Understanding Personal Bankruptcy and Related FactsThe recent past has seen a surge in the number of personal bankruptcy filings and it shouldn't be that surprising a development for anyone that has been following the personal finance scene over in this side of the world. As well, there has been a surge in the number of credit card consolidation and mortgage loans and this has been perpetuated solely by the fact that credit lines are just too...more
Bankruptcies are a growing problem for many homeowners and businessmen in our poor economy. A lot of people are losing homes and livelihoods and finding themselves on the verge of being penniless. People who are facing a bankruptcy and the onslaught of court appearances and paperwork that bankruptcies inevitably create need to be represented by a great bankruptcy attorney.There are a number of reasons anyone facing a bankruptcy should hire a...more
Bankruptcy federal court process made to support consumers and businesses extinct their debts or repay them under the protection of the bankruptcy court. In simple term bankruptcy occurs when a organization or individual can no longer able to pay their debt. This may be down to business failure or simply no money flow. If you declared bankrupt then your non-essential credits and excess income are used to pay off your debts.After a period of time most or all of your huge debts are "discharged" and you can make a new begning. Common types of BankruptcyChapter 7 Bankruptcy: Chapter 7 bankruptcy is when the court appoints a Trustee who may take and sold ("liquidated") to pay back some of your debt. Most of your debt well be erased.You can keep any property that is classified as exempt under the federal laws available to you (like your clothes, car, and house furnishings).Many debtors who file for Chapter 7 bankruptcy are pleased to learn that all of their property is relieve.Chapter 13 bankruptcy: Chapter 13 bankruptcy, is also called reorganization bankruptcy.In aChapter 13 bankruptcy, you don't need to give any property, but you must use your...more
Bankruptcy isn't meant to stop you from doing anything; it is meant to free you from crushing amounts of debt and allow you to finally begin your life.As soon as you decide to get our from under your debt, you've gotten control over your life again. Asking a St. Louis bankruptcy attorney for credit card debt help, protection from foreclosure, and...more
It is correct to assume that bankruptcy has many drawbacks. It can spoil your credit ranking. Money lenders, let it be bank, credit card companies, or any other firms, check the 3-digit code which is associated with debtors to find out your credit worthiness. The bankruptcy affects us in the short as well as long term. But in some cases it helps...more
The credit score after bankruptcy is greatly affected. You do not have anything positive on the credit rating after filing for the bankruptcy. The bankruptcy will be on your credit reports for many years in the future. No creditor will risk to give you loan. The process to restore credit after bankruptcy is very important and can be done. This is a time consuming process and to recover from the damage done to the credit rating will also take time. The following points will help you to achieve your goal:1.Try to analyze what made you file for bankruptcy and do not repeat the same mistake in future. This is first and a very important piece of advice. Do not over spend; use your finances properly to avoid this situation in the future as well. 2.You should start paying your bills on time after bankruptcy. All bills should be paid on time irrespective of your financial condition. Make arrangements of money from family or friends. 3.Use the checks to pay your monthly rent. Try to do all the payment with checks so that they can be recorded and will show how you are changed after the financial crisis in your life. 4.Get a secured credit card. The secured credit card helps in rebuilding the...more
Timeline for Filing Chapter 7 BankruptcyEvery chapter 7 bankruptcy comes with its own circumstances and conditions, and this timeline is for bankruptcy chapter 7 information purposes only. Within 180 days prior to filing chapter 7 bankruptcy, you...more
An IVA Debt Solution Could Be an Alternative to BankruptcyChoosing an IVA debt solution may not always be the best option for you depending on your circumstances. Therefore, it is important that you consult a professional before you make any firm...more
Avoid Bankruptcy And Eliminate Debt - 4 Reasons To Pursue Debt SettlementThese are just a few reasons why debt settlement companies are a good choice if you're seeking debt relief. Working with a professional in the debt settlement industry is the...more