A free consultation is really just a call to action from an attorney. By offering a free consultation, a St. Louis Missouri or Belleville, Illinois bankruptcy attorney gets you to take the next step in getting protection from foreclosure, credit card debt help, and relief from the harassment of your creditors.Most attorneys know that if they can get you into their office, the likelihood that you will sign up with them, regardless of whether they...more
File Bankruptcy Bills got you down? Creditors on your back? Bank threatening to foreclose on your home? You may need to file bankruptcy. Filing bankruptcy can be a big deal! It has implications for you, your family, your home and your credit. It’s not something you want to head into without getting informed about first! What’s the difference between chapter 7 and chapter 13 bankruptcy? What are the DOs and DONTs of filing bankruptcy?...more
When it comes to filing for bankruptcy for individuals, the choice is often between Chapter 7 and 13. They are titled chapters since each one outlines the purpose as well as terms and conditions under which one can file for bankruptcy under it. A general opinion on bankruptcy summarizes what Chapter 7 is all about. A trustee or a caretaker is appointed to overlook all your assets. Some of it will have to be handed over to the trustee. He in turn will sell this off to repay part of your debt. The laws for bankruptcy vary from state to state and this will determine how much equity in your property you will be allowed to retain. Also in this chapter, with all this done, your debt stands to be cancelled. If you want to file for bankruptcy under Chapter 7, you should be eligible under the income restrictions that it stipulates. Also if you have already applied for Chapter 7 bankruptcy and been rejected in the past six months, then you will not be allowed to file under it. Further you will not be eligible for a discharge if you had one granted the past 8 years. This chapter is also called straight bankruptcy or liquidation.In Chapter 13 or what is known as the wage-earner bankruptcy, you...more
Filing for bankruptcy can be a scary thought in itself. The whole process can be a bit unnerving and you may have several doubts. There are some common questions that most people have. Some of them may be considered irrelevant in the face of bankruptcy. However, the answers to them can set ones mind a sort of peace. Considering that uncertainty is...more
While sometimes the debtor can handle his cash crunch situation, there are cases of extreme debt where professional services need to be hired. Bankruptcy lawyers are a specialized bunch of people who can help when a foreclosure on your property is inevitable. They also help when the situation gets out of hand in terms of creditor harassment. They...more
Filing for bankruptcy is something that is undertaken when all other options have run out. Extreme financial trouble is often what results in debts remaining unclear. If you plan to continue this way, your credit ratings stand to be affected. Soon you may not even be able to get a small loan to help you tide over a bad patch. Filing for bankruptcy in its self is a tremendous step and one that has to be taken after a lot of thought.Before you actually decide to take the plunge, you should consider a few alternatives. The fact that there are alternatives does not occur to many since filing for bankruptcy is often kept secret till the last minute. Getting the right advice is essential on all your options before you take the final step. Some of your creditors may have taken you to court over pending settlements. You could consider an out-of-court settlement in such cases. This would mean negotiating with your creditors and opting to pay a lump sum amount that may be a little lower than the whole sum owed. In such cases, the person negotiating should have a sound legal and financial background. Prior experience in such cases would be an added benefit. You have to keep in mind though...more
I think most people would agree that the best possible world is a debt free world. People are so conditioned to make use of credit cards that it sometimes gets to the point of excess. In many instances, the realization comes too late. But this does...more
One difference between formal bankruptcy and informal bankruptcy is the first stops payment to all creditors, while the second stops payment to selected creditors.Yes, that means on the surface informal bankruptcy offers no protection from creditors....more
Even though numerous people are under the impression that declaring bankruptcy can enable you to clear all of the debts which have been accrued, but in reality - there are lots of debts which aren't cleared from claiming bankruptcy and also the...more
One of the common results of the worldwide recession is people losing their regular jobs. Following this unfortunate event, we tend to look for every available ways to have sufficient amount of money just to support our loved ones. This event also...more
Erasing Bad Credit Card Debt - Use Bankruptcy Threat To Settle Debt The mantra of debt settlement is based on the use of the threat of bankruptcy to force the creditors to wipe out a certain percentage of the dues that the consumers have. The...more
Insolvency, bankruptcy and liquidation are the three terms that people generally have a tendency to use interchangeably. But, each connotes specific meaning that creates a different impact on the concern related. Typically, all the troubles begin...more