Considering Bankruptcy? Know Your Options Many consumers have given into the principle that, ‘Money isn't everything; But there is VISA and MasterCard." Though credit may seem like a free ride at first, it is anything but. With minimum payments come extra finance charges, which can make debt into a prison rather than a personal tool.If you find yourself sitting at a crossroads between bankruptcy and remaining in debt until you die,...more
Claiming bankruptcy the right way Claiming bankruptcy is a legal means of getting some amount of relief for debt collectors. There are several companies as well as individuals who file for bankruptcy when they find themselves in a financial mess. It a way of stopping harassing phone calls and worry. But it should not only serve the purpose of relief. One should use the time given to find a solution to the financial problem that they are...more
Think before that bankruptcy claim Bankruptcy is considered the last and final resort by people who can no longer manage their debt. in fact, there are times when your legal counsel will advice you that the best way to get out of the financial mess you are in is to make a bankruptcy claim. Once you have decided to file for bankruptcy, there are a few things that you will have to keep in mind in order for it to pan out well. When you file a bankruptcy claim, you will have to find an experienced lawyer to help you do it. They will be able to advice you on the costs involved as well as the processes involved. You will also need to assess your situation and decide which chapter you plan to file for bankruptcy under. The most common ones are Chapters 7, 11 and 13. Chapter 7 is largely meant for individuals and it is the court's decision to make on the extent of the debt you are liable for and how you should go about it. Chapter 11 is for the businesses or larger corporations, however, individuals can still make use of this chapter. It will prevent some assets of yours, like you home from being sold in order to clear your debts. For a business, the onus will be on proving income...more
Bankruptcy does not come cheap Bankruptcy is a huge decision and one that should not be taken lightly. In fact you will have to weigh all the pros and cons involved before you actually decide that bankruptcy is the solution to your problems. It is the last resort of individuals and companies that have got themselves in a financial cesspool....more
When filing for personal bankruptcy is the solution Filing for bankruptcy is considered the last resort, when all else fails. If you are truly unable to pay off your debts you will have to file for personal bankruptcy. This is a huge decision and can take its toll on you, both emotionally and financially. Your credit ratings will totally...more
The rigors of filing for bankruptcy You can choose to file for bankruptcy through an experienced lawyer or by yourself. Either ways, there are several things you will have to work your way through. The first step to filing for bankruptcy is putting together your financial information. This means that you need to get a copy of your credit report, put together on paper all your debts, whether they are secured or unsecured. All documents pertaining to your tax returns of two years and ongoing loan documents will also have to be put together. With this done, you will have to fill up bankruptcy forms. These are known as schedules. Should you file under Chapter 13, then a repayment schedule will have to be put in place and you will have to submit that as well. Once done, you will have to take all of this to your nearest bankruptcy court and submit it there along with the applicable fees for the chapter you have filed under. With this done, your creditors will be instructed not to call you for recovery. Around a month after this, a 341 meeting will be called by the court trustee with all your creditors. Here is where the terms of the bankruptcy will be negotiated. The meeting will...more
Personal Bankruptcy Lawyer is a must When you are unable to handle the magnitude of the debt that you are in, the US government offers you the opportunity to declare bankruptcy. This is temporarily take the harassing debt callers away till you...more
Handling your bankruptcy credit report A bankruptcy credit report is a document or a statement that announces that you are filing for bankruptcy. This is a solution that several people and companies resort to when they are neck deep in debt...more
Student loan bankruptcy is not really an option Several surveys that have been conducted across the nation show that student loan debt stands really high. There are several reasons for this and therefore there seems to be an increased tendency...more
As a Bankruptcy Attorney New Jersey, clients call my office on a weekly basis who have tried to settle their debts and ask me if they should have instead filed for bankruptcy. This is the ultimate question any potential client should ask before they...more
If you take a look around, you will be able to see that the world has really changed in recent years. Since the economic downfall, the world has become quite an unknown place for most of the people. From being a safe haven it has become a place where...more
Debt Problems Advice - Bankruptcy, what your options are Article by http://debtproblemsadvice.com Filed under Bankruptcy If your debts are causing you some financial hardship, it could be possible to obtain relief through bankruptcy. A...more