bankruptcy last resort

Job loss is one of the major causes of bankruptcy, but it takes a while for it to really kick in. Because so many people have a negative, stigmatized view of bankruptcy, it’s usually treated as the absolute last resort. In other words, when times are tough, people do whatever they can to avoid filing bankruptcy. These actions may not be wise, but here are some of the ways people try to avoid filing for bankruptcy:

Drawing down their savings and using their stimulus checks to keep up debt payments.

Borrowing additional funds from creditors, perhaps putting up assets as collateral.

Withdrawing money from their retirement plan.

Borrowing money from employers.

Borrowing money from friends and family.

Stopping payments to some creditors while keeping up others.

These tactics could see some through the current pandemic recession and prevent them from declaring bankruptcy, but they could also just be delaying the inevitable.

Every Recession is Different, and the Pandemic Recession is Bizarre

irregular recession

Most every recession has been accompanied by a significant increase in personal (or consumer) bankruptcy filings (as opposed to commercial bankruptcies for businesses). But remember it’s what is called a lagging indicator, meaning it takes a while for bankruptcies to rise after a recession hits. Unemployment is also a lagging indicator of recessions. For example, in the Great Recession that began in December 2007 unemployment was 5%. It took nearly two years of gradual job loss for the unemployment rate to march slowly up to its peak of 10% in October 2009. Bankruptcy filings tend to lag even further behind, which is why the peak in bankruptcy filings didn’t come until a later in 2010.

But comparing the current pandemic recession to the Great Recession might be like comparing apples and oranges. Take a look at the graph below and you’ll see for yourself (data source: https://www.bls.gov/):

unemployment rate graph

Look how different the shapes of the unemployment rate line is between the two recessions. It took two years for unemployment to reach its peak of 10% and then started its steady march down to record lows just before the pandemic hit.

By contrast, the economic shut down was so fast in response to the pandemic, unemployment immediately shot up to its peak of 14.8% in April but has dropped to half that since. No one was expecting that to happen. It’s hard to make any predictions when the two situations look so entirely different. It’s also worth mentioning that a lot of people (especially older workers and moms managing their children’s education from home) have completely exited the workforce, which means they’re not even counted in the unemployment rate.

Based on what happened in the Great Recession, which was a peak in bankruptcy filings about a year after the peak in unemployment, you might be tempted to predict that the peak in bankruptcy filings will come in 2021. But it’s not clear it’s going to happen any time soon, or at all. This is unchartered territory in terms of how unique this recession is.

Why Did Bankruptcy Filings Fall in 2020?

bankruptcies fell in 2020

It would be one thing if personal bankruptcy filings had held steady or gone up a little during 2020, but they fell sharply by 30% to the lowest level seen in more than three decades. One thing to keep in mind is that the bankruptcy courts were shut down for a significant period of time and many are still operating at lower capacity and remotely, so there may be people who want to file but don’t because they don’t even know if the system is really even functioning right now.

Then there’s all the relief that has been made available. The federal government was quick with an initial round of relief payments extended unemployment benefits. Then those dried up. Then they finally passed more, but not nearly as much. With a new administration in charge, the relief may once again be on the horizon in a significant way. These relief measures in the form of stimulus payments and extended unemployment benefits may be just enough to keep most people afloat long enough to be able to recover without declaring bankruptcy.

Perhaps just as important, consumers are getting a lot of other kinds of breaks specifically related to debts. Student loan payments are on hold, many mortgage holders aren’t being penalized for missed payments, some states have stopped debt collection altogether, and so on. At some point, however, all those temporary measures are going to fall away and the creditors who have been waiting will want to collect on all those debts. The question is whether or not people will be ready to pick back up on their debt payments.

Also remember that it does cost money to file bankruptcy. While the court fees are modest, most people can’t (or shouldn’t try to) file on their own without the help a bankruptcy attorney, which can cost anywhere from $1,500 to $5,000 depending on your location and how complicated your case is. Amidst all this economic uncertainty, a lot of people may want to file but don’t feel like they can justify laying out the significant amount of money it takes to get the expert guidance of a bankruptcy attorney.

Bankruptcy by the Numbers in 2020

bankruptcy stats

What’s interesting about the 30% decline in bankruptcies in 2020 is how that figure covers all kinds of bankruptcy. When you drill down into the types, the picture gets even more fascinating. People who need to file person bankruptcy tend to go primarily with a Chapter 7 or a Chapter 13 type of case. In 2021 Chapter 7 bankruptcy filings fell by 21.6% in 2020 compared to 2019. And Chapter 13 filings fell by a whopping 46% in 2020. Chapter 11 filings, however, which is a type often used by businesses, were up by 29% in 2020. This is not surprising when you think about how many businesses have had to close permanently because of the pandemic.

The question remains, will there be a sharp rise in bankruptcy filings caused by the pandemic recission? The only real way to answer this question right now is that we just have to wait and see. If the next round of federal stimulus and assistance keep those who are struggling afloat while the roll-out of coronavirus vaccines ramps up, a significant number of people might make it through the recession without having to declare bankruptcy. But there will undoubtedly be some number of people who will still struggle and will have to file for bankruptcy. We just don’t know how many yet.

When You Need to Buy a Car in Bankruptcy

buying a car in bankruptcy

We hope no one reading this will have to file for bankruptcy because of the pandemic-induced recession. But if you do declare bankruptcy and then discover you also need to finance the purchase of car, please know that Day One Credit is here to help you find the bankruptcy car loan you need. We work with top lenders who are willing to work with bankruptcy customers, whether your case was filed yesterday or was recently discharged. You can learn more about how we can help you by visiting Why Day One.

At Day One Credit we are experts at finding the best possible bankruptcy car loans in order to help our customers purchase high-quality used cars. We are not lawyers, we do not give legal advice, and nothing we say should be taken as legal advice. Your first step in anything related to bankruptcy should always be seeking the advice and counsel of a qualified bankruptcy attorney.

0 thoughts on “Have Bankruptcies Increased During the Pandemic?”

  1. Il offre une plus grande clarté d’esprit et permet de bénéficier d’une motivation très prononcée à effectuer les tâches que l’on a besoin de faire chaque jour. Pharmacies en ligne souvent Vends Modafinil générique à un prix réduit dans les pharmacies traditionnelles. Chez les individus dont l’activité professionnelle requiert une vivacité de réflexion intellectuelle et une concentration maximale, il est possible que dans certaines situations le cerveau cesse de “fonctionner”. http://modafinilpascher.space/modafinil-en-ligne/ Notre pharmacie en ligne vous offre une solution d’achat simple et pratique. Il est donc très utile de le consommer pour réaliser tout travail ayant une date butoir qui approche rapidement!

  2. Dans de nombreux double-aveugle contre placebo contrôlé études de recherche effectuées au cours des années, Modafinil a été vu à augmenter l’éveil chez les personnes atteintes de narcolepsie. Le Modafinil est un médicament développé dans les années 70 en France pour traiter la narcolepsie, une condition qui provoque une tendance aiguë à s’endormir à peu près n’importe où. Et ces effets bénéfiques sur les individus en bonne santé ont été confirmés par les recherches récentes: le remède accroît l’attention, améliore la capacité à apprendre et mémoriser, et augmente la capacité à résoudre des problèmes. http://modafinilpascher.space/acheter-modafinil/ Apnée/hypopnée est une condition médicale dans laquelle les muscles soutenant la langue ou le palais mou involontairement se relâchent pendant le sommeil, et soit partiellement obstruer les voies respiratoires causant la respiration superficielle (hypopnée), ou bloquer complètement les voies respiratoires, provoquant la respiration s’arrêter (apnée du sommeil). Les personnes ayant une prescription qui vivent dans un pays étaient importation de médicaments d’ordonnance est légale, Il y a la possibilité de acheter Modafinil en ligne d’une pharmacie en ligne recommandée.

  3. Le comprimé a été considéré comme un tel traitement réussi pour la narcolepsie qu’il a même été utilisé comme une norme contre lequel sont testés les nouveaux médicaments. Officiellement, le Provigil générique est utilisé pour soigner les troubles qui provoquent une somnolence pendant la journée tels que la narcolepsie, cependant les académiques des meilleures université utilisent ce comprimé pour améliorer l’énergie et la concentration mentales et les résultats d’examens. Dans un examen des différentes études réalisées sur le Modafinil, On a constaté que toutes les études, mémoire de travail et épisodique a semblé être améliorée. https://acheter-modafinil.site/provigil-acheter/ Il est important de soigneusement la recherche prospectives pharmacies en ligne. En raison du coût élevé de la marque Modafinil en pharmacie ordinaires, beaucoup de gens se tourneront vers les pharmacies en ligne pour tenter de sauver de l’argent.

  4. La dose recommandée de Modafinil est de 200 mg, une fois par jour, lors du traitement des troubles du rythme circadien. Une des utilisations plus courantes de sur l’étiquette du comprimés est liée à ses effets stimulants analogues, qui en font une alternative populaire aux médicaments stimulants traditionnels pour trouble d’hyperactivité avec déficit de l’attention (TDAH). Le médicament utilise substances chimiques naturelles afin de stimuler une réaction qui implique aussi les autres importants neurotransmetteurs dans le cerveau. https://acheter-modafinil.site/modvigil-en-ligne/ Si vous voulez acheter médicament pour dormir sans ordonnance, vous devriez comprendre que ce médicament a clairement prononcé, effet stimulant sur les fonctions du système nerveux central.

  5. Le comprimés est parfois vendu sous le nom de Provigil modafinil. Il a été commercialisé en 1993 sous le nom de Modiodal, avant d’arriver aux États-Unis sous le nom de Provigil. Son utilisation régulière conduit à une accoutumance, ce qui signifie qu’il ne sera plus aussi efficace lorsqu’utilisé trop fréquemment. https://acheter-modafinil.site/modafinil-pharmacie-en-ligne/ Une fois qu’un individu a une prescription, il/elle doit faire face à la hausse des prix au cours de laquelle le médicament est vendu dans les pays développés. Les effets du médicament durent en principe toute la journée, mais n’empêchent pas la personne de dormir aux horaires normaux, à condition d’être pris au plus tôt après le réveil, puisque sa demi-vie dans le corps humain est d’environ 15h.

