Consumers who are considering filing bankruptcy are faced with a lot of questions and are often not sure what the advantages could be- if any. Besides the obvious advantage of not having the debt that hangs over their head everyday, are their any other advantages of potentially damaging your credit report for 7 to 10 years by filing bankruptcy?
Continue reading
Bankruptcy is a legally declared inability of individuals or businesses to discharge their debts. A declared state of bankruptcy can be requested not only by creditors in an effort to get what they are owed but also by the insolvent individual or organization. If it is difficult to repay debts, declaring the bankruptcy may be the right solution to debt problems.
Out of six basic types of under the Bankruptcy Code, Chapter 7 is a “liquidation” of nonexempt assets to pay debts. In a court-supervised procedure, a court appoints a trustee who liquidates the non-exempt assets of the debtor’s estate and makes distributions to creditors. The Bankruptcy Code allows the debtor to keep certain exempt property; but a trustee will liquidate the debtor’s remaining assets.
Continue reading
The federal courts have a process known as bankruptcy which is designed to help individuals and businesses clear their debts and manage repayments under the protection of a bankruptcy court. The two kinds of bankruptcy are: reorganization and liquidation.
Liquidation is a bankruptcy process where you make a plea to the court to discharge your debts on your behalf. Some of your properties are liquidated (sold) by the court, and the proceeds are shared among your creditors. Liquidation only lasts four-to-six months, and normally you only need to attend court once.
Continue reading
If you currently have unbearable debts and thinking of wipe it off from your statement by declaring bankruptcy; Just on-hold your decision for a while, there may be other options available. Try to improve your situation before you investigate the bankruptcy option. No matter which way you go, evaluate the 5 steps below to see if you could avoid taking that drastic step.
Detail out all your debts
Continue reading
If you think that being bankrupt is the worst thing that could happen to you than think again! Yes you are right…Worst is yet to come, but of course you can control and eliminate that worst scenario by simply making correct decisions! Hiring a wrong attorney for filing your bankruptcy can be like a nightmare coming true!
So it is better that before hiring you do some research and make sure that you find an attorney who could really show you way attorney who could really show you way out from the bankruptcy mess!
Continue reading
A 2nd mortgage loan after a bankruptcy is the easiest way to access cash. With online sub prime lenders, you can qualify for a mortgage as soon as your bankruptcy closes. But for near conventional rates, it is better to wait two years and build a solid credit history.
Bankruptcy And Sub Prime Lenders
Millions of people file for bankruptcy every year for many understandable reasons, such as job loss or illness. Sub prime lenders understand this and are willing to lend to such people
If you are considering filing for bankruptcy and don’t know which route to take, the following are the top 5 reasons why it’s best to hire a bankruptcy attorney.
1. Bankruptcy Laws are Complicated: The rules on bankruptcy are varied and complex and knowing the filing timeframe, courtroom procedures, and familiarity with the filing process and bankruptcy rules should be handled by a competent bankruptcy attorney.
2. Choosing the Appropriate Bankruptcy Chapter Filing: Depending on the specifics of your case, which bankruptcy filing is best for your case will require an experienced attorney to explain which personal chapter filing is best for your case.
3. Stop Harassing Creditors: Creditors will stop the harassing calls to you once you hire an attorney. Failure to stop the calls once you’ve hired an attorney violates the Fair Debt Collection Practices Act.
4. Mistakes are avoided: A wrong filing can lead to a case being dismissed and risking an opportunity to file for any kind of bankruptcy. Attaining the appropriate bankruptcy attorney can save you time, money, and avoid any issues from harming your case.
5. Protection from the uncertainty of bankruptcy: Firebaugh and Andrews will inform you which rights you’re entitled to, and help you identify consumer protection claims.
The United States Bankruptcy Code is long and complicated. It provides different requirements for businesses and individuals who are seeking bankruptcy protection. The Code is divided into chapters and people often refer to the chapter number pursuant to which they qualify to file for bankruptcy.
Who Can File for Chapter 11?
Chapter 11 Bankruptcy is usually used by businesses that are unable to pay their creditors, although some individuals may also be eligible to file for bankruptcy pursuant to Chapter 11. The business itself can initiate a voluntary Chapter 11 petition or its creditors can file for an involuntary petition under Chapter 11 in certain circumstances.
From the beginning of the history of money, there were people lending money from other people. To state the terminology: When someone lends money that person is called the Debtor. And the person who gives away the money is called the Creditor. The debtor now owes the money he / she borrowed. Now there is a problem here. That is, what happens if the debtor cannot pay back the money to the creditor on time? If we look into the early history, in this kind of situation, in Ancient Greece there was a practice of slavering away the debts. That means, the debtor and his family becomes slaves to the creditor, and do whatever work until the creditor says that his debts are over. And later, in early 1800s’ there was notion called “debtor’s prison”, which means, if you can’t pay back the money, you go to prison that was built specifically for debtors. You can’t come out of prison until your family or friends pay off the money your creditor owns. This might be worse than being a “debt slave”. Because, what if your family or friends can’t or won’t pay your creditor? You might have to be in prison for your entire lifespan. Being a “debt slave”, at least you have the chance to work away your debts.