You're free of your debts and should feel relief after everything is over, but instead you may end up overwhelmed and unsure of what to do after bankruptcy to start fresh. While you'll still carry that black mark on your credit report, there are still a lot of things you can do to help put all of that behind you. One of the biggest obstacles to reaching new financial goals for people in their new lives is their emotional baggage. If you waste...more
Generally speaking, individuals think more than twice before filing a bankruptcy application. One of the reasons for this hesitation is the stigma that they and their family members would carry once they are declared bankrupt. Apart from this, after declaration of bankruptcy, their credit standing takes a nose dive and they find it hard to raise loans. So some financial advisers say that an individual will have to think carefully before filing a...more
Profit and loss are part of every business. But where there is loss and appropriate corrective steps are not taken, then the losses may accumulate and the businessman may reach a stage where he may become insolvent or bankrupt. Even those who are in employment may reach a stage of bankruptcy if they do not properly manage their budget and if they get themselves trapped in debt. In such a case they have no other option but to file an application for bankruptcy.Many people hesitate to file application for bankruptcy because they fear the social stigma they would carry amongst their relatives and friends. They are afraid because people would ridicule them and that may even affect the careers of their family members. But they would have reached a stage where they are driven to the wall and there is no other option but to file a bankruptcy application.Application for bankruptcy: Normally it takes some weeks and months to get the final orders from the appropriate authorities on the bankruptcy application. During this period, the applicant has to remain composed and calm. In fact patience is the need of the hour for such applicants. Some financial analysts say that the bankruptcy...more
When nothing works, the businessman has no other option but to close the business. With depleted profit, his liability would increase and he is left with no means to meet the liability and this forces him to seek bankruptcy. It would not serve any purpose to drive a business which is in deep debt and for which the market is not favorable for the...more
Bankruptcy simply means inability of the debtor to pay his creditors. His liabilities have overshot his assets and he is no more able to balance the resources to clear the debts. In such cases, the debtor can file a bankruptcy application which is called a voluntary bankruptcy. If the debtor is reluctant to file such an application, then the...more
Although most people don't even like to consider bankruptcy as an option for clearing their debt and restoring their finances, it can be a highly effective way to do so. If you find yourself bogged down with debt and can't seem to pay it off fast enough to make a difference in the amount you owe, then bankruptcy might be the way out you have been looking for. You will want to browse through everything that is involved with filing for bankruptcy, as well as the repercussions that will result from doing so. While it is true that you will get a clean start and pay off all your debt, you will also need to examine what it means to file for bankruptcy. The first thing you will want to know is that your credit will be more or less destroyed.You will be restricted in terms of certain job positions, however you will still be able to find employment fairly easily. Your credit rating will negatively impacted for a time of at least 6 years, so that is certainly something to consider when you are thinking about filing for bankruptcy. You will also be involved with certain legal proceedings that will be required for you to file and move swiftly through this process. Although there are many...more
Many people who are in debt think that bankruptcy is the only solution to all their problems. Being in a lot of stress and depression because of their existing situation they fail to identify other avenues that can save them from bankruptcy. But only...more
In this debt-ridden society, many of us are in severe financial difficulties. While chapter is the final step in a long street of monetary pressures for many, others opt for this solution too early, now and again without taking into consideration...more
The Law offices of Chirnese L. Liverpool offer affordable flat rate chapter 7 bankruptcies to all residents of California and Nevada. Our attorney will review your personal information and determine whether filing chapter 7 bankruptcy is right for...more
Sometimes bankruptcy attorneys too are found to indulge in certain legal malpractices which are difficult to catch, so choose your attorney with care.How To Spot Bankruptcy Malpractice By: Sarah Granger About the Author Author...more
The US Bankruptcy Code gives the debtor a ceiling of 5 years, which means that the creditors need to be paid back within that time-period.The Basics Of Bankruptcy - Chapters 7, 11, and 13 By: Sarah Granger About the Author Author...more