  6. Comparé à d’autres dopants intellectuels comme le Ritaline, estiment que le Modafinil est le premier produit de ce genre semblant “raisonnablement sûr pour les individus en bonne santé”. Il est souvent utilisé par les étudiants en période d’examens, afin de réviser plus efficacement et plus longtemps, ou encore pour finir des projets en retard, en travaillant la nuit pour se rattraper. https://acheter-modafinil.site/nootropique-pharmacie/ En raison de son éveil promotion de propriétés, les premiers essais cliniques humains par le Modafinil utilisaient le médicament comme traitement pour la narcolepsie. Le médicament a été testé intensivement comme un médicament favorisant la veille pour la narcolepsie.

  7. Prix à partir de pharmacies en ligne sont souvent nettement moins chers que dans les magasins de brique et de mortier traditionnels. La somnolence diurne excessive se caractérise par une difficulté à rester éveillé et une augmentation de la survenue d’endormissement à des moments inappropriés. https://acheter-modafinil.site/acheter-modafinil-en-maroc/ Les gens rapportent que ce medicament contre le sommeil aide à accroitre la concentration, améliorer la productivité et augmenter la motivation tout en diminuant simultanément le besoin de temps de repos.

  8. Comparé à d’autres dopants intellectuels comme le Ritaline, estiment que le Modafinil est le premier produit de ce genre semblant “raisonnablement sûr pour les individus en bonne santé”. Il offre une plus grande clarté d’esprit et permet de bénéficier d’une motivation très prononcée à effectuer les tâches que l’on a besoin de faire chaque jour. https://acheter-modafinil.site/alertec-vente-libre/ Cela peut être assez cher. Le Modafinil est un seul médicament de prescription dans la plupart des pays.

  9. Personnes souffrant de ce trouble sentent généralement hypersomnolence lorsqu’ils sont éveillés (généralement pendant la nuit, en dehors de la journée normale se réveillent heures), et parfois l’expérience insomnie en essayant de dormir pendant la journée. Le médicament a été testé intensivement comme un médicament favorisant la veille pour la narcolepsie. Il est important de soigneusement la recherche prospectives pharmacies en ligne. https://acheter-modafinil.site/acheter-modafinil-en-ligne/ A l’inverse, les effets négatifs sont quasi-inexistants, ou alors se manifestent très faiblement, via des nausées ou des maux de tête.

  10. La méthode la plus sûre pour acheter médicament pour dormir vite en ligne. Il n’y a certainement aucune méthode universelle pour soulager la fatigue pendant un surmenage intellectuel intense. https://acheter-modafinil.site/nootropique-en-vente-libre/ Pour l’amélioration mentale et pour se débarrasser du brouillard cérébral, certaines personnes trouvent que prendre 50 mg au réveil et 50 mg dans l’après-midi (100 mg au total) peut donner de la vigilance tout au long de la journée.

  11. Il a été commercialisé en 1993 sous le nom de Modiodal, avant d’arriver aux États-Unis sous le nom de Provigil. Et ces effets bénéfiques sur les individus en bonne santé ont été confirmés par les recherches récentes: le remède accroît l’attention, améliore la capacité à apprendre et mémoriser, et augmente la capacité à résoudre des problèmes. https://acheter-modafinil.site/modafinil-sans-ordonnance-quebec/ C’est un excellent outil pour améliorer la qualité de vie en général, quel que soit votre objectif: que ce soit un étudiant, un athlète, un entrepreneur ou simplement une personne active qui recherche un bon élan!

  12. Troubles du sommeil travail Maj (parfois juste appelé troubles du travail Maj) est un trouble du sommeil qui peut-être survenir lorsque les gens travaillent le Maj fin ou au cours de la nuit, souvent sur un horaire rotatif ou intermittent. L’effet est de vigilance et éveil intense, et en fait il s’agissait de la première utilisation prescrite pour la drogue. Il commence par améliorer vos compétences cognitives en rendant plus efficace le processus de réflexion tout en augmentant votre mémoire et ce, sans aucun effet de somnolence. https://acheter-modafinil.site/acheter-provigil-france/ Dans les études sur l’apnée/hypopnée obstructive, la somnolence diurne et les scores de l’échelle de somnolence d’Epworth sont significatifs amélioré le Modafinil par rapport au placebo. Les prescriptions hors AMM sont entièrement légale, mais sont à la discrétion des médecins individuels, et pas tous les médecins sont prêts à prescrire des Modafinl fins de l’étiquette.

  13. Modafinil, qui est commercialisé sous plusieurs noms de marques tels que Modvigil, ModAlert, et Provigil, est un médicament pharmaceutique approuver par la FDA pour soigner différents troubles du sommeil. Modafinil a été utilisé comme traitement d’appoint pour améliorer ce symptôme, ainsi que les traitements traditionnels pour résoudre les problèmes d’apnée-hypopnée. Il existe d’études mettant en avant l’efficacité du médicament pour réduire ou éliminer les effets néfastes de la privation de sommeil sur le cerveau. https://acheter-modafinil.site/acheter-modafinil-en-suisse/ Officiellement, le Provigil générique est utilisé pour soigner les troubles qui provoquent une somnolence pendant la journée tels que la narcolepsie, cependant les académiques des meilleures université utilisent ce comprimé pour améliorer l’énergie et la concentration mentales et les résultats d’examens.

  14. La dose optimale d’un médicament est: une dose suffisamment élevée pour démontrer l’efficacité dans la population cible, mais suffisamment faible pour minimiser les problèmes de sécurité et les effets indésirables. La narcolepsie est un trouble du sommeil affecte sommeil et l’éveil indiquant. https://acheter-modafinil.site/modafinil-sans-ordonnance-quebec/ La dose recommandée de Modafinil est de 200 mg, une fois par jour, lors du traitement des troubles du rythme circadien. Le travail intellectuel intense mène à l’accumulation de fatigue au même titre que le travail physique, mais contrairement à la fatigue physique, il est beaucoup plus difficile de lutter contre la fatigue mentale.

  15. La narcolepsie est un trouble du sommeil qui affecte la capacité d’une personne à maintenir l’éveil. Personnes atteintes de narcolepsie ont des difficultés à maintenir l’éveil, et peut même s’endormir au hasard tout au long de la journée. https://acheter-modafinil.site/modiodal-achat/ Bien que, si vous le prenez à des fins non médicales, vous ne les consommerez probablement que «au besoin». Pour l’amélioration mentale et pour se débarrasser du brouillard cérébral, certaines personnes trouvent que prendre 50 mg au réveil et 50 mg dans l’après-midi (100 mg au total) peut donner de la vigilance tout au long de la journée.

  16. Dans une étude sur les troubles du sommeil de travail par quarts, Il a été vu que patients traités par Modafinil avaient moins et de plus courte durée d’attention est caduque que les patients recevant le placebo lors des tests sur le Test de Vigilance psychomotrice. Il produit des sensations plus fortes de vigilance et de concentration, tout en vous gardant éveillé. https://acheter-modafinil.site/modiodal-drogue/ Le médicament a été testé intensivement comme un médicament favorisant la veille pour la narcolepsie. La dose optimale d’un médicament est: une dose suffisamment élevée pour démontrer l’efficacité dans la population cible, mais suffisamment faible pour minimiser les problèmes de sécurité et les effets indésirables.

  17. Personnes atteintes de narcolepsie ont des difficultés à maintenir l’éveil, et peut même s’endormir au hasard tout au long de la journée. A l’inverse, les effets négatifs sont quasi-inexistants, ou alors se manifestent très faiblement, via des nausées ou des maux de tête. Pour finir, il est parfois utilisé par les sportifs pour bénéficier d’une amélioration bluffante de leur endurance physique et mentale, ainsi que de leur concentration sur l’effort. https://acheter-modafinil.site/acheter-modalert-200-mg-a-bas-prix-livraison-tres-rapide/ Modafinil a été utilisé comme traitement d’appoint pour améliorer ce symptôme, ainsi que les traitements traditionnels pour résoudre les problèmes d’apnée-hypopnée.

  18. Une fois qu’un individu a une prescription, il/elle doit faire face à la hausse des prix au cours de laquelle le médicament est vendu dans les pays développés. Chez les individus dont l’activité professionnelle requiert une vivacité de réflexion intellectuelle et une concentration maximale, il est possible que dans certaines situations le cerveau cesse de “fonctionner”. La méthode la plus sûre pour acheter médicament pour dormir vite en ligne. https://acheter-modafinil.site/acheter-modalert-200-mg-a-bas-prix-livraison-tres-rapide/ Ceci est particulièrement utile pour les médicaments qui sont généralement très coûteux, comme le Modafinil.

  19. En raison du coût élevé de la marque Modafinil en pharmacie ordinaires, beaucoup de gens se tourneront vers les pharmacies en ligne pour tenter de sauver de l’argent. Si la recherche est plus limité que pour d’autres utilisations, Il y a eu de nombreuses études réalisées montrant que le Modafinil peut en fait améliorer divers aspects de la cognition. Ceci est particulièrement utile pour les médicaments qui sont généralement très coûteux, comme le Modafinil. https://acheter-modafinil.site/acheter-modafinil-en-maroc/ Personnes atteintes de cette affection souvent une qualité de sommeil de mauvaise qualité au cours de la nuit, et une somnolence diurne excessive ultérieure. En raison du coût élevé de la marque Modafinil en pharmacie ordinaires, beaucoup de gens se tourneront vers les pharmacies en ligne pour tenter de sauver de l’argent.

  20. Bien que, si vous le prenez à des fins non médicales, vous ne les consommerez probablement que «au besoin». Par rapport au placebo, Modafinil a été vu pour améliorer sensiblement les résultats à différents tests, incluant le Test de latence Multiple Sleep, le maintien du Wakefulness Test, et le Self-administered échelle de somnolence d’Epworth. L’effet est de vigilance et éveil intense, et en fait il s’agissait de la première utilisation prescrite pour la drogue. https://acheter-modafinil.site/nootropique-achat/ La division des doses est quelque chose que vous devrez tester vous-même.

