If you are facing foreclosure and cannot work out a deal or other choice with the lender, bankruptcy may help. If you get behind on your mortgage payments, a lender may get steps to foreclose, that is, impose the terms of the loan by selling the house at a public auction and getting payment of your loan out of the auction.Bankruptcy is a federal court process intended to help people reduce their debts or repay them under the protection of the...more
In the financial system that people are facing now, many are challenged with very complex financial decisions. Many people just lost their jobs, incurred great medical bills or even going through a divorce. These can be devastating at times to your everyday life and financial expectations. Every individual is unique, but when you face a challenge like working through bankruptcy, you are never alone. You can always get a chapter 7 bankruptcy...more
Bankruptcy laws come into force to give debtors relief from the burden of credits. In United Kingdom the process is governed by the lX part 1986 insolvency act and insolvency rules. Only individuals are allowed to apply for this act not the companies and legal entities. A person can declare himself bankrupt only by the court order following by the presentation of his petition. Here he need to laid down the points to show his insolvency i.e., not capable of paying for debts. Creditors can also file the petition for bankruptcy order against an individual debtor. Creditor however, is required to present a summoned or made statutory demand to the debtor by offering him 21 days to pay for the claim before filing for bankruptcy petition. The debtor may refer to the court to aside the bona fide demand on the debt issue or could counterclaim to set off the exceed debt demand by the creditor. If the debtor is failed to clear the claim or his application denied by the court the creditor gets the right to present the bankruptcy petition. In any case debtor is owed to pay a set amount of 750 on the court order with or without liquidation of assets to fix the creditor damage. While filing...more
Gist: Outside the window of a bank were crowded with the middle-aged men who were carrying the account in their hands and waiting for the one in the front inside the yellow line dealing his business. The queue became longer and longer, and many people began to lose patience. Only when their hair turned white, can they have access to the service.It...more
No one ever plans on filing Chapter 7 bankruptcy, but there may come a time when it is just unavoidable for you. There are many different situations that may bring a person to the point of having to declare bankruptcy. For some it is a having a downturn in their finances that they are just unable to recover from. For others it may be the result...more
Author: Rebecca Miller Chapter 7 bankruptcy: Also known as liquidation (converting assets into money) or a straight bankruptcy. This is one of the faster ways of starting afresh and more so if there are no objections from any of the parties involved. Ordinarily, most (if not all) debts would be discharged within months of the attorney filing a bankruptcy petition. A trustee is appointed who collects all non-exempt property, sells the assets and distributes proceeds from this sale to appropriate creditors. Chapter 7 is different from other bankruptcy filings because the debtor needs not make a payment to the trustee. Chapter 9 bankruptcy: The purpose of Chapter 9 is to provide a financially-distressed municipality protection from its creditors while it develops and negotiates a plan for adjusting its debts. Reorganization of the debts of a municipality is typically accomplished either by extending debt maturities, reducing the amount of principal or interest, or refinancing the debt by obtaining a new loan. Chapter 11 Bankruptcy: Chapter 11 bankruptcy is known as the corporate bankruptcy or the reorganization bankruptcy. When business organizations are unable to pay their...more
Since the autumn of 2008 and the onset of what is being reported as the country's worst recession since the 1930's, more and more businesses are finding that they have been issued with a County Court Judgment or CCJ. The aim of this article is to...more
A Winding Up Petition could have serious consequences for you and your business. It is therefore very important to understand what a Winding up Petition is and the implications of receiving one. Winding Up is the name given to the process of closing...more
If a company has financial troubles but still has potential, its directors and / or shareholders can put the business into administration by applying to the court. Company Administration gives the business a breathing space from its creditors for a...more
Author: Susan KapoorUsually most of the individuals know when they go bankrupt before actually deciding to file for bankruptcy. While in some cases people delay the decision of bankruptcy filing with a ray of hope to be able to find out another...more
Many individuals are struggling with debt crisis and have thought about filing for bankruptcy. Mostly people suffer for years in debt when they could have obtained relief sooner if they just took the time to find out what bankruptcy was really all...more
Is Debt Relief Legal through Bankruptcy? If you are deciding about declaring bankruptcy, then probably you are suffering from major financial problems due to unforeseen circumstances. Usually, we do not incur debt that we feel certain we will not...more