Because there are a number of different bankruptcy chapters, many people think that wage earner bankruptcy is a chapter to itself. However, wage earner bankruptcy is merely a different way of referring to a chapter 13 bankruptcy, also known as reorganization bankruptcy. Wage earner bankruptcy or chapter 13 in bankruptcy refers to the form of bankruptcy as described in chapter 13 of the United States Bankruptcy Code. Because a wage earner...more
If you are an American credit card debtor who has took a massive credit card debt sometime before the recent financial turmoil in the hope that the situation of a booming economy will prevail for a long time and you will keep repaying the payments for your credit card debt but failed to do so, then you are certainly suffering from severe difficulties. These difficulties are regarding your weak financial position, non-availability of...more
Bankruptcy, as immediately processed in our brains, is a bad word. It is a business term that does not imply anything positive. It suggests that something has gone wrong in an enterprise or a person someone cant pay his debts, or some company cannot keep up with his expenses because his assets are not generating enough cash to keep the business alive.Ironically, amidst the common understanding of how bad bankruptcy is, it sometimes can save you. When your business seems to go nowhere assets are not generating money anymore, or there is no demand for your product or service, and your debt are not getting any thinner, it might be wise for you (if youre not forced by your creditors) to file Chapter 7 bankruptcy. Chapter 7 bankruptcy is to liquidate your assets. To liquidate your assets is to sell your assets. By selling your assets, you generate cash which you can use to pay as much debts as possible so that your creditors never bug you again. This way, filing chapter seven, you can restart your financial life. By that, you can say that bankruptcy is not a bad thing at all. It can sometimes save.This is basically the story of a successful person who has been tried by fate. Gadi...more
Bankruptcy is an important decision which you have to think over exceptionally carefully. It may change you life for the better by eliminating your debts. However, it'll put a negative impact on your future credit record. Bankruptcy is a huge financial problem which is not easily forgotten. It'll take you many years to finally recover from it....more
It is figuratively true that the words interesting and bankruptcy should never be used in one sentence, but to research about bankruptcy is to discover facts too interesting for the subject. Do not be afraid. Not all articles on bankruptcy are constitution-esque articles.To start with, can you imagine how the first banks in history look like? ...more
Because of recent legislation, it is not as easy to file as it once was. The filing has to be approved by the judge. There are many factors that will be examined. If it is determined that the person who has filed has the means to pay off the debt, then the filing might be denied.People who are looking for a quick way to extinguish their debt might find that their filing is not approved. If the filing is approved, there are of course advantages. The person filing no longer has any debt to pay off. Creditors will not be calling or harassing the debtor.Some have heard that once a person has declared insolvency that he will not be able to get credit or be approved for a loan. This is not necessarily true. Some credit institutions will give a credit card to a person who has filed. But of course the interest rate will be very high. There are some lenders who will approve a loan, but again the interest rate will be well above the normal rate.There are alternatives to filing insolvency. Most people need to file because of their heavy credit card debt. There are companies that will negotiate with creditors on behalf of the debtor. If a person has more than ten thousand dollars in debt on a...more
The majority of people have been in debt at one point or another. The bad thing about debt is that is like sinking sand, once you enter it's hard to get back up. When you start missing payments it can be hard to catch up on your past due amount as...more
Though the need to declare bankruptcy is something that most people hope doesn't happen to them, the fact is that bankruptcy is often the best option when an individual or business faces catastrophic debts they are unable to pay. Being...more
US laws entitles you to file bankruptcy under varied chapters, the most common being Chapter 7, 11 and 13. Due to the changes that came into effect in 2005, Chapter 7 bankruptcy filing procedures have acquired some stricter laws. Although the number...more
Declaring bankruptcy is one of the ways a person can deal with his debt. But it is not the only way. Filing will have many long term consequences as well. The filing will stay on a person's credit report for seven and sometimes up to ten...more
Bankruptcy laws are one of the important financial aspects in United Kingdom. There are many chapters under bankruptcy, but three are most important:Bankruptcy chapter 7Bankruptcy chapter 11Bankruptcy chapter 13Today, we will discuss about the...more
With the economic hard times many people are facing today, many have reached the end of their rope when dealing with their finances. They see no hope for the future. Before you give up, consider a consultation with a bankruptcy attorney Atlanta.For...more