  21. Personnes atteintes de narcolepsie ont des difficultés à maintenir l’éveil, et peut même s’endormir au hasard tout au long de la journée. Le travail intellectuel intense mène à l’accumulation de fatigue au même titre que le travail physique, mais contrairement à la fatigue physique, il est beaucoup plus difficile de lutter contre la fatigue mentale. https://acheter-modafinil.site/modafinil-eu/ Pour finir, il est parfois utilisé par les sportifs pour bénéficier d’une amélioration bluffante de leur endurance physique et mentale, ainsi que de leur concentration sur l’effort.

  22. Troubles du sommeil travail Maj (parfois juste appelé troubles du travail Maj) est un trouble du sommeil qui peut-être survenir lorsque les gens travaillent le Maj fin ou au cours de la nuit, souvent sur un horaire rotatif ou intermittent. Il produit des sensations plus fortes de vigilance et de concentration, tout en vous gardant éveillé. À noter que le comprimés est interdit d’utilisation en compétition. https://acheter-modafinil.site/nootropique-en-france/ Et ces effets bénéfiques sur les individus en bonne santé ont été confirmés par les recherches récentes: le remède accroît l’attention, améliore la capacité à apprendre et mémoriser, et augmente la capacité à résoudre des problèmes. Si vous habitez en France, vous avez très probablement entendu parler de Modiodal/Provigil, la version de marque de Modafinil.

  23. Il est généralement plus que suffisant pour améliorer la concentration et la concentration, et augmenter la productivité. Les prescriptions hors AMM sont entièrement légale, mais sont à la discrétion des médecins individuels, et pas tous les médecins sont prêts à prescrire des Modafinl fins de l’étiquette. https://acheter-modafinil.site/modafinil-eu/ L’effet est de vigilance et éveil intense, et en fait il s’agissait de la première utilisation prescrite pour la drogue. La dose optimale d’un médicament est: une dose suffisamment élevée pour démontrer l’efficacité dans la population cible, mais suffisamment faible pour minimiser les problèmes de sécurité et les effets indésirables.

  24. Apnée/hypopnée est une condition médicale dans laquelle les muscles soutenant la langue ou le palais mou involontairement se relâchent pendant le sommeil, et soit partiellement obstruer les voies respiratoires causant la respiration superficielle (hypopnée), ou bloquer complètement les voies respiratoires, provoquant la respiration s’arrêter (apnée du sommeil). C’est un stimulant intellectuel souvent utilisé pour traiter les troubles sévères du sommeil comme l’hypersomnie (somnolence excessive pendant la journée) et la narcolepsie (un trouble du cerveau qui peut provoquer unknownl’endormissement soudain de la personne atteinte). Le remède s’emploie également pour lutter contre l’hypersomnie (sommeil profond ou excessif) idiopathique (d’origine inconnue). https://acheter-modafinil.site/modiodal-en-france/ De plus, sur Internet, les pharmacies proposent souvent des réductions: en achetant plus de comprimés, on paye moins que l`on aurait payé dans une pharmacie ordinaire.

  25. La plupart des gens ne veulent pas que les autres sachent quels médicaments ils achètent. Il s’avère très efficace puisque l’envie de dormir diminue, vous permettant de réaliser n’importe quelle activité plus longtemps. https://acheter-modafinil.site/modafinil-maroc-prix/ Il est donc très utile de le consommer pour réaliser tout travail ayant une date butoir qui approche rapidement! Ils éprouvent souvent une somnolence diurne excessive.

  26. Le Modafinil est un seul médicament de prescription dans la plupart des pays. Le Modafinil est un médicament développé dans les années 70 en France pour traiter la narcolepsie, une condition qui provoque une tendance aiguë à s’endormir à peu près n’importe où. https://acheter-modafinil.site/modalert-sans-ordonnance/ Un autre examen a révélé que dans l’ensemble de recherche études c’est la fonction cognitive a été amélioré grâce à une plus grande fonction exécutive, surtout quand la planification et l’exécution de tâches complexes ou difficiles. Pour finir, il est parfois utilisé par les sportifs pour bénéficier d’une amélioration bluffante de leur endurance physique et mentale, ainsi que de leur concentration sur l’effort.

  27. Personnes atteintes de cette affection souvent une qualité de sommeil de mauvaise qualité au cours de la nuit, et une somnolence diurne excessive ultérieure. Сes comprimés est un nootropique qui stimule l’éveil, la vigilance et l’énergie. https://acheter-modafinil.site/modafinil-livraison-rapide/ Toutes les données sur les clients en ligne restent confidentielles. Chez l’homme, le remède restaure et/ou améliore le niveau et la durée de l’état de veille et de la vigilance diurne de façon dose-dépendante.

  28. C’est pourquoi, les comprimés doivent être pris de dosage strict et en aucun cas ne pas abuser de son application. Le Modafinil est un seul médicament de prescription dans la plupart des pays. https://acheter-modafinil.site/ou-trouver-modafinil/ Cela permet à l’acheteur d’économiser de l’argent.

  29. Il a été commercialisé en 1993 sous le nom de Modiodal, avant d’arriver aux États-Unis sous le nom de Provigil. Il offre une plus grande clarté d’esprit et permet de bénéficier d’une motivation très prononcée à effectuer les tâches que l’on a besoin de faire chaque jour. https://acheter-modafinil.site/modiodal-générique/ Stimulant intellectuel est pris une fois par jour et est sûr à prendre sans avoir besoin de nourriture avant ou après la consommation.

  30. Cela peut être assez cher. Le remède s’emploie également pour lutter contre l’hypersomnie (sommeil profond ou excessif) idiopathique (d’origine inconnue). https://acheter-modafinil.site/stimulant-intellectuel-sans-ordonnance/ Modafinil a été utilisé comme traitement d’appoint pour améliorer ce symptôme, ainsi que les traitements traditionnels pour résoudre les problèmes d’apnée-hypopnée. Ce dosage semble être le point de rencontre idéal pour la grande majorité des utilisateurs.

  31. De plus, sur Internet, les pharmacies proposent souvent des réductions: en achetant plus de comprimés, on paye moins que l`on aurait payé dans une pharmacie ordinaire. Le Modafinil prix en France peut être très différent en fonction de l`endroit où l`on achète des pilules. Par exemple, acheter en ligne s`avère plus avantageux, car sur Internet on propose ce médicament moins cher que celui des pharmacies ordinaires. https://acheter-modafinil.site/provigil-acheter/ Il est aussi couramment utilisé comme drogue Nootropique pour amélioration de la mémoire, d’apprentissage, concentration de, et de se concentrer. Le médicament est pris par voie orale sous forme de comprimés. Pour la narcolepsie, 100 mg est prescrit pour être pris une fois par jour, immédiatement au réveil.

  32. Le médicament est pris par voie orale sous forme de comprimés. Pour la narcolepsie, 100 mg est prescrit pour être pris une fois par jour, immédiatement au réveil. Une fois qu’un individu a une prescription, il/elle doit faire face à la hausse des prix au cours de laquelle le médicament est vendu dans les pays développés. https://acheter-modafinil.site/modalert-sans-ordonnance/ Le médicament a été approuvé comme médicament de prescription pour les autres troubles du sommeil qui causent de la somnolence excessive: trouble du sommeil de travail par quarts et syndrome d’apnée/hypopnée obstructive.

  33. Ce médicament agit de façon surprenante. Un autre examen a révélé que dans l’ensemble de recherche études c’est la fonction cognitive a été amélioré grâce à une plus grande fonction exécutive, surtout quand la planification et l’exécution de tâches complexes ou difficiles. Prix à partir de pharmacies en ligne sont souvent nettement moins chers que dans les magasins de brique et de mortier traditionnels. https://acheter-modafinil.site/acheter-modafinil-sans-ordonnance/ L’avantage de Modafinil achat de sur Internet est la possibilité de comparer rapidement les prix des médicaments dans les pharmacies en ligne. À moins que le médicament est prescrit pour traiter un du diagnostic médical approuvé pour son utilisation sur étiquette, patients trouvent leurs compagnies d’assurance ne veulent pas couvrir le coût des médicaments.

  34. Il y a eu de nombreux usages hors AMM pour le Modafinil qui se sont développées depuis sa découverte. Modafinil a été utilisé comme traitement d’appoint pour améliorer ce symptôme, ainsi que les traitements traditionnels pour résoudre les problèmes d’apnée-hypopnée. https://acheter-modafinil.site/acheter-modafinil-en-belgique/ Notre pharmacie en ligne vous offre une solution d’achat simple et pratique. Il est souvent utilisé par les étudiants en période d’examens, afin de réviser plus efficacement et plus longtemps, ou encore pour finir des projets en retard, en travaillant la nuit pour se rattraper.

  35. Une fois qu’un individu a une prescription, il/elle doit faire face à la hausse des prix au cours de laquelle le médicament est vendu dans les pays développés. Après le dosage, il faut environ 45 à 60 minutes pour quу “grève effective” avec le Modafinil. https://acheter-modafinil.site/modalert-sans-ordonnance/ Certains médecins qui sont au courant de toutes les recherches faites sur le Modafinil pour le TDAH vont prescrira en fait de Modafinil sur l’étiquette pour leurs patients, plus généralement dans les situations où les médicaments stimulants traditionnels ont eu des effets secondaires négatifs. La dose optimale d’un médicament est: une dose suffisamment élevée pour démontrer l’efficacité dans la population cible, mais suffisamment faible pour minimiser les problèmes de sécurité et les effets indésirables.

  36. Il s’avère très efficace puisque l’envie de dormir diminue, vous permettant de réaliser n’importe quelle activité plus longtemps. Le Modafinil est un seul médicament de prescription dans la plupart des pays. https://acheter-modafinil.site/commander-modafinil-en-ligne/ Par exemple, acheter en ligne s`avère plus avantageux, car sur Internet on propose ce médicament moins cher que celui des pharmacies ordinaires. Le remède augmente les capacités cognitives et est utilisé par ceux qui recherchent une concentration supérieure et souhaitent passer de longues heures de travail productives, sans que leur esprit ne vagabonde d’une pensée à une autre.

