It is a fact that most people indulge in the hard work to safeguard themselves from the financial troubles by investing wisely, saving money and making sure that they have enough income to maintain the usual standards in life.When a person loses his job, or money in few poor investments, has been amidst the divorce or has no spouse support financially, they may notice a dramatic change in their usual money scenario. In many cases...more
Think once,you have lost your job;the money that you kept aside as your savings is also long gone. To top it up,creditors are queuing up and also the nasty demand letters are streaming in.The threats of Massachusetts Foreclosure is also looming large.Don't bury your head in sand and be proactive before it gets too late!There are ways to handle the situation and the writing is on the wall.The way is clear to get out of this patch and is by filing...more
The earliest literature available on bankruptcy was from the Romans. The word Bankrupt is derived from the Latin words Bancus referring to a traders counter and Ruptus means broken. A trader who was unable to settle his debts when they fall due used to have his counter broken to signify that he was bankrupt. Bankruptcy as we know it today had its origins in Britain. It was set up to assist creditors. If the debtor was unable to settle his debts as they fell due, the creditor was allowed to seize the debtors property and have him imprisoned.Bankruptcy proceedings allow a debtor to have a fresh start in life. Its usually a relief after years of struggling to pay unending financial debt. Many people are in financial distress because of a multiplicity of factors including business failure, divorce, addictive habits such as gambling, substance abuse, impulse spending among many other factors. The successful execution of the bankruptcy process leaves the debtor free from all eligible debts within a period of nine months. The debtor is discharged from all financial obligations incurred before filing for bankruptcy apart from court fines, property obtained through false pretences,...more
Bankruptcy is a way for individuals and companies who are overwhelmed by debt to discharge their debts or reorganize their debts and start fresh. Bankruptcy is governed by the federal law found in Title 11 of the United States Code. Bankruptcy is the way to clean up when a debt isn't going to be repaid. In theory, the borrower gives up the...more
In the event that you're swamped by so many overdue bills that you cannot seem to get a handle on even one of them, your best option may actually be to file for bankruptcy. Legally speaking bankruptcy means that either a person or an organization has been deemed incapable of paying off their debts. If you plan to use cheap bankruptcy filing...more
When it comes to choosing the best way to rid yourself of debts permanently, the choice may be quite difficult to make. While some might think that debt settlement might be a safer way out of debt than bankruptcy, there may be occasions where you might not be able to choose. So if you still have the opportunity to choose, you might want to evaluate your choices before you actually make the choice. After all, bankruptcy is often considered as a gasp of last breath by many people. In order to be able to make the right decision, you might have to think of alternative ways to help you pay off your bills without affecting your credit score as badly as insolvency. Debt settlement might be able to get you out of debt by allowing you to pay less than what you owe.You might notice that the new law makes it more difficult to actually file for insolvency as the Federal Government definitely wants to discourage people with bad credit to file for insolvency due to the fact that a collective bankruptcy debt might project a negative economic image on the nation. Therefore there are several things you might want to consider before taking the decision to file for insolvency.You may first want to...more
Filing for bankruptcy comes with a stigma that may stick with you for years even after you have been discharged by the court. This is why most experts would advice you to avoid having to file for bankruptcy at all costs and you may only file for...more
Credit card debts are indeed very risky for you to be carrying around without actually making any payments. As credit cards can be very addictive, you might even keep accumulating new debts with more interest on top of the existing credit card debts...more
There are times in your life where you will simply be forced to make rather difficult decisions that may affect your entire life ahead of you. When it comes to debt consolidation bankruptcy dilemma you probably do not want to take either option...more
Not too long ago, a prospective client told me the kind of story that makes every bankruptcy attorney wince. Over the last several years she had borrowed a substantial amount of money with a home equity loan and used the funds from the loan to keep...more
Chapter can impact organizations and folks and is a tough procedure for those involved. Organization personal bankruptcy usually happens when a firm fails to recognise the signs that it is struggling economically. If a company fails to...more
According to John Morgan, a bankruptcy attorney in Fairfax, Virginia who specializes in Chapter 13 and Chapter 7 cases, if youre confused about what it means to reaffirm debt and which debts youre required to reaffirm after filing for bankruptcy,...more