Why do people need to file for bankruptcy? There are various reasons that hound an individual in filing for the last recourse in repaying credits gone bad. This could be due to loss of employment, recent divorce, impending foreclosure of house, lessen high medical bills and so much more. These reasons are actually beyond a person's control over his finances and over his life. And as such, filing for bankruptcy is a necessary choice you have to...more
After this, a meeting of creditors will take place. You will reaffirm your properties and try to get some of the debts discharged. After everything happens in about 4 to 6 months, the case comes to an end with you being able to pay what you can afford to pay. Life continues for you and your creditors. Remember that you are not alone and the law will be by your side when you need it. Be informed about your rights.All About Filing Chapter 7...more
It's no secret that the explosion of the American housing bubble caused a financial tsunami, resulting in the greatest number of foreclosures since the Great Depression. The sharp decline in home prices left many homeowners underwater, unable to keep up with mortgage payments because of unemployment or medical costs, resulting in the necessity to either sell short or lose their homes through foreclosure. Often, these options lead to deficiency judgments which in turn are either immediately preceded or followed by bankruptcy filings.Almost 900,000 homes were lost to foreclosure last year, translating to one in every 54 families nationwide. At the same time, there was a 32 percent increase in bankruptcies during 2008. Of these, 28 percent were Chapter 13 filings, most directly related to mortgage problems. Overall, those who keep track of these things say that there have been close to 12,000 bankruptcy filings per million American households.We know that bankruptcy wipes out debt caused by foreclosure in non-recourse states, but those who live in these states must educate themselves on the anti-deficiency statutes in their particular state. Some of these non-recourse laws apply only...more
Sometimes the hardest part about bankruptcy is finding good, reliable information about it! The internet is full of directories, homemade websites, and self proclaimed authorities who are just dying to give you information on Chapter 7 bankruptcy. If you are trying to avoid the mass of misinformation that's available, how can you find reliable...more
Personal bankruptcy can offer debt relief, but can also cause additional financial hardship. Debtors should research bankruptcy alternatives such as debt settlement or debt consolidation which can often provide required results without the severe financial consequences.When to Hire a Chapter 13 Bankruptcy Attorney By: Simon Volkov ...more
When you are sitting under the burden and stress of debt, nothing seems like it will be easy. However, is that really true when it comes to filing bankruptcy?If you choose an inexperienced St. Louis bankruptcy lawyer or choose to go through a bankruptcy by yourself, the process won't be easy. If you choose to file with a qualified and experienced St. Louis bankruptcy attorney, the process can be relatively easy. It is actually the decision to file bankruptcy that is difficult.When is the right time to get protection from foreclosure, credit card debt help, and relief from creditors for you and your family? How much debt is too much? How you decide enough is enough?The answer is up to you. There is no amount of debt or time that alerts you that bankruptcy is the next move. You can, however, ask yourself, "Am I having a hardship right now?" or "Would I benefit from getting rid of this debt and starting fresh?" You'd be surprised how clear the answer will be if you ask yourself a few questions.Don't underestimate the value of being proactive, either. Making a move against your debt before your family has to suffer from a wage garnishment or find somewhere else to live due to a...more
The Advantages and Disadvantages of Bankruptcy By: Steve Thatcher About the Author Contact Steve Thatcher a qualified solicitor with Help With Debt (UK) Limited the total debt solutions company. For all further reading see...more
http://chapter7lawoffices.com/California Bankruptcy Attorney By: ivinfotech@gmail.com About the Author seo expert india (ArticlesBase SC #2949979) Article Source: http://www.articlesbase.com/ - California...more
But what if its really a simple case? What about the situation where a person has no divorce pending, has only credit card debt and drives an older car worth no more than a thousand dollars? The person makes only minimum wage and needs a bankruptcy...more
One should understand that no body ever plans for a bankruptcy. It is one of those unfortunate situations where an individual or company has no alternative but to file for a bankruptcy to get out of the financial difficulties and make a new...more