  37. Son utilisation régulière conduit à une accoutumance, ce qui signifie qu’il ne sera plus aussi efficace lorsqu’utilisé trop fréquemment. Le médicament est une invention française. Le travail intellectuel intense mène à l’accumulation de fatigue au même titre que le travail physique, mais contrairement à la fatigue physique, il est beaucoup plus difficile de lutter contre la fatigue mentale. https://acheter-modafinil.site/modvigil-sans-ordonnance/ Il n’y a certainement aucune méthode universelle pour soulager la fatigue pendant un surmenage intellectuel intense.

  38. Si vous voulez acheter médicament pour dormir sans ordonnance, vous devriez comprendre que ce médicament a clairement prononcé, effet stimulant sur les fonctions du système nerveux central. Troubles du sommeil travail Maj (parfois juste appelé troubles du travail Maj) est un trouble du sommeil qui peut-être survenir lorsque les gens travaillent le Maj fin ou au cours de la nuit, souvent sur un horaire rotatif ou intermittent. Ces pilule est utilisée fréquemment comme une drogue Nootropique afin d’améliorer la mise au point, concentration de, d’apprentissage, étudier, et la mémoire. https://acheter-modafinil.site/nootropique-en-vente-libre/ Il a été commercialisé en 1993 sous le nom de Modiodal, avant d’arriver aux États-Unis sous le nom de Provigil. Dans un examen des différentes études réalisées sur le Modafinil, On a constaté que toutes les études, mémoire de travail et épisodique a semblé être améliorée.

  39. La méthode la plus sûre pour acheter médicament pour dormir vite en ligne. Ils éprouvent souvent une somnolence diurne excessive. https://acheter-modafinil.site/modiodal-maroc/ Lorsque l’on parle de médicaments intelligents, ou nootropiques, ces pilules est souvent la première molécule à être évoquée. La prise de décision est aussi accélérée.

  40. Si vous pensez que vous avez besoin de mobiliser les ressources cachées du cerveau et d’améliorer considérablement l’activité des processus cognitifs, et que vous avez peu de temps pour dormir et vous reposer, ces pilules peut résoudre votre problème. Ce médicament agit de façon surprenante. Chez les individus dont l’activité professionnelle requiert une vivacité de réflexion intellectuelle et une concentration maximale, il est possible que dans certaines situations le cerveau cesse de “fonctionner”. https://acheter-modafinil.site/nootropique-en-pharmacie/ Le médicament est pris par voie orale sous forme de comprimés. Pour la narcolepsie, 100 mg est prescrit pour être pris une fois par jour, immédiatement au réveil.

  41. Chez les individus dont l’activité professionnelle requiert une vivacité de réflexion intellectuelle et une concentration maximale, il est possible que dans certaines situations le cerveau cesse de “fonctionner”. Il y a eu de nombreux usages hors AMM pour le Modafinil qui se sont développées depuis sa découverte. Si la recherche est plus limité que pour d’autres utilisations, Il y a eu de nombreuses études réalisées montrant que le Modafinil peut en fait améliorer divers aspects de la cognition. https://acheter-modafinil.site/modiodal-drogue/ Recherche sur améliorer la cognition chez les individus sains par le Modafinil est quelque peu défaut par rapport à d’autres usages, Cependant, il y a eu quelques résultats prometteurs de diverses études.

  42. SГёvnapnГ© er en tilstand hvor sГёvn blir konstant avbrutt om natten pГҐ grunn av pause i pusten eller grunne pust, vanligvis pГҐ grunn av obstruksjon av Гёvre luftvei. Stoffet stГҐr ogsГҐ oppfГёrt pГҐ idrettens dopinglister. https://kjopmodafinil.online/kjope-modafinil-uten-resept-pa-nett/ Mennesker med ADHD har dopamin nivГҐer som er lavere enn det man finner hos friske mennekser, og dette gjГёr at de med ADHD kan ha vanskeligheter med konsentrasjon og fokus pГҐ spesifikke oppgaver.

  43. Selv om det har sett off-label bruk som en påstått kognitiv forsterker for å forbedre våkenhet i dyre- og menneskestudier, er forskningen på effektiviteten for denne bruken ikke avgjørende. Modafinil 200 mg ser ut til å virke ved å virke på dopamin og modulere områdene i hjernen som er involvert i søvnsyklusen. Modafinil forblir en av de mest populære. https://kjopmodafinil.ru Den øker arbeidseffektivitet og gjør at vi kan prestere på et høyt kognitivt nivå, lenger enn normalt. Modafinil har potensial til å forandre livet ditt til det bedre.

  44. Le modafinil a Г©tГ© prГ©sentГ© comme un mГ©dicament amГ©liorant la performance, ou un mГ©dicament d’amГ©lioration, par certains et de nombreux utilisateurs de mГ©dias sociaux. https://achatmodafinil.space/modafinil-maroc-prix/ Le modafinil est fabriquГ© Г  partir de grains de cafГ© africains produits par l’espГЁce de cafГ© Coffea canephora.

  45. Une hypertension modГ©rГ©e ou sГ©vГЁre, une tachycardie, une insuffisance cardiaque, un accident vasculaire cГ©rГ©bral, une insuffisance rГ©nale ou hГ©patique, un dГ©sГ©quilibre Г©lectrolytique, une anГ©mie, des anomalies de la glycГ©mie ou des antГ©cГ©dents de psychose augmentent le risque de ces effets secondaires potentiels. https://achatmodafinil.online/provigil-en-maroc/ Le modafinil est connu comme un stimulant non amphГ©tamine, agissant directement sur l’hypothalamus pour augmenter l’Г©veil en induisant la libГ©ration de l’hormone inhibant le sommeil, l’hypocrГ©tine.

  46. Il a une structure chimique similaire Г  celles du dГ©prГ©nyl, du mГ©thylphГ©nidate et de l’amphГ©tamine. Environ 20 % sont excrГ©tГ©s sous forme de modafinil non mГ©tabolisГ©. https://achatmodafinil.ru/modafinil-livraison-rapide/ Il a Г©tГ© dГ©montrГ© dans des Г©tudes animales et humaines qu’il se lie et active des sites du cerveau qui sont impliquГ©s dans la production et l’Г©limination de l’adГ©nosine, un neurotransmetteur induisant le sommeil, et augmente les niveaux d’acГ©tylcholine dans le SNC.

  47. Dans les Г©tudes animales, il a Г©tГ© dГ©montrГ© que le Modafinil augmente les substances chimiques du cerveau associГ©es Г  l’Г©veil. Le modafinil se prГ©sente sous forme de comprimГ©s de 10 et 25 mg, sous forme liquide et sous forme de comprimГ©s. https://modafinilgenerique.online/acheter-provigil-france/ Le modafinil est frГ©quemment utilisГ© pour traiter la somnolence excessive associГ©e Г  la narcolepsie et pour amГ©liorer l’Г©veil chez ceux qui travaillent par quarts.

  48. C’est un modulateur dopaminergique, qui est l’inhibition non compГ©titive de la recapture de la dopamine et de la noradrГ©naline. https://modafinilsansordonnance.online/modiodal-200-mg/ Pour une utilisation hors AMM, des doses de 2 et 4 mg de modafinil sont souvent prises pour traiter la somnolence diurne excessive.

  49. Le modafinil est structurellement similaire Г  la dopamine, un neurotransmetteur, et augmente l’AMPc (adГ©nosine monophosphate cyclique), ce qui augmente le calcium intracellulaire. Le modafinil aide une personne Г  rester Г©veillГ©e en libГ©rant de la noradrГ©naline. https://modafinilsansordonnance.online/stimulant-intellectuel-sans-ordonnance/ Le modafinil est un puissant antagoniste des rГ©cepteurs H1 de l’histamine, un effet similaire Г  la chlorphГ©niramine, Г  la diphenhydramine et Г  d’autres agents.

  50. Le modafinil est disponible sous la forme d’un ou plusieurs comprimГ©s, pris par voie orale. Cependant, cela reste encore assez prГ©liminaire. https://modafinilsansordonnance.store/provigil-en-maroc/ Le modafinil est gГ©nГ©ralement prescrit pour traiter des affections telles que le trouble du sommeil liГ© au travail postГ© (SWSD), la narcolepsie et l’apnГ©e obstructive du sommeil.

  51. On ne sait pas si l’utilisation pendant la grossesse est sans danger. Il peut ГЄtre pris tel que prescrit ou occasionnellement lorsqu’il est nГ©cessaire de simplement rester Г©veillГ© tout en faisant des choses comme rester debout toute la nuit pour travailler ou Г©tudier. https://modafinilsansordonnance.online/modafinil-sans-ordonnance-quebec/ Le modafinil est un activateur de dopamine.

  52. Le modafinil, ou 2-[(diphГ©nylmГ©thyl)sulfinyl]-N-Г©thyl-benzamide, est un mГ©lange racГ©mique d’Г©nantiomГЁres, l’Г©nantiomГЁre L Г©tant la forme active. Le mГ©dicament est prГ©sentГ© dans The Matrix et le jeu vidГ©o Rock Band. https://modafinilgenerique.online/acheter-modafinil-en-suisse/ Le modafinil est commercialisГ© dans de nombreux pays et est disponible sur ordonnance aux Г‰tats-Unis.

  53. Prendre Modafinil peut vous aider Г  surmonter tous les problГЁmes de santГ© que vous avez qui causent la somnolence. Certaines personnes prГ©tendent qu’il peut ГЄtre pris avec du cafГ© ou de l’alcool, mais que cela pourrait ne pas fonctionner aussi bien. https://modafinilgenerique.online/nootropique-pharmacie/ Le mГ©dicament est vendu sous divers noms commerciaux dans le monde, notamment Modavi-Talens, Modarrest, Modalert, Modafinil, Modate, Renaliq, Revitaliq, Stimulex et Vigora ; en 2009, il y avait 36 ​​marques diffГ©rentes disponibles aux Г‰tats-Unis.

  54. Le modafinil est absorbГ© dans l’estomac, et il a une courte demi-vie d’environ trois heures. Un rapport de 2008 sur son potentiel en tant que supplГ©ment a rГ©vГ©lГ© qu’il n’Г©tait pas efficace pour induire une perte de poids. https://modafinilsansordonnance.store/modvigil-en-ligne/ Le modafinil n’est pas indiquГ© pour le traitement de la narcolepsie.

