The federal courts have a process known as bankruptcy which is designed to help individuals and businesses clear their debts and manage repayments under the protection of a bankruptcy court. The two kinds of bankruptcy are: reorganization and liquidation.Liquidation is a bankruptcy process where you make a plea to the court to discharge your debts on your behalf. Some of your properties are liquidated (sold) by the court, and the...more
As a bankruptcy attorney in California I have consulted hundreds of homeowners trying to stop foreclosure after being denied a loan modification. While these homeowners followed their lenders directions to the tee in an effort to avoid foreclosure, they ended up with a foreclosure sale date hanging over their head. The unfortunate thing is they trusted their lender to act in their best interest and now may lose their home to foreclosure. Some of...more
Filing bankruptcy isn't an easy choice for people struggling financially, especially if you're not use to it. We have many clients coming to us these days who see the writing on the wall due to a recent job loss or pay cut. The truth is, you should file bankruptcy as soon as you can if you know you can't repay your debts in a timely fashion. Bankruptcy laws are there to protect consumers from their creditors by legally offering instant debt relief and stopping creditor harassment. You don't have to wait until your behind on your payments to file bankruptcy, or file bankruptcy to stop a foreclosure or repossession. I recently wrote an article called Can I Eliminate my Credit Card Debt if I'm Current? that can better explain when and how to file bankruptcy if you are current on your credit cards and what to expect. You can use the Federal bankruptcy laws and state exemptions to protect you rather than to defend you. What do I mean by this? In my recent article "Filing Bankruptcy: Use the Laws as a Sword not a Shield" I explain how bankruptcy can be used early in a financial struggle to save you a lot of money and heartache. Unfortunately, most of our clients don't understand that...more
Bankruptcy is an option an individual in dire financial difficulty would be forced to take. This is considered as the last debt management tool or resort a debtor could ever take because of the stigma that comes with its implementation. Being published in the London Gazette, made available on line and registered, bankruptcy orders...more
Statistics disclosed that every second man in United States is troubled with unpaid debts. It is not an uncommon occurrence to see people, debtors and creditors' alike filing for bankruptcy proceedings. Although many solutions are available, solving debt problems is still a daunting task. To many financially distressed individuals,...more
Most people might think that it is not possible anymore to rebuild their credit after undergoing bankruptcy. This is actually wrong. You can even start rebuilding your credit today. No need to wait for seven to ten years before you can recover from bankruptcy and regain your credibility as a borrower.Do not imitate consumers who have waited for their bad credit reports to close before they started reestablishing their credit profiles. Instead resolve to take steps that will allow you to immediately bounce back from bankruptcy and gradually recover your financial health. But how can you do this?We have listed four simple steps that you can follow for you to successfully rebuild your credit history. By closely observing the tips that we have enumerated below, you can be assured of causing a gradual improvement on your credit standing, even while you possess a bad credit report.Four Steps to Recover Financial Health after a BankruptcyStep 1: Perform a Perception Makeover. Bankruptcy may have been linked with negative things but remember that it also has advantages and that is where you need to focus on. Keep in mind that the reason why you are filing for bankruptcy is to eliminate...more
Sometimes in your lives you encounter a situation where you are no longer able to pay debt bills. At such times you do consider bankruptcy as a way out. Bankruptcy is a process when a person legally declares himself unable to pay outstanding debts....more
Are you not able to repay your debts? Are you really confused about procedure of bankruptcy? Today, we are going to discuss various bankruptcy myths.1.Leave out some debts - This is 100% incorrect and wrong. According to UK bankruptcy laws,...more
If you face a mountain of debt that doesn't get any smaller no matter what you do, you might have to file personal bankruptcy. Personal bankruptcy entails the court-supervised liquidation or restructuring of your debts, in order to...more
Mention bankruptcy to an individual and for sure these mental images will instantly pop up in his head: closing down of companies, losing a great deal of money, repossession of assets, stringent legal procedures and even cutting off of utilities and...more
Bankruptcies were up 32% across the nation in 2009, leaving no doubt that the embers of the recession are still burning and small businesses are at risk from unpaid invoices. In fact, it may be argued that the collective financial health of its...more
Sometimes people don't even realize how much debt they have built up until it is too late. Bills keep building up and the payments keep getting harder and harder to make. Soon debt collectors are calling everyday and eventually these calls start to...more