Author: Reda AbouleishThis past year was a tough time economically for many people, and 2010 does not appear to be any different. Many people have bills piling up and no means to pay. Unemployment rates and foreclosures are at an all-time high. Businesses are closing, and people are in desperate economical shape. However, how does one determine if it is time to file bankruptcy or not? How do you know when enough is enough? There are various...more
There are situations when you may like to make some amendments in your bankruptcy petition that you have already filed. Unlike the common misconception, it is not an impossible thing. The petition refers to the legal document that outlines the provisions of bankruptcy and you have the right to make changes in the petition even after it is filed. In order to do this, you just have to follow the process as described by the laws. However, availing...more
According to the latest Insolvency Service figures for England and Wales published on 1st May 09, almost 5000 businesses went into liquidation in the first quarter of 2009. This figure is over 50% higher than the same three months of 2008. Clearly the global recession together with the lack of available credit due to the credit crunch, is having a significant downward effect on business activity. Many analysts believe that the recession will continue until the end of 2009 at least and that its effects will continue to be felt well into 2010. With increasing numbers of businesses finding themselves in serious trouble, more and more company directors and shareholders are faced with a difficult choice whether to invest more of their own funds into the business to allow trading to continue. Even if such funds can be made available, they are best spent helping to develop and improve the current business model e.g. on advertising, marketing, investment in plant etc. The reality is that often these funds are swallowed up financing historic debts. With this reality, potential investors are all the more likely to decide that the further investment is not sensible and the better option is to...more
The first 3 months of 2009 saw difficult trading conditions for many businesses across the United Kingdom. The official Insolvency Service figures showed that in the first quarter of 2009, the number of companies being put into liquidation in England and Wales increased by over half compared to the same quarter in 2008. Many analysts are predicting...more
How you manage your credit after the bankruptcy can be one of the most important factors in rebuilding a strong credit profile. Following are the steps one can obtain to recover their credit score after bankruptcy:Introspection: One of the most important things to do is to look back, scrutinize and probe deep to figure out what led us to this...more
Author: Hector MillaWhen a person is about to have their home foreclosed upon, they wonder will Chapter 7 bankruptcy stop foreclosure proceedings? The answer is yes. The filing of a bankruptcy, either a Chapter 7 or a Chapter 13 will temporarily stop a foreclosure sale. The filing of the bankruptcy can be done as late as the day before the scheduled trustee sale. Natalia Osorio Editor of the "Loan Modification Foreclosure" website -- http://www.LoanModificationForeclosures.com -- pointed out; “…This will give you more time, approximately 30 days, to find a solution even if you do not intend to go through with the bankruptcy so taking this action can be a preventive measure to save your home if all you need is a little more time…” In order to continue with the Chapter 7 bankruptcy and have it confirmed to permanently stop the foreclosure, you will need to provide all of your financial information to the bankruptcy court. This will include the disclosure of all of your assets, all of your income resources, and all of your debts. Under oath, you will affirm to the U.S. Bankruptcy Court that you have the income resources to make the required mortgage payments. If you own other...more
One popular myth that people believe is that if they file for personal bankruptcy they will rid themselves of all their debt problems. Bankruptcy is seen as the last resort. It is perceived to be the only way to escape the ever-constant demands for...more
Author: Thomas AjavaThere is little doubt that most people and businesses are glad to see 2009 pass, but what does 2010 hold in store particularly when it comes to bankruptcy filings? Let's take a look.The 2009 calendar year saw the bankruptcy...more
A mobile phone means a lot of things in todays times. There is no other device which is so highly multi-functional and is involved in so many aspects of our life. It is of great service to its owner in ways more than one but none of them is more...more
For many, the economy has made 2009 a tough year. Many people have lost their jobs and how have house payments that are simply too high to pay. However, for anyone who has been in their house for a few years and built up some equity, now is the...more
For many, having a new car is not a luxury but a necessity. However, it is too difficult to save the money for years before buying the car so many opt to get a car loan instead. A car loan requires the buyer to make an initial down payment and then...more
Its always in your best interest to improve your credit score. This will help you get better credit in the future and will come in handy when you need to buy a house or apply for a new credit card. Here are ways that you can improve your credit...more