  55. Le modafinil est le plus souvent pris le matin, trois Г  quatre heures avant le coucher. Le modafinil figure sur la liste des interdictions de l’Agence mondiale antidopage en tant qu’agent dopant et mГ©dicament amГ©liorant la performance, et est associГ© Г  une augmentation du risque d’Г©vГ©nements cardiovasculaires. https://modafinilsansordonnance.store/acheter-modafinil-en-canada/ Le modafinil peut augmenter l’Г©veil en se liant Г  un rГ©cepteur de dopamine de la membrane post-synaptique.

  56. Bien que le modafinil ne semble pas modifier la pharmacocinГ©tique des mГ©dicaments les plus couramment prescrits, certaines interactions sont possibles et, par consГ©quent, la dose d’autres mГ©dicaments doit ГЄtre surveillГ©e. Le modafinil est Г©galement commercialisГ© sous les noms d’Armodafinil, Modavigil et Provigil. https://modafinilgenerique.store/acheter-modalert-200-mg-a-bas-prix-livraison-tres-rapide/ Le modafinil (Provigil) est un mГ©dicament d’ordonnance qui contient un mГ©lange de deux substances mГ©dicamenteuses.

  57. Le modafinil (ou citrate de modafinil) se prГ©sente sous forme de comprimГ© et de liquide pour les personnes ayant des restrictions alimentaires. Le mГ©dicament agit en stimulant les parties du cerveau qui contrГґlent l’Г©veil, mГЄme chez les personnes qui sont restГ©es Г©veillГ©es aprГЁs l’heure du coucher. https://modafinilgenerique.store/modvigil-sans-ordonnance/ MalgrГ© son origine, le mГ©dicament est commercialisГ© aux Г‰tats-Unis sous le nom de Modafinil.

  58. Le modafinil est un mГ©dicament stimulant et les effets de la prise de modafinil sont similaires Г  ceux de l’amphГ©tamine. https://modafinilpascher.store/nootropique-en-vente-libre/ Le modafinil est Г©galement utilisГ© pour le traitement du dГ©calage horaire et des troubles du sommeil liГ©s au travail postГ©.

  59. Dans des Г©tudes cliniques, le modafinil s’est avГ©rГ© efficace pour traiter la somnolence excessive chez les personnes atteintes de narcolepsie. Le modafinil a Г©tГ© bien tolГ©rГ© jusqu’Г  des doses de 700 mg/jour dans cette Г©tude. https://modafinilpascher.store/acheter-modafinil-en-canada/ Modafinil pourrait fonctionner pour vous.

  60. Introduit pour la premiГЁre fois en 1994, le modafinil est un nootropique qui a Г©tГ© initialement conГ§u pour ГЄtre utilisГ© pour traiter la narcolepsie et les troubles du sommeil liГ©s au travail postГ©. https://modafinilpascher.store/modafinil-online/ Il peut Г©galement ГЄtre prescrit hors indication pour les personnes souffrant d’apnГ©e obstructive du sommeil qui ne rГ©pondent pas au traitement standard de la CPAP ou de la CPAP nasale.

  61. Le traitement de la narcolepsie a Г©tГ© montrГ© pour amГ©liorer la somnolence dans certaines Г©tudes. Modvigile est une formulation de Modafinil Г  prendre une fois par jour et une fois le soir, fabriquГ©e au Royaume-Uni par Cephalon. https://modafinilpascher.store/modafinil-prix/ Chez les patients atteints de narcolepsie, le modafinil amГ©liore le cycle veille-sommeil, diminue la somnolence diurne et la cataplexie.

  62. Il peut Г©galement augmenter les niveaux d’acГ©tylcholine dans le cortex prГ©frontal et le thalamus. L’utilisation de modafinil peut augmenter la dГ©pression et l’anxiГ©tГ©. https://modafinilgenerique.store/stimulant-intellectuel-sans-ordonnance/ Il a Г©tГ© dГ©montrГ© que le modafinil associГ© Г  la nCPAP diminue la sГ©vГ©ritГ© de l’apnГ©e.

  63. Le modafinil est associГ© Г  un risque lГ©gГЁrement accru de dГ©pression chez certaines personnes. https://modafinilgenerique.store/provigil-modafinil/ Lorsqu’il est combinГ© avec deux mГ©dicaments induisant le sommeil Г  courte durГ©e d’action, il a fonctionnГ© pour des milliers de personnes dans les essais pour l’approbation de la FDA, mais n’a pas Г©tГ© Г©tudiГ© dans l’essai de maintenance chronique.

  64. Il est disponible sous forme de mГ©dicament sur ordonnance. Modafinil agit en augmentant les niveaux de dopamine dans le cerveau. https://modafinilsansordonnance.online/ou-trouver-modafinil/ En mГЄme temps, s’il est pris juste avant de s’allonger pour dormir la nuit, il aura pour effet de supprimer la somnolence en rГ©primant les neurones dopaminergiques du cerveau qui rГ©agissent au sommeil.

  65. En association avec l’amphГ©tamine, cependant, l’utilisation concomitante peut entraГ®ner une toxicitГ© accrue, probablement en raison de la surstimulation de l’un des deux transporteurs de monoamine (DAT et SERT) lors de l’inhibition de l’autre. Le modafinil est parfois Г©galement connu sous le nom de marque Armodafinil, Modalert ou uveitol. https://lemodafinil.online/modiodal-en-france/ Parfois, l’effet s’estompe avant la prise de la dose suivante.

  66. Cela signifie que le modafinil donne un effet plus durable et un effet plus Г©levГ© pour la mГЄme dose que les amphГ©tamines. Il est utilisГ© pour attГ©nuer la cataplexie chez ces personnes. https://modafinilsansordonnance.store/acheter-modafinil-en-europe/ Cependant, une revue Cochrane de 2015 a rГ©vГ©lГ© que mГЄme si les rГ©sultats Г©taient encourageants, la qualitГ© des preuves Г©tait trГЁs faible et les conclusions doivent ГЄtre tirГ©es avec prudence.

  67. п»їIl est recommandГ© aux adultes, adolescents et enfants de plus de 6 ans de prendre 200 mg trois fois par jour. L’introduction de la drogue provoque une bouffГ©e d’Г©nergie qui semble stimuler le cerveau, comme si elle Г©tait frappГ©e par la cafГ©ine et une poussГ©e d’adrГ©naline. https://modafinilsansordonnance.online/modvigil-sans-ordonnance/ Le GABA est impliquГ© dans la mГ©diation des sentiments de relaxation et de dГ©pression.

  68. Le mГ©tabolisme in vitro avec le CYP3A4 recombinant a montrГ© qu’au niveau thГ©rapeutique, seulement 10 % du mГ©dicament parent est mГ©tabolisГ©. https://lemodafinil.online/acheter-provigil/ Le modafinil a par la suite obtenu un avertissement contre l’utilisation hors AMM pour amГ©liorer la mГ©moire chez les enfants.

  69. Il est souvent utilisé par les étudiants en période d’examens, afin de réviser plus efficacement et plus longtemps, ou encore pour finir des projets en retard, en travaillant la nuit pour se rattraper. https://fr.ulule.com/modafinil-en-france/ L’effet est de vigilance et éveil intense, et en fait il s’agissait de la première utilisation prescrite pour la drogue.

  70. Сes comprimés est un nootropique qui stimule l’éveil, la vigilance et l’énergie. https://fr.ulule.com/modafinil-sansordonnance/ Ces dernières années, il y a eu un afflux de rapports et d’articles présentant des témoignages d’étudiants et de professionnels qui ont découvert l’utilisation hors indication intéressante d’un tel médicament.

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Recent Blogs

How Many Times Can Bankruptcy be Declared?

how many times can you file bankruptcy

A question people often have is what happens if they need to file bankruptcy more than once? Many people just assume declaring bankruptcy is a once-in-a-lifetime last resort action they can take only once. In reality, there is no legal limit to how many times you can file bankruptcy. There are, however, very strict rules around how often you can file that vary by the type of bankruptcy you file.

Bankruptcy 101: Differences Between Chapter 7 and Chapter 13 Cases

chapter 7 versus chapter 13

The two types of bankruptcy most individuals file for is either a Chapter 7 or a Chapter 13. A Chapter 7 bankruptcy is usually the best choice for people who have a lot of unsecured debt, such as credit card debt, personal loans, utility bills, medical bills, and so on that has become unmanageable. Those unsecured debts will essentially be wiped away entirely if you don’t have substantial assets that could be sold off to pay creditors some or all of what you owe.

A Chapter 13 bankruptcy, on the other hand, is sometimes the best option if you just need to put everything on pause long enough to get caught up on debt payments. In this type of bankruptcy, you come up with a court-approved payment plan over the course of 3-5 years. At the end of the payment plan period, you’re caught up and in a better position to keep it that way moving forward.

With those details explained, below are the different scenarios for declaring bankruptcy more than once:

Consecutive Chapter 7 Bankruptcy Cases: 8 Years

chapter 7 bankruptcy

Bankruptcy laws have been modified over the years to discourage frequent filings, especially for Chapter bankruptcy since it typically results in creditors receiving none of the money you owe them. In other words, bankruptcy laws aren’t meant to enable people to run up mountains of credit card debt only to wipe it all away by filing for Chapter 7 over and over. For this reason, if you get a Chapter 7 bankruptcy discharge, you are not eligible for another until at least eight years has passed from the date of your previous Chapter 7 filing.

Chapter 7 Followed by a Chapter 13 Bankruptcy: 4 Years

chapter 7 and 13

Because a Chapter 13 typically involves paying most if not all what you owe creditors, you can file a Chapter 13 after a Chapter 7 sooner than trying to do consecutive Chapter 7 cases. If you receive a Chapter 7 discharge, you are eligible to attempt a Chapter 13 bankruptcy filing if at least four years has passed from the previous Chapter 7 case.

Consecutive Chapter 13 Bankruptcy Cases: 2 Years

chapter 13

The least amount of time possible between consecutive bankruptcy filings is with a Chapter 13. After a Chapter 13 discharge, you could conceivably attempt another in as little as two years from the date the first Chapter 13 was filed. However, most Chapter 13 payment plans take place over the course of 3-5 years, so a two-year interval is very optimistic because receiving a discharge before the three-year minimum repayment plan is highly unlikely.

