Are You Considering Bankruptcy? – Why Bankruptcy Should Always Be The Last Option Filing for bankruptcy is an extreme move and definitely not a fast fix. It's an extended, painful proceeding with a major impact on your social standing and you're unlikely to be able to get any kind of credit for up to ten years afterwards.Even so bankruptcies are rising. Out of stupidity or ignorance more people seem to be using bankruptcy as a prime way...more
Debt Relief - What You Need To Know Before Considering Bankruptcy Before ever considering bankruptcy, there are some things you have to consider. The first thing is that bankruptcy is something that has very dire consequences. The consequences are so dire that you may find it difficult to obtain credit for the next 10 years. If you do obtain credit, then there are certain circumstances that come with it. Bankruptcy is not an easy out. It...more
Bankruptcy Help - How A Bankruptcy For An LLC Works Since Limited Liability Corporations (LLC) are a relatively new type of business entity, LLC owners have some difficulty finding out how courts will treat their bankruptcy LLC cases. As an LLC declaring bankruptcy, the owner may get some liability protection since their business is a separate legal entity. However, this protection is not absolute. Why? B ecause as CEO of the legal entity, the owner has fiduciary duties that effectively give them the same liabilities as a sole proprietorship. So some important questions remain. Will the judge treat them like an LLC, as a corporation or as a partnership? What will happen during a bankruptcy LLC when the company has only one owner? Currently, there is no code or law that directly addresses bankruptcy LLC proceedings. Partnership Versus Corporation In Bankruptcy LLCThere are two different ways a bankruptcy court may handle the case of Limited Liability Corporation with a single owner. First, the judge may treat the bankruptcy LLC like a partnership. In this case the court would dissolve the LLC and deal out all remaining assets to creditors. Anything remaining goes to the...more
Debt Relief Tactics – Know Your Options Before Filing Bankruptcy Piling up debt to a point that you may be forced to file bankruptcy is unfortunately, a fairly common occurrence. People from all social and economic classes have simply forgotten the tried and true principals of our forefathers that a penny saved is a penny earned and the...more
Why Debt Settlement Makes More Financial Sense Than Bankruptcy If you are mired in credit card debt, you have three options. The first is to completely pay off your debts by somehow obtaining a boost in your income. This is unlikely. The second is to file for bankruptcy and get relief from your debts through the legal system. This will give...more
Bankruptcy Debt Relief - What You Should Know Before Filing Bankruptcy When it comes to debt relief, knowledge can be a power. Finding quality legal advice is an excellent first step. Professionals that understand the workings of the legal system are the best sources for advice and they can help you to decide whether bankruptcy is the correct option for you and your situation or not. While it may be easy for an individual to believe that bankruptcy is the only option available, it often turns out not to be the reality.Filing for bankruptcy can seem very tempting, especially if you have enormous amounts of debt. Many people who are looking for debt relief often view bankruptcy as a practical option. They see the so-called "nuclear option" of going through a costly and damaging bankruptcy proceeding as the best option that is available to them. For some people, it probably is, but you should understand that bankruptcy was never designed to be a fix-all for debt problems. It was put into place for people who, through extreme situations, have no ability to pay back the debts that they have incurred.Therefore, it is important to learn about the bankruptcy process, the pros and...more
Debt Relief Options – The Bankruptcy Fundamentals You Should Know Bankruptcies can be called reorganizations or liquidations, depending on which type of bankruptcy you decide todo. Both a Chapter 7 and a Chapter 13 bankruptcy are federal...more
New Bankruptcy Laws - Understanding The Basics Of Bankruptcy Congress passed a law that established a set of uniform laws to govern how bankruptcy was handled. These laws were situated under a system called the bankruptcy code. In this code...more
Avoid bankruptcy and debt We meet in our daily lives many tempting things that lead us to excessive leverage. This debt can adversely affect our financial condition, which becomes a reason to avoid it at all costs. In order not to...more
Personal debt relief - how to eliminate over half of your unsecured debt and avoid bankruptcy Personal debt relief can be obtained in a number of ways. The most widely used method of debt relief until now was the traditional method of...more
Credit card bankruptcy - why do you need to attempt a debt settlement before declaring bankruptcy? You can achieve credit card debt relief from any situation that you are currently in. Credit card debtors have struck with this severe problem...more
Bankruptcy How to go bankrupt A person or a corporation may become bankrupt in one of three ways: (1) voluntarily (by making an assignment in bankruptcy), (2) involuntarily (by being petitioned into bankruptcy by one or more creditors), or (3)...more