A catastrophic event happened in your life, you and your wife got divorced, you had huge medical and hospital bills that cannot be covered by your health insurance and you lost your job for some reasons. Your debts started to rack up every month, lending agencies started calling you at home urging you to pay your debts. You start to feel the pressure all around you; you cannot sleep at night thinking about all your financial problems. You tried...more
There are many ways to file bankruptcy and the best way depends on what way you need to work according to your current situation. The best way to file bankruptcy for people who find themselves with no money is to do all the work. For people who can afford to hire a petition preparer, the best way to file bankruptcy for them is to let the petition preparer do their documents and they can do all the rest of the work. For people who are in debts...more
In the past years, people who were in some deep financial difficulties could aid their problems with the use of a credit card. Now however, it is more difficult to do that. With the rise of job losses being reported almost every day in the news and with the credit card tightened and shrunk, we can see why bankruptcy filing today has risen tremendously.The financial crisis in the United States can be the main cause of this problem and the future of the economy still unstable and even harder to predict, it may be such a wise thing to start bankruptcy filing today.People that go to credit counseling agencies to seek help are in worse shape than ever financially. Not even the credit counseling agencies could do anything to help them. So as early as today, if you are experiencing some difficulties financially and cannot find the means to pay your debt, try to consider filing bankruptcy before you really find yourself in a really bad shape.You can start bankruptcy filing today through the internet. There are many sites on the net that you can choose from but you have to keep in mind that no information on any sites is intended to replace legal advice of a professional bankruptcy...more
Any Tom, Dick and Harry who is not able to repay the debts cannot file for chapter 13 bankruptcies. Some of the eligibility criteria to file for chapter 13 are as follows:- Any business even if it is sole proprietorship is not eligible for filing chapter 13 bankruptcy. Only the debts, that are linked to the business and that the owner is personally...more
Pensions are a tricky subject and many of us who have them do not really understand them in any great detail. The following information is taken from the Insolvency Service and is their current best advice on the subject. I have attempted to simplify matters somewhat and have stripped out esoteric detail. There are basically 4 types...more
Almost all people who decide they need to file bankruptcy will first look at chapter 7 type of bankruptcy. This is because out of all the types of bankruptcy, chapter 7 seems to be the best in eliminating those pesky debts. After all, it would be a great relief to make all those debts disappear at the same time. But before you indulge in filing for chapter 7 bankruptcy, remember that your properties will be sold and the generated proceeds will be distributed to your creditors if you have equity.Chapter 7 is a type of bankruptcy that allows an individual to set a legal action to discharge all of his debts in exchange for his properties to be liquidated. Not all properties are sold; there are certain types of properties stated in the bankruptcy law that allows a person to keep some of his properties. These properties that can be kept are called exempt properties. Before you can file bankruptcy chapter 7, there will be a meeting of creditors which you will need to attend and they will question your ability to pay.To be able to qualify for a chapter 7 type of bankruptcy, you need to take the means test. This test will provide the information needed to prove that you have no...more
When is the right time to file bankruptcy? Currently, most people who go to credit counseling agencies are in worse shape than ever. The problem is that most of them are already facing foreclosures, lawsuits and other legal financial battles. They...more
I want to file bankruptcy. But how do I start? You can start by learning about bankruptcy, the types of bankruptcy and the ways to file bankruptcy. Basically, bankruptcy is a privilege that people can use to give them a chance to get a fresh start...more
There are many reasons to file bankruptcy but the main underlying reason is the same. It is debts that have become so unmanageable that a consumer is unable to pay it by any means. Sometimes, a person can foresee financial problems ahead and this...more
Some people might consider filing for bankruptcy when they have reached a conclusion that they cannot find any other means of paying their debts. Always make bankruptcy the last choice for it has negative effects on your future employment, obtaining...more
Before you make the decision to declare personal bankruptcy, there are a number of things you should familiarize yourself with and take into consideration. For example, ask yourself prior to your decision to declare personal bankruptcy,...more
For those who have already made the difficult decision that filing for bankruptcy really is their only way out of their desperate financial problems, the decision making is not yet finished! Once you have already decided that this is...more