There are several steps of bankruptcy process to consider before one can file bankruptcy. If you believe that filing bankruptcy is your last option, you can start with attending a Pre-Filing Meeting. With the change of the bankruptcy law, the BAPCPA, which took effect last October 2005, concerning bankruptcy filing, it is necessary that debtors should attend a pre-filing meeting prior to filing for bankruptcy. This meeting will help them...more
In todays financial system, so many people are challenged with very difficult financial decisions. Many just lost their jobs, incurred huge medical bills or even going through a divorce. These can be disastrous at times to your everyday life and financial expectations. This is one factor why so many people opted to filing bankruptcy. But since money is the problem, so many individuals filing for bankruptcy found out they cannot afford the...more
Author: Rodrigo FieldsWhen you have debts and occasionally fail to comply with the payment terms, it is fine. In fact, it is just normal. Emergencies do happen and the money you save for your monthly debt payment will be used to neutralize the situation. Then you will have to save up again to pay for your debts and you have to produce a few more dollars for the penalty for late payment. This is the usual scenario with debtors, however some of them undergo worse scenarios; for those who have multiple debts, their only way to get out of debt is to file for bankruptcy. Going for bankruptcy is what makes other people hopeful. They look for debt solutions and they view bankruptcy as the easiest way out of it. Little do they know that the relief they will get from it may never outweigh the consequences it can give them. Some may call it a human flaw, but some people, once they are in a situation when the better solution is highly unlikely, they will grasp the first option they can get their hands on. This often happens when it comes to bankruptcy. With the nerve-racking stress caused by incessant calls and the frequent visits from the creditors, one is more likely to go for the swift way...more
Bankruptcy in California has many guidelines, both basic and complex. If you are filing personal bankruptcy, it may be approached differently than if you are filing as a business. Depending on the situation, the focus on personal bankruptcy may be liquidation, debt consolidation, foreclosures, repossessions or wage garnishments. If it will be...more
Since you can not be a master in business law, you need to hire a business attorney to help you out with the business formalities and legalities. Hiring a lawyer is a rigorous process. You will come across several people who complain about their relationship with their lawyer. Problems can be averted if you make an intensive effort to avoid making...more
At the core of any successful business is a well organized management. Financial accounting is a very important tool for business. Aside from knowing strategies such as bookkeeping, marketing, advertising and production, a good and stable business must also have a competent system for accounting finance.Whether you like it or not, accounting finance is one thing you cannot dispense with in the world of business. It is a very important tool in determining where and how exactly your money is being spent. Also, it is most important in terms of taxes and other pecuniary obligations.Good Accounting Means Good BusinessAccounting ensures you how much you have, how much you owe, and helpful in assessing the value of your business. Are you generating any profit or operating at a lost? Accounting records will answer your questions. Accounting serves as the proper recording tool of the financial status of any business. Fiscal dealings are best kept right on track with an effective accounting department.A good accounting system within ones business is a great help in making business decisions. This also shows how credible you are with other companies. Accounting does not only place you in a...more
Author: Mike5 Common Mistakes Bankruptcy Clients Make Bankruptcy is governed by Title 11 of the United States Codes. Oftentimes, what makes sense in bankruptcy world does not make sense in everyday life. Here are the top 5 mistakes potential...more
As home foreclosures continue to rise, more homeowners are taking drastic action to hang on to their homes. One of the things many are turning to is bankruptcy. According to the CNN Money article, "Bankruptcies Spike 33%", The total number of...more
Regardless of the recent housing crises, getting a mortgage after bankruptcy is still possible, though still difficult. However, with a good plan and a willingness to rebuild your credit for a couple of years, this is definitely and achievable...more
Private Student loans are no longer dischargeable in bankruptcy just because they have been in pay status for a specified period of time. The only way the loan can be discharged is by proving that repayment of the loan will produce an undue hardship...more
The means test was created to limit the use of Chapter 7 bankruptcy to those who actually do not have income or money to pay their debts. It works by reducing accurate monthly expenditures from your current monthly income, your average income above...more
How to declare personal bankruptcy, either the Chapter 7 elimination of debt or the Chapter 13 repayment plan, is a way to find relief from debt and stop further collection efforts by creditors. While each type of personal bankruptcy has its...more