Chapter 13 is a type of bankruptcy that is referred to as a reorganization or repayment plan. The debtor will have to pay the full or portion of his debts. The debtor must first present a repayment plan in the bankruptcy court so that it can be approved. This means that the debtor will pay his debts with the protection of the court. Within this time the debtor will have to pay his debts to a chapter 13 trustee. The trustee will distribute...more
There are many types of bankruptcy that you can choose from but it can only be one type of bankruptcy that fit your needs. It is important to consider other options before deciding to go through bankruptcy. It is crucial to understand the disadvantages of bankruptcy, it can have a negative effect on your future employment and it will be hard for you to obtain future credit because of the huge red flag you have on your report card.How do I file...more
There was a time in my life where I need to file bankruptcy because I lost my job and could not pay my debts. If you are in this kind of situation there are things you might need to know before you file bankruptcy. Make sure that bankruptcy is the only last option that you have, if you are unsure of this, take some time thinking about it, reflect upon your financial life and try to see the bigger picture. If all else fails and bankruptcy seems to be the only choice available then take it but before that learn something about bankruptcy, its basics, laws, types and process. This information will surely help you a long way and can even save you time and money.Bankruptcy mainly is a legal action any person can take that can help him get out of his debts. Without bankruptcy creditors can make a slave out of people who owes them debt, this is because there are people who find themselves in situations that they have no control of like job loss, huge medical bills, hospital bills and divorce. The other side of this coin is the consumers who can also use bankruptcy to their advantage. If everyone can file bankruptcy easy as eating cake then this will make creditors and lenders to...more
You may be wondering if an individual can file for bankruptcy for free. The bad news is you have to spend money in order to file your bankruptcy. The good news is filing for bankruptcy do not need to be expensive.If you need to file bankruptcy for free or at least cut the normal cost of filing for bankruptcy then there a few things you need to...more
More than ever before, people are being forced to declare some type of bankruptcy. We all know that the economy is rough right now, and though it is likely to turn around before too long, I know that if you are one of the millions that have filed bankruptcy it has already been too long. With the job market shrinking and the cost of living growing,...more
Bankruptcy is essentially an inability to meets one's financial commitments as they become due. Public stereotypes of bankruptcy are often negative and associated with failure, poor financial management and can often lead to the individual being stigmatized by family and friends.It must be stressed however that many people face bankruptcy for a host of other reasons or unfortunate events which are not always entirely their own fault. Drawing upon my experience or dealing with individuals with serious financial difficulties, this article aims attempts to examine the warning signs associated with bankruptcy in the hope that it can be avoided.Warning signs to heed;1. Ignoring the problemThis by far one of the largest contributory factors because few individuals like to believe that they are in financial difficulties for a host of different reasons. For some they fear telling a husband, wife or partner that money is problematic for fear of losing credibility with the person they love or ultimately the relationship. Other individuals are unable to accept that they have an obsessive disorder that leads to over extravagant spending. Still others have just never learnt to budget wisely in...more
Most people who file bankruptcy think they can easily get out of debts by filing a chapter 7 type of bankruptcy. But they get disappointed when they are not eligible to file a chapter 7. One thing you must note is that it is difficult to file a...more
Anyone can file chapter 7 type of bankruptcy without hiring the services of a bankruptcy lawyer. All you need to do is prepare your documents and file them within the time period. Try to learn the basics about bankruptcy chapter 7 before you start...more
Is there such a thing as file chapter 7 for free? The answer is that even if a person decides to do everything to file bankruptcy by himself it will not exempt him from spending money on documents, papers and other requirements that are needed in the...more
People who file for bankruptcy are people who have trouble financially. It is normal to ask for help to file bankruptcy for free but the truth is that filing for bankruptcy cost money. All the forms, documents and other informational requirements...more
It is not easy for just anyone to file for a chapter 7 type of bankruptcy. This is very true today. The reason behind this is because of the new bankruptcy law under the BAPCPA made last October 2005. Any person who decides to file bankruptcy must...more
Yes, you can get a mortgage after bankruptcy, but not right away, and not without some work towards rebuilding your credit. After you've completed filing you are supposed to have a fresh start, but the truth is that you are viewed as a...more