The national economy has coughed, whizzed and finally faltered dragging us all down with it and suddenly everyone is in debt and needs help to eliminate credit card debt without filing bankruptcy.We are now caught in a vicious cycle. Consumers have no money to continue buying goods and services. Companies cannot make enough profit to hire more employees because they are not making enough sales. Because consumers and producers are...more
Chapter 13 Bankruptcy is a proceeding that allows a person to turn over debts to the Bankruptcy Court and submit a plan for repaying them. The plan involves the debtor making regular installment payments to a person called the Chapter 13 Trustee. The Trustee collects the installment payments and pays required creditors in the manner prescribed in the Plan. While the Plan is in effect, the court prevents collection efforts from all...more
This California bankruptcy law offers basic and general information about filing bankruptcy in California, including Chapter 7, Chapter 11, and Chapter 13 cases. Moreover, it will address personal and corporate bankruptcy, liquidation, bankruptcy, reorganizations, debt consolidation, and credit after bankruptcy, re-establishing credit, credit card debt, foreclosures, recovery, and garnishments, taxes and bankruptcy, free of debts, in addition to corporate bankruptcy concerning asset liquidation and reorganization under Chapter 11 Bankruptcy.Bankruptcy is often misspelled as bankruptsy, bankrupsy, or bankrupcy, among other versions. The term "bankruptcy" itself is defined as being financially unable to pay one's debts as they become due, or to have more debts than assets. Moreover, the filing for bankruptcy is too the statutory procedure under federal law by which debtor under goes a judicially-supervised liquidation or reorganization for the creditors, where the debtor is generally relieved of most of his debts through what is called "discharge". The debtor's property becomes what is called "the bankruptcy estate".This federal law is generally called as "the Bankruptcy Code"....more
Global recession has adversely affected a number of businessmen and many are in grave financial difficulties. Thus, the only solution to the problem is to declare bankruptcy. The numerous cases paved way to specialization of many lawyers pertinent to this case. Yes - if you are a victim of economic crisis, and you are unable to recover and get back...more
How Does Chapter 13 Bankruptcy Work?Chapter 13 bankruptcy is distinct from Chapter 7 in several ways. As opposed to debt being cleared entirely, an individual may pay all or a chunk of their financial obligations under the supervision and coverage of the personal bankruptcy court. Using Chapter 13, in the event that the court grants the debtor's...more
The term that's applied to a business or individual that can't secure money from their bank is called Bankruptcy. Once you are declared bankrupt, you will not be able to borrow money from your bank or use your accounts until it has been lifted. So whether you were declared bankrupt involuntarily or declared yourself, you are probably wondering if it is easy to rebuild credit after bankruptcy or hard.It is quite possible for your credit score to be repaired but it will be difficult. It's important to remember that bankruptcy shouldn't be the absolute end of your world.The first step is to apply for a new credit card. While this may seem extremely irresponsible, it will be necessary to rebuild your credit. After declaring bankruptcy, you will most likely only be approved for a prepaid card. These types of cards have to be filled with money before they can be used. They are extremely low risk since it's impossible to go into a negative balance.After your prepaid credit card is received you can proceed with making payments with them. Even though your card has been preloaded, it will act just like a real credit card when you're making purchases. That means that every single purchase it...more
Everybody has financial savings goals. Generally, a mortgage is a big objective, as you might have to conserve for a monthly down payment. Nevertheless, if you are seriously in debt, it may be much better for you to prevent saving until you pay off...more
A lot of people think that they arent going to be able to find a landlord who will rent to them if they have gone through a Chapter 7 bankruptcy. But, thats really not the case at all. There are a lot of different factors that go into a landlords...more
Filing For Bankruptcy: The Six Important Steps You Should KnowAs you file for bankruptcy, you should be willing to go through credit counseling, fill out required paperwork, determine which one of the bankruptcy chapters applies to your case, ...more
The current economic recession has resulted in a significant increase in bankruptcy filings. Job losses and the inability to find new jobs at equivalent salaries, among other issues, has forced many into having to make the difficult decision to file...more
Some of the features to look for in your quest for a good bankruptcy attorney are: proven successful litigation, complimentary consultation to review your case, good rates, and of course, you need to like the person because they are very specific...more
The best way to find a bankruptcy attorney is to ask for referrals from others or search the yellow pages, and then contact each one to conduct an interview.Filing for financial bankruptcy is definitely an option if you find yourself unable to pay...more