Is Debt Consolidation Better Than Bankruptcy? If So, Why? In the short term bankruptcy is an attractive solution because you can release most of your financial obligations in a fairly short period of time.The harsh reality is that the government can take and auction off your assets or put you on a payment plan to pay back some of your debts.Aurora Lillo Editor of the "Best Debt Consolidation Companies" website --...more
Whether to File for Chapter 13 Bankruptcy Ahmad Sulaiman of Sulaiman Law and Associates, a foreclosure attorney in Illinois, strives to educate his clients on all of the opportunities they have to settle their debts, and urges them not to rush into any decision too hastily. Many homeowners are looking for a quick fix to their problems after they are bogged down by financial struggles. All that they want is to clear their debts and start...more
Whether to File for Chapter 7 Bankruptcy At Sulaiman Law and Associates, foreclosure attorney Ahmad Sulaiman devotes his time to educating his clients on all their options, from short sales to filing for bankruptcy. The latter option, however, is one that Sulaiman prefers his clients tread into lightly, as the perceived notion of bankruptcy and the reality of what it really means can sometimes be two different things. For most people, bankruptcy should be the last option instead of the only choice. In my professional opinion, it is usually not the best option for our clients under the current law, especially for those who were victims of predatory lending practices. Chapter 7 BankruptcyChapter 7 is ideal for people who owe a large amount of unsecured debt, such as credit cards, medical bills, utility bills and unsecured loans without a lot of assets. Different from filing for Chapter 13, which is a reorganization tactic, Chapter 7 bankruptcy is full liquidation of all your debts. It's like winning the lottery, as all the debts that you can't pay are essentially erased. But the chances of Chapter 7 bankruptcy unfolding perfectly are about as likely as winning the...more
Make Bankruptcy Your Last Option Ahmad Sulaiman of Sulaiman Law and Associates, a foreclosure attorney in Illinois, strives to educate his clients on all of the opportunities they have to settle their debts, including filing for bankruptcy. But there is a lot of dispute over the benefits of filing for bankruptcy, so before you make your...more
Eliminate Threats By Calling A Bankruptcy Lawyer With the economy and housing industry at such a low point, the threat of foreclosure, repossession, and wage garnishment are looming over the heads of millions of Americans. The unsettling fear of losing a home and possessions has the capacity to shake even the strongest person to their very...more
Declaring Personal Bankruptcy - A guide Choosing to declare bankruptcy is entirely a personal decision and it may induce different consequences on your professional and financial life. People who are under great burden of debt generally have two choices when filing bankruptcy. They can declare Bankruptcy either under Chapter 7 or Chapter 13. Declaration of bankruptcy under Chapter 7 allows you to seek forgiveness of most debts, file the same declaration under Chapter 13 will lower the debt amount and each structure them into a repayment plan which will be court-supervised. It is important that you have the knowledge of right regulations to successfully declare bankruptcy.You can prepare yourself a bit before declaring bankruptcy. It is a good idea to make a list of your debts, child support, pending student loans, daycare costs, alimony and utility bills. There is a required set amount of information that you will need to declare while filing bankruptcy whether you do it own or you hire an attorney.You must also prepare a list of assets that also includes interests from any property or your house. You will also have to include savings account, stocks, any expensive jewelry...more
Pros and Cons of Declaring Personal Bankruptcy Declaring personal bankruptcy is a very sensitive issue. In fact, it is one decision that is going to decide your future. Sometimes life under heavy debt may feel like a failure. Fortunately,...more
Cost Of Declaring Bankruptcy Although there are a lot of people under the impression that declaring personal bankruptcy is a sure shot way of clearing all the debt but in reality all debts do not get cleared by claiming bankruptcy. Payment...more
Claiming Personal Bankruptcy Claiming bankruptcy is a procedure that you must not indulge into unless you cannot do without it. Bankruptcy is going to be mentioned on your credit report for say 10 years and it may make it difficult sometimes...more
Types of Bankruptcy Laws Bankruptcy laws in the United States are governed by federal government and the federal law bestows individuals, business and even towns and cities with a legal right to file bankruptcy. There are six important types...more
Chapter 13 Bankruptcy- What is it? The Chapter 13 is a kind of bankruptcy that is used for filing in the US. This term is also known as "debt reorganization". This choice of filing for bankruptcy is better option for those who can be able to...more
Build and Rebuild Your Credit After Bankruptcy or Foreclosure Pull your credit reportThe first thing you want to do is get a copy of your credit report for review. Order your credit report using the methods discussed in chapter one. Once you...more