As you may know, part of the eligibility requirements involve credit counseling. When filing a Missouri or Illinois Chapter 13, a debtor must take a credit counseling course before they file their case. Whether it is done on the internet or over the phone, it involves an informative discussion on bankruptcy and other alternatives. The counseling is done with a neutral third party agency that has been approved by the bankruptcy court.So, why do...more
The federal court system assists those who are filling bankruptcy by helping them to get rid of their debt. A business or an individual can file bankruptcy and attempt to get rid of all their debt by going through the federal court system. In order to file this type of bankruptcy you must give up all of your property and sell it to pay off your debt. When people undergo this type of bankruptcy they are liquidating their assets. In the state of...more
There was a time when bankruptcy was probably the biggest stigma that could be attached to anyone in business. Thankfully those days are long gone. Today, bankruptcies are fast, efficient and frequent court procedures designed not as a punishment for the creditor, but as a means of drawing a line under un-payable debts and allowing everyone to move on. While most people would not exactly like to be made bankrupt, in most cases where it becomes necessary, it is seen as a welcome release rather than a humiliating penalty. When You Become BankruptBankruptcy is what happens when you simply cannot repay your debts. How it comes about is one of your debtors, someone who you owe more than $1,500 to, will ask the court to make you bankrupt. A trustee will be appointed to carry out the task and then all your creditors will inform him of how much you owe them. He will gather up all of your assets, and use them to pay off the debts. Creditors will be paid proportionately, which means that if your assets are not enough to pay off the debts in full, they will each get the same proportion of their debt repaid. What Are Bankruptcy's Disadvantages?The disadvantages of this are obvious. By...more
If you currently have unbearable debts and thinking of wipe it off from your statement by declaring bankruptcy; Just on-hold your decision for a while, there may be other options available. Try to improve your situation before you investigate the bankruptcy option. No matter which way you go, evaluate the 5 steps below to see if you could avoid...more
What If I'm Not Ready to File for Bankruptcy? Are There Other Options? As a bankruptcy attorney I many times will meet with people who are confused about their debt relief solutions. There are plenty of times when people come into my office and are still considering other options like credit counseling or debt settlement programs.People...more
Unsecured loans bankruptcy is the best way through a person suffering from bankruptcy can get the fast cash and solve urgent monetary problems. If any person is suffering from these bad tags then these finances is the best way to avail fast cash. These poor tags can ruin the credit reputation of a person and at that time applicant has to improve the bad tags so that a bad credit holder can improve the poor credit tags and can solve the monetary problems easily. Borrower can apply through online mode which is quite fast and provide fast approval within 24 hours of application. Here application is small and easy to fill. On it, borrower has to provide necessary details such as name, age, gender, contact number, account number, e-mail address, etc. After the approval lenders transfers the cash into applicants bank account. Here are some pre requisites which need to get fulfilled:Applicant must be the citizen of UK;Applicant must attain the age of 18 years or above;Applicant must possess a valid bank account in UK;Applicant is doing a steady job and earning a sound source of income.Here bad creditors can also improve their bad tags by paying cash on time. Yes, as mentioned earlier that...more
Nobody wants to be caught in the debt; however, most of the people end up in huge debts, even if they do not want to. The economical as well as the social life of a person is greatly affected through this. The person is so much harmed by the debt...more
Declaring bankruptcy can be a great tool if you find yourself drowning in debt. Bankruptcy is meant to help people who just cannot find another way out. It allows you to use all of your assets to pay back as much as possible over a set number of...more
Really, only a qualified St Louis Bankruptcy attorney can tell you the answer to that question. Why? Every situation is different and there are different rules that typically apply. However, here are the general rules regarding tax refunds and your...more
The Basics of Foreclosure and Bankruptcy Law Unfortunately, with the state of the economy, more and more people find themselves in situations of mounting debt. In fact, last year over 1 million people in the United States filed for bankruptcy....more
There is no doubt that the divorce rate in our country is alarming. With about half of all first marriages ending in divorce according to the Forest Institute of Professional Psychology, marital problems have become a sort of epidemic. And statistics...more
When you are under the stress of debt, it is easy to only think about the negative aspects of Missouri and Illinois bankruptcy. But instead of asking whether you will lose all your property or permanently damage your credit, perhaps it is time to ask...more