Chapter 7 bankruptcy filings, along with Chapter 13 filings, totaled over 1.5 million in the US in 2010. This statistic is up over 9 percent from the year before and at this years current rate, totaling 130,000 plus in April and 150,000 plus in June, will be even higher. These figures include joint filings which make the actual number of individuals even higher. Why do people file personal bankruptcy when it can affect their credit score for ten...more
If you are considering filing for bankruptcy, it is always a good idea to talk to a Provo Utah bankruptcy attorney. Your attorney will help you to not only decide whether or not filing bankruptcy is the best option for you, but if bankruptcy is what your attorney recommends, they will help you to determine which type of bankruptcy is best for you, or which type you qualify for. It is important for you to understand what each type of bankruptcy...more
If youve received your pre bankruptcy counseling certificate and have taken the plunge to actually file for bankruptcy, its time to take action. Bankruptcy has serious consequences such as substantial damage to your credit report. But simply dwelling on these consequences will not do anything to change your situation. Yes, bankruptcy will remain on your credit report for anywhere from seven to ten years, but it does not last forever, and there is hope and life after filing.Will I Ever be Able to Move?Many people who file bankruptcy have concerns about their living situation, particularly if there is a move on the horizon. Though you may not be able to purchase a home any time soon after filing for bankruptcy, you will be eligible for an FHA loan two years from the date of discharge from bankruptcy.For renters, the fear is that potential landlords will not be willing to rent a home or an apartment to someone with bankruptcy on their credit report. Though there is the potential you will run into such a roadblock with larger property management companies, you might be surprised to learn that private homeowners looking to rent out their properties are much more flexible and easier to...more
Individuals suffocating under the weight of crushing debt often believe filing for bankruptcy is their only option. The decision to file for bankruptcy is not one to be taken lightly, and it is one of the most serious and most frightening financial situations someone may ever have to face.Because of the consequences associated with filing for...more
When considering filing for bankruptcy in order to stop the foreclosure process it's important you first understand the risks involved in doing so.The short answer to the question is that yes there are plenty of cases and situations in which a bankruptcy can stop or pause the foreclosure process. However, there is a chance that the actual...more
Chapter 13 Bankruptcy is a for individuals to reorganize their finances. Even though it is a bankruptcy, it allows an individual to not only discharge debt but become current on secured and priority debt. Discharge means the Debtor is no longer responsible for the debt. In order to get a discharge, the Debtor has to successfully complete their plan.Before filing a Chapter 13 Bankruptcy, a person must obtain credit counseling from a credit counselor that has been approved by the United States Trustees office. In addition, once the bankruptcy is filed, the Debtor must attend a financial management class before discharge, usually provided by the Chapter 13 Trustee. Once the Debtor is in Chapter 13 Bankruptcy, he/she will be required to attend a creditors meeting. This meeting is conducted by the Chapter 13 Trustees office. The Trustee will require the Debtor to provide documents such as current pay stubs, a current tax return, a drivers license, and Social Security card.Chapter 13 Bankruptcy will remain on a Debtors credit report for up to 7 years from the date of filing.Chapter 13 stops mortgage companies from foreclosing on real estate and allows the debtor to become current on the...more
I am not an attorney, I am a judgment expert. This article is my opinion, and not legal advice. If you ever need legal advice or a strategy to use, you should contact a lawyer.What if you have a judgment against your "rich" judgment debtor with a...more
Though many consumers are hesitant to file for bankruptcy protection, there are situations in which doing so is the only viable option you have. If you are overdue in payments on large amounts of debt to multiple creditors, they may begin calling you...more
By bankruptcy, we mean the ways to avoid the insolvency when the person is totally empty in terms of finance. When a person is declared insolvent, the reports of his credit and other financially important documents along with the list of unsecured...more
Debt issues that arise due to illness or other financial issues can be very annoying and frustrating. It is estimated that around 8.1 million homeowners will face foreclosure in 2012. But, thanks to bankruptcy laws which are designed to save people...more
The ongoing economic crisis has left many people to decide about filing for bankruptcy. Financial advisors will tell one that filing for a bankruptcy with whats recently going on is the best decision you can make. It is a good thing that filing for a...more
You have been avoiding calls form credit card companies for a long time now. You have a pile of unpaid bills from banks, foreclosure notice, etc. You just dont know what to do with your overloaded debts.Now, you are thinking of declaring bankruptcy....more