Chapter 13 Followed by a Chapter 7 Bankruptcy: 6 Years

chapter 13 and 7

This one is a little complicated because there are exceptions to the general rule. If you receive a Chapter 13 discharge, you are typically going to have to wait until at least six years have passed from the date of the Chapter 13 filing before attempting a Chapter 7 case. The exceptions to this six-year time interval have to do with how well you did on your Chapter 13 payment plan relative to your debts. If you paid back 100% of your unsecured debts to creditors (or even just 70% in some cases) in a Chapter 13 case, the time interval might be waived entirely. Because a Chapter 13 payment plan can last as long as five years before receiving a discharge, you could be eligible to file a Chapter 7 in as little as a year after the discharge because the time interval begins on the date the previous Chapter 13 was filed (not the discharge date).

When You Need to Finance a Car in Spite of Bankruptcy

buying a car in bankruptcy

Day One Credit helps people find a bankruptcy car loan, which is often the best way to finance a car purchase when you have an active or recently discharged bankruptcy on your credit report. You can fill out our quick online application that we will then share with our strong network of top lenders who are willing to work with bankruptcy customers. We go the extra mile to help anyone find a bankruptcy car loan if they meet our basic eligibility criteria. The bankruptcy car loans we find for you often require little or no money down at all. A bankruptcy care loan may also be an effective way to begin rebuilding your credit during and after bankruptcy when many lenders won’t give you the time of day. If you have questions about how all this works, please visit our Common Questions page to see if your answers are there, but also feel free to give us a call at 855-475-4725. We’re here to help you understand your options for getting the car you need!

A question people often have is what happens if they need to file bankruptcy more than once? Many people just assume declaring bankruptcy is a once-in-a-lifetime last resort action they can take only once. In reality, there is no legal limit to how many times you can file bankruptcy. There are, however, very strict rules … Continue reading “How Many Times Can Bankruptcy be Declared?”

Have Bankruptcies Increased During the Pandemic?

have bankruptcies increased during pandemic

Although the economic impacts of the recession caused by the novel coronavirus and COVID-19 pandemic have varied widely by industry and even from person to person, everyone agrees it’s been severe. And yet personal bankruptcy filings in 2020 were the lowest they’ve been since 1986! In fact, bankruptcy filings actually went down by nearly 30% in 2020 compared to 2019. What exactly is going on here?

For Most People, Bankruptcy is the Absolute Last Resort

bankruptcy last resort

Job loss is one of the major causes of bankruptcy, but it takes a while for it to really kick in. Because so many people have a negative, stigmatized view of bankruptcy, it’s usually treated as the absolute last resort. In other words, when times are tough, people do whatever they can to avoid filing bankruptcy. These actions may not be wise, but here are some of the ways people try to avoid filing for bankruptcy:

Drawing down their savings and using their stimulus checks to keep up debt payments.

Borrowing additional funds from creditors, perhaps putting up assets as collateral.

Withdrawing money from their retirement plan.

Borrowing money from employers.

Borrowing money from friends and family.

Stopping payments to some creditors while keeping up others.

These tactics could see some through the current pandemic recession and prevent them from declaring bankruptcy, but they could also just be delaying the inevitable.

Every Recession is Different, and the Pandemic Recession is Bizarre

irregular recession

Most every recession has been accompanied by a significant increase in personal (or consumer) bankruptcy filings (as opposed to commercial bankruptcies for businesses). But remember it’s what is called a lagging indicator, meaning it takes a while for bankruptcies to rise after a recession hits. Unemployment is also a lagging indicator of recessions. For example, in the Great Recession that began in December 2007 unemployment was 5%. It took nearly two years of gradual job loss for the unemployment rate to march slowly up to its peak of 10% in October 2009. Bankruptcy filings tend to lag even further behind, which is why the peak in bankruptcy filings didn’t come until a later in 2010.

But comparing the current pandemic recession to the Great Recession might be like comparing apples and oranges. Take a look at the graph below and you’ll see for yourself (data source: https://www.bls.gov/):

unemployment rate graph

Look how different the shapes of the unemployment rate line is between the two recessions. It took two years for unemployment to reach its peak of 10% and then started its steady march down to record lows just before the pandemic hit.

By contrast, the economic shut down was so fast in response to the pandemic, unemployment immediately shot up to its peak of 14.8% in April but has dropped to half that since. No one was expecting that to happen. It’s hard to make any predictions when the two situations look so entirely different. It’s also worth mentioning that a lot of people (especially older workers and moms managing their children’s education from home) have completely exited the workforce, which means they’re not even counted in the unemployment rate.

Based on what happened in the Great Recession, which was a peak in bankruptcy filings about a year after the peak in unemployment, you might be tempted to predict that the peak in bankruptcy filings will come in 2021. But it’s not clear it’s going to happen any time soon, or at all. This is unchartered territory in terms of how unique this recession is.

Why Did Bankruptcy Filings Fall in 2020?

bankruptcies fell in 2020

It would be one thing if personal bankruptcy filings had held steady or gone up a little during 2020, but they fell sharply by 30% to the lowest level seen in more than three decades. One thing to keep in mind is that the bankruptcy courts were shut down for a significant period of time and many are still operating at lower capacity and remotely, so there may be people who want to file but don’t because they don’t even know if the system is really even functioning right now.

Then there’s all the relief that has been made available. The federal government was quick with an initial round of relief payments extended unemployment benefits. Then those dried up. Then they finally passed more, but not nearly as much. With a new administration in charge, the relief may once again be on the horizon in a significant way. These relief measures in the form of stimulus payments and extended unemployment benefits may be just enough to keep most people afloat long enough to be able to recover without declaring bankruptcy.

Perhaps just as important, consumers are getting a lot of other kinds of breaks specifically related to debts. Student loan payments are on hold, many mortgage holders aren’t being penalized for missed payments, some states have stopped debt collection altogether, and so on. At some point, however, all those temporary measures are going to fall away and the creditors who have been waiting will want to collect on all those debts. The question is whether or not people will be ready to pick back up on their debt payments.

Also remember that it does cost money to file bankruptcy. While the court fees are modest, most people can’t (or shouldn’t try to) file on their own without the help a bankruptcy attorney, which can cost anywhere from $1,500 to $5,000 depending on your location and how complicated your case is. Amidst all this economic uncertainty, a lot of people may want to file but don’t feel like they can justify laying out the significant amount of money it takes to get the expert guidance of a bankruptcy attorney.

Bankruptcy by the Numbers in 2020

bankruptcy stats

What’s interesting about the 30% decline in bankruptcies in 2020 is how that figure covers all kinds of bankruptcy. When you drill down into the types, the picture gets even more fascinating. People who need to file person bankruptcy tend to go primarily with a Chapter 7 or a Chapter 13 type of case. In 2021 Chapter 7 bankruptcy filings fell by 21.6% in 2020 compared to 2019. And Chapter 13 filings fell by a whopping 46% in 2020. Chapter 11 filings, however, which is a type often used by businesses, were up by 29% in 2020. This is not surprising when you think about how many businesses have had to close permanently because of the pandemic.

The question remains, will there be a sharp rise in bankruptcy filings caused by the pandemic recission? The only real way to answer this question right now is that we just have to wait and see. If the next round of federal stimulus and assistance keep those who are struggling afloat while the roll-out of coronavirus vaccines ramps up, a significant number of people might make it through the recession without having to declare bankruptcy. But there will undoubtedly be some number of people who will still struggle and will have to file for bankruptcy. We just don’t know how many yet.

When You Need to Buy a Car in Bankruptcy

buying a car in bankruptcy

We hope no one reading this will have to file for bankruptcy because of the pandemic-induced recession. But if you do declare bankruptcy and then discover you also need to finance the purchase of car, please know that Day One Credit is here to help you find the bankruptcy car loan you need. We work with top lenders who are willing to work with bankruptcy customers, whether your case was filed yesterday or was recently discharged. You can learn more about how we can help you by visiting Why Day One.

Although the economic impacts of the recession caused by the novel coronavirus and COVID-19 pandemic have varied widely by industry and even from person to person, everyone agrees it’s been severe. And yet personal bankruptcy filings in 2020 were the lowest they’ve been since 1986! In fact, bankruptcy filings actually went down by nearly 30% … Continue reading “Have Bankruptcies Increased During the Pandemic?”

Recovery Steps After Chapter 7 Bankruptcy

chapter 7 bankruptcy recovery steps

The day your Chapter 7 bankruptcy is discharged is a wonderful day. The process is over. Most or all of your qualifying unsecured debts have literally been wiped away. You’ve got a clean slate and can now make the fresh start bankruptcy laws were intended to provide. So now what? What specific things can you do to rebuild and restore your credit so you can begin to build up some real financial strength moving forward? This article will outline a number of Chapter 7 bankruptcy recovery steps you can take. But make sure you have realistic expectations. Recovering from bankruptcy will take at least several years. You have to be patient and keep working on it to make progress, but you can do it.

Step 1: Budgeting, Spending Less than You Earn, and Saving

budgeting after bankruptcy

While many people resort to filing Chapter 7 bankruptcy from the unexpected loss of a job or a medical emergency and its huge bills, there are just as many people who got into trouble by routinely overspending and not managing their finances well. For the latter group of bankruptcy filers, now is the time to do better, establish better habits, and keep a closer eye on your financial health moving forward. This is probably the most important of all the bankruptcy recovery steps you take. The big picture aspects of this step are spending less than you earn, making a realistic budget and sticking to it, and beginning to save money ahead of the next unexpected happening in life so you’ll have a cushion to fall back on when needed.

You can get help with this from a certified, reputable credit counseling service. Note that this kind of service is not the same as for-profit operations such as credit repair companies or debt settlement companies. In order to understand the differences and to find a good credit counselor, check out this article from The Balance. You can also visit the Financial Counseling Association of America or the National Foundation for Credit Counseling. And be very careful before spending any money on a credit repair service that makes it sound like they can easily “fix” your credit problems. Learn more in our previous article, Do Credit Repair Services Work?

Step 2: Obtain and Responsibly Use a Line of Credit

use credit responsibly after bankruptcy

Recovering after bankruptcy doesn’t seem like it should include taking on new debt, but it often does. Your credit score going into bankruptcy may have already been very low. Filing for bankruptcy might have caused it to go even lower. When your Chapter 7 bankruptcy is discharged, your credit score won’t immediately jump upwards. Why not? You’d think it would since you will probably have the best debt-to-income ratio you’ve had in while with all that debt wiped away. But while that ratio is important when lenders are considering you for a loan, it’s not very important to your credit score. What plays a much larger role in shaping your credit score is your track record of responsibly using your available credit. That’s what you need to establish moving forward to see your credit score begin to rise.

If your primary type of debts were credit card debts, you might decide to give up on credit cards in favor of paying cash for everything. But that’s not going to help improve your credit score or build a track record of responsibly using credit. Cash transactions aren’t reported to credit bureaus! What gets reported to credit bureaus are when you make on-time monthly payments on a line of credit. And yet here you are with a bankruptcy red flag on your credit report, which means getting that line of credit might be difficult. Here are three ways to accomplish this step:

Secured Credit Card: You give the card issuing bank an agreed upon amount of money, say $200 or $500, and a portion of that amount becomes the credit limit of the card. You can charge things and make your on-time monthly payments to build your credit, and if you were to ever miss a payment, the bank already has the money you gave them to cover the entire credit limit of the card if needed. But remember, the best way to build credit is making on-time payments every month. It’s also a good idea to plan on paying the balance off entirely each month. Carrying a balance from month-to-month isn’t a huge problem as long as you’re making at least the minimum payment on-time since the overall amount of credit involved is very small. But it’s still better to pay it off in full every month, especially because the interest rate is going to be pretty high on this type of card.

Bankruptcy Car Loan: Another option for building credit would be to apply for a loan, such as to purchase a used car. Many lenders will see your Chapter 7 bankruptcy as a big red flag and will reject your application. But there are other lenders who do work with bankruptcy customers. They understand your situation and are willing to take on the risk of making you a loan, although you’ll end up with a higher interest rate. Day One Credit specializes in helping customers with an open or discharged bankruptcy find a bankruptcy car loan to finance the purchase of a used car. Again, once you obtain a new post-bankruptcy line of credit, the key is to use it responsibly by making on-time payments each and every month.

Credit-Builder Loan: This is a special kind of loan not offered at most big banks but can often be obtained at a credit union or community bank. The lender agrees to loan you an amount of money (usually less than $1,000) but doesn’t give you the money. Instead, it puts the money into a savings account it controls. This is an installment loan, and as long as you make the monthly payments on-time, you’ll get all that money back at the end of the loan, and all those payments made along the way will be reported to the credit bureaus, helping build up your credit score and history. As with everything else suggested in this article, for this to have a positive impact on your credit you have to make your monthly payments on-time every time. Late payments hurt your credit score. A credit-builder loan is not only a great way to build your credit, but it also helps you save money as well over the course of the loan. You can learn more about this kind of loan from Credit Karma in Credit-builder loans: What they are and how they work.

Step 3: Monitor Your Credit Score and Fix Your Credit Report

monitor your credit report

This third of our bankruptcy recovery steps is one that many people miss. You’ll want to keep a closer eye on your credit score than you probably ever did before filing bankruptcy. You have to be able to see this score and how it changes in order to know what you’re doing is making a difference. This means looking at your credit report and score more frequently than the free annual check to which everyone is entitled. You should be looking at your score and report on a monthly basis. One way to do this is by signing up for a free credit monitoring service. One of the “big 3” credit bureaus, Experian offers free monthly access to your credit score and report, as does Credit Karma for the other two credit bureaus (Equifax and TransUnion). This monitoring will help you stay on top of what’s happening with your credit score, but it’s up to you to identify and fix errors on your credit report.

Recover from Chapter 7 Bankruptcy with Help from Day One Credit

day one credit bankruptcy car loans

Recovering after bankruptcy can feel like a daunting task, but with a little patience and smart decisions, you can do it. If you’ve recently had your Chapter 7 bankruptcy discharged and need to buy a used car, you might be nervous about whether or not any lender will work with you when they see that big red flag of a bankruptcy on your credit report. Many lenders may reject you because of your bankruptcy, but not all lenders! Day One has established strong working relationships with a network of reputable lenders who are willing to consider lending to those with a recently discharged bankruptcy. If you meet our guidelines and are approved, then you’ve got a great way to start rebuilding your credit by making on-time monthly payments on the bankruptcy car loan we find for you, not to mention the car you need! Got questions about how this works? Check out our Common Questions page, or contact us and we’ll be happy to talk you through your options!

The day your Chapter 7 bankruptcy is discharged is a wonderful day. The process is over. Most or all of your qualifying unsecured debts have literally been wiped away. You’ve got a clean slate and can now make the fresh start bankruptcy laws were intended to provide. So now what? What specific things can you … Continue reading “Recovery Steps After Chapter 7 Bankruptcy”

When Bankruptcy is Not a Good Idea

when bankruptcy is not a good idea

What are your options when your debts are on the rise relative to your income and you feel like you’ll never be able to pay them back or need a new plan to get caught up? Filing for a Chapter 7 or Chapter 13 bankruptcy might be your best bet. But it might not be. In fact, there are a number of situations when bankruptcy is not a good idea. We’ll outline those in this article so you have a better understanding of what you can do about your debts.

Get Advice from a Qualified Bankruptcy Attorney

bankruptcy attorney

The first thing we always want to make clear is that while we understand a lot about bankruptcy because of what we do to help customers get bankruptcy car loans, we are not bankruptcy lawyers. The first place to start when you’re wondering if you should file bankruptcy is by seeking the advice of a qualified, reputable bankruptcy attorney. In the San Diego area, we’re happy to recommend several on our attorneys page. And if you want additional guidance, check out our previous article, Choosing a Bankruptcy Lawyer. A qualified bankruptcy attorney can help you understand whether or not filing a Chapter 7 bankruptcy or a Chapter 13 bankruptcy is the best choice for your specific situation.

Situations Where Bankruptcy is Not a Good Idea

stay away from bankruptcy

There are a number of situations where bankruptcy isn’t necessarily the best option. In a moment of panic or desperation, you might assume filing bankruptcy is your only option, but first pause, take a deep breath, and consider the following examples of when bankruptcy is not a good idea:

Your Income Substantially Exceeds Your Expenses

The tipping point in favor of filing for bankruptcy is when your necessary monthly expenses (including minimum debt payments) total to more than your monthly net income. This may seem obvious, but it’s not always clear to some people who have mountains of debt but could pay it off if they just stuck to a plan. When it looks like a long road to pay those debts down, some would rather just walk away from the debt. But if you have substantial income left over after paying all necessary expenses, then you don’t need to file for bankruptcy, you just need to buckle down and get pay it off over time. Keep in mind it’s not about amount of debt you have, it’s about your debt relative to your income. $10,000 of debt may seem like very little, but it’s a lot if you have no income and no prospects for getting a job or increasing your income. Another option is to enlist the help of a credit counseling or debt management program—just be sure to do your homework and make sure it’s legitimate and has good reviews from independent sources.

You Have Assets You Want to Protect

In most cases, you can protect certain essential assets from the bankruptcy process, typically including the car you need to drive, the house you need to live in, retirement accounts, household items, and so on (there are very specific laws in each state that govern which assets are protected and which are not). But keep in mind that a Chapter 7 bankruptcy is also called a “liquidation” bankruptcy. The reason for this is because the bankruptcy trustee is going to be looking to see if you have assets that could be sold off to pay off at least some portion of what you owe to creditors. For example, you may own land that has been in your family for generations, but if you don’t live on that land, it’s probably not going to be protected and could be sold off by your bankruptcy trustee to pay creditors. If you don’t have any substantial assets, a Chapter 7 filing might be the way to go, especially if the bulk of your debts are unsecured, such as credit card debt. Again, we strongly recommend you spend time talking to a qualified, reputable bankruptcy attorney with your questions about assets you might run the risk of losing in a bankruptcy case.

You Recently Became Entitled to an Inheritance

This one involves some really tricky timing, so pay close attention. Let’s say you’re under financial stress from too much debt and are considering or preparing to file for bankruptcy. Then let’s say someone dies who leaves you money or other assets in their will or a trust. It’s going to take some time for all that to be processed. This is definitely a situation when bankruptcy is not a good idea! If you file for bankruptcy and then you receive the inheritance, the bankruptcy trustee can take it away from you. In fact, even when you file bankruptcy, if you become eligible for an inheritance with 180 days of filing, that money or those assets can be seized to pay your creditors, but then you’re still stuck with a bankruptcy on your credit history.

Your Debts Are Business Related, Not Personal

Note that if your business is a sole proprietorship, then there’s no difference between business debt and personal debt—they’re considered one and the same. However, if your business has been properly set up as a corporation or limited liability company and none of the business debt has been personally guaranteed by you, the creditors will have to be satisfied with the assets of the business and cannot go after you personally. This opens up the possibility that bankruptcy is not a good idea in this specific situation. Be sure to go over the details of your business and its debts with your bankruptcy attorney before deciding on a course of action!

The Types of Debt You Have Don’t Quality for Bankruptcy

This comes as a surprise to many people who don’t know much if anything about bankruptcy, but not all debts qualify to be included in your bankruptcy case. Read the list below carefully as there are exceptions to some of them. Here are a number of types of debt that typically cannot be included in a bankruptcy filing:

Child Support: If you’ve fallen behind on court-ordered or court-approved child support payments, those are debts you have to make good on. Child support debt cannot be included in a bankruptcy filing.

Alimony: Similar to child support, if you’ve fallen behind on court-ordered or court-approved alimony payments to an ex-spouse, that debt also cannot be included in your bankruptcy case.

Taxes: Most taxes cannot be included in your bankruptcy, especially state and federal income taxes. There are exceptions to this, though rare, so be sure to go over the details of any tax debts you owe with your bankruptcy attorney. Any tax debts from recent years will definitely not be included in a bankruptcy, but it may be possible to include some that are older than three years.

Student Loans: Many people have become burdened by huge amounts of student loan debt in recent years, but those are almost never allowed to be included in a bankruptcy filing. Again, there are rare exceptions, but it involves proving extreme hardship, and the bar has been set very high on exceptions. There are many organizations out there, however, that can help those burdened with loads of student loan debt.

As you can see, the decision to file bankruptcy requires considering the details of your specific situation and making sure it’s the right course of action for you to take because there are all those situations where bankruptcy is not a good idea. This is why it’s so important to find and speak with a reputable bankruptcy attorney who knows how it works and can advise you based on your unique circumstances.

Day One Credit: The Keys to Your Fresh Start

day one credit - keys to a fresh start

It’s also surprisingly common for people who file for bankruptcy to suddenly find themselves need to replace their car, which can be an added sources of stress they don’t need at a difficult time. Many people just assume that having an open or recently discharged bankruptcy means there is no way they can get financing to make a vehicle purchase. Not true! There are lenders out there who have car loan programs specifically designed to serve bankruptcy customers. Day One Credit has a assembled a whole network of those lenders so we can help you by finding a bankruptcy car loan to fit your situation. Explore how it works on our Why Day One page, get answers to your questions on our Common Questions page, or feel free to call us directly at 855-475-4725 and we’ll be happy to help!

What are your options when your debts are on the rise relative to your income and you feel like you’ll never be able to pay them back or need a new plan to get caught up? Filing for a Chapter 7 or Chapter 13 bankruptcy might be your best bet. But it might not be. … Continue reading “When Bankruptcy is Not a Good Idea”

How to Plan for Bankruptcy

how to plan for bankruptcy

The novel coronavirus and COVID-19 pandemic has caused a serious economic downturn—and one that may well turn out to be significantly worse than the Great Recession of 2007-2009 that hit with the bursting of the housing bubble and the subsequent collapse of many financial institutions. Given the spike in bankruptcy filings that occurred as result of the last major recession, the current pandemic-induced recession will undoubtedly result in a tsunami of bankruptcy filings. If you’re watching your financial situation deteriorate and think filing for bankruptcy may be necessary, this article provides guidance on how to plan for bankruptcy.

How the Current Recession is Unique and Devastating

current economic recession

Back in June a World Bank report spelled out how this recession is different from all others. It’s the first global recession every caused solely by a pandemic. The overall global economy is expected to shrink by 5.2% in 2020, which is the worst decline since WWII’s devastating impact on the global economy. It also hit faster and harder than any previous recession. For all intents and purposes, national economies literally shut down overnight in a wave that went all around the world. And in spite of everyone’s best efforts, there’s no end in sight until safe, effective vaccines or treatments become widely available.

For the US, the National Association for Business Economics sees a very slow recovery. Economists are saying that GDP (gross domestic product) won’t get back to its pre-COVID level until at least 2022 or even 2023, and same goes for job growth reaching pre-pandemic levels. In fact, many believe that as many as 40% of pandemic business closures will become permanent. According to the Bureau of Labor Statistics, unemployment spiked up to 14.7% in April, and although it’s been falling since then down to 8.4% in July, there’s still a long way to go to get back to the 3.5% unemployment rate we had in February before the pandemic hit, and economists are saying it’s going to take years to fully recover.

Millions of people are hanging on by a thread and are only a matter of weeks away from resigning themselves to filing for bankruptcy. If you fall in this category, there are things you can do to plan for bankruptcy before you file, which we’ll outline below.

What You Can do to Plan for Bankruptcy

if you need to plan for bankruptcy

First and foremost, the best thing you can do to plan for bankruptcy is start looking around for a reputable bankruptcy attorney who can help you determine if bankruptcy is the right option for you, what type of bankruptcy you should file (Chapter 7 or Chapter 13 in most cases), and what you’ll need to do file. See our previous article on Choosing a Bankruptcy Lawyer and be sure to check out our page of bankruptcy attorneys we trust in the greater San Diego area.

It’s also helpful to know some of the main differences between a Chapter 7 bankruptcy and a Chapter 13 bankruptcy in order to decide which one is right for you, although again your bankruptcy attorney will help you figure out which option is better for you. A Chapter 7 bankruptcy (also called a “liquidation” or “straight” bankruptcy) is where any significant non-exempt assets are sold off to pay back some portion of your qualifying debts, and what remains is entirely wiped away when the bankruptcy is discharged. A Chapter 13 bankruptcy is the kind where your debts are reorganized and/or reduced so you can get caught up over the course of a 3-5 year court-approved repayment plan. Because many of the bankruptcies that will be filed as a result of the pandemic-induced recession involve reduced income because of losing a job, the Chapter 7 option will likely be the most common type of bankruptcy filed. But again, follow the advice of a qualified, reputable bankruptcy attorney to help you choose which type of filing is right for your specific situation.

Start Gathering a Mountain of Documentation

bankruptcy documents

When you decide to file for bankruptcy and choose a good attorney to help you, they’re going to need an extensive amount of information from you in order to determine which type of bankruptcy you should file. You can get a jump-start when you plan for bankruptcy by starting on the following list of items that will probably be asked of you in the bankruptcy attorney’s intake process:

Mortgage Information: You’ll need to provide details about each mortgage and home equity line or loan you hold and the relevant properties.

Bank Accounts: For each and every bank account you’ll need to provide specific information about the bank, the type of account (checking, savings, Christmas club, passbook), the account number and balance for each account.

Vehicles (to include cars, trucks, motorcycles and boats, etc.): You will need to describe all your vehicles, along with details on any financing you have on them.

Other Assets: You’ll have to make a list of any and all life insurance policies (term or whole life), along with cash value if any, as well as all Pensions, annuities, 401K plans, 403 B plans, and so on, with complete address and account numbers for each.

Taxes Owed: List all taxes owed to government, including the IRS, state, city or town

Court-Ordered Obligations: Collect all the details related to any child support, alimony, amounts and arrearages, and court ordered property settlements from a divorce, and any wages owed to employee(s) if applicable (name, address, account number of each person owed any such debt, type of debt and balance owed, when the debt was incurred, etc.).

Any and all bills and money owed to anyone: Omit nothing as all debts must be listed and identified, whether or not they end up being included as part of the bankruptcy.

Income Information: Your gross weekly, bi-weekly, or monthly income, a list of all deductions (taxes, insurances, 401k, union dues, etc.) withheld and purpose of said deductions broken down by pay period. Name and address of employer, position, and tenure of employment. If you are self-employed and file a schedule C on your federal income tax return, or if you receive a 1099 tax form as an independent contractor, you’ll need to provide a Profit and Loss Statement (income vs. expenses) by month for past twelve months, or equivalent documentation, as well as a copy of your schedule C and all 1099s received.

Monthly Expenditures: This is your detailed monthly budget including everything you spend money on such as rent/mortgage, insurance (home, vehicles, etc.), heating fuel, phone, cable, internet, food, dry cleaning, electricity, car insurance, uninsured medical expenses, clothing, recreation, charitable giving, transportation expenses (gas, vehicle maintenance, repairs, registration, etc.), and all monthly debt payments. It’s important to include ALL expenses!

And that’s just a sampling of the kinds of information you’ll need to have on hand and provide to your bankruptcy attorney so he or she can see which type of bankruptcy is right for you and then prepare your filing for submission to the bankruptcy court.

When Should You File Bankruptcy, and Can You Do it Yourself?

bankruptcy timing

A surprising number of people try to scrape by as best they can, sometimes for years, with seriously challenged credit before finally deciding to file for bankruptcy. Maybe it’s the stigma attached to filing bankruptcy that makes people turn to it only as a last resort when things get really desperate. Those months and years of stress can take a serious toll. The thing to keep in mind is that bankruptcy laws are intended to provide relief and give you a fresh start when your debts become unmanageable, often due to circumstances entirely beyond your control.

No one knew a global pandemic was coming, nor did most people foresee the severe economic consequences it would have on so many people who have lost their jobs. The direct relief payments from the federal government helped a little but now feel like a drop in the bucket. The extended unemployment benefits both in duration and amount certainly helped, but all that assistance has long expired, and it seems doubtful as to when or even if more aid will be forthcoming from Congress. If you’ve lost your job, have little to no savings, and no prospects to recover gainful employment in the near future, there is really no reason to wait, and no one in in their right mind would criticize you if you decide to file for bankruptcy. In fact, it might be the smartest decision you make in these uncertain times.

Then there’s also the question of whether you can or should try to handle filing your own bankruptcy. Yes, you are allowed to file bankruptcy on your own, without the assistance of a bankruptcy attorney. But it’s also clear that you may be better off with the help of an attorney. As the US courts website states:

Filing personal bankruptcy under Chapter 7 or Chapter 13 takes careful preparation and understanding of legal issues. Misunderstandings of the law or making mistakes in the process can affect your rights.

In other words, unless you have a thorough understanding of both federal and state bankruptcy laws, including the rules of the local court where you would file, you should seek the assistance of a qualified, reputable bankruptcy attorney.

When You Need to Buy a Car During Bankruptcy

buying a car in bankruptcy

Something that happens far more often than you might think is this: You file for bankruptcy and soon after filing you discover you need to replace your car. What to do? You know your credit is bottoming out or you wouldn’t be filing for bankruptcy in the first place. The first thing you need to do is get on the phone with your bankruptcy attorney. Explain your situation and they will let you know if it’s a good idea for you to seek financing at that point in your bankruptcy process.

You might think it would be impossible for you to get any kind of car loan, but there are lenders who do have specific programs for people who need to finance a used car purchase while their bankruptcy is still open or after it has been discharged. At Day One Credit, we’ve spent years developing an extensive network of relationships with lenders who will work with bankruptcy customers. And you don’t have to wait to apply for financing through us. As soon as you have a Chapter 7 case number or a Chapter 13 approved payment plan and the written permission of your bankruptcy trustee, we can help you find the bankruptcy car loan that fits your situation. You can get started right away on seeking a bankruptcy car loan, find out more information on our Common Questions page, or give us a call at 855-475-4725 to find out more about your options!

The novel coronavirus and COVID-19 pandemic has caused a serious economic downturn—and one that may well turn out to be significantly worse than the Great Recession of 2007-2009 that hit with the bursting of the housing bubble and the subsequent collapse of many financial institutions. Given the spike in bankruptcy filings that occurred as result … Continue reading “How to Plan for Bankruptcy”

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