Can I file bankruptcy chapter 7? In order to be eligible for Chapter 7 Bankruptcy, you must meet several criterias. Under the old bankruptcy rules, the bankruptcy judge had the authority to dismiss a Chapter 7 Bankruptcy case if the judge believes that the debtor had sufficient disposable income to fund a Chapter 13 repayment plan. Also there were no strict rules dictating when a judge can dismiss a case on these grounds as it...more
Bankruptcy Can Help Those Facing Foreclosure Commonly, foreclosure begins when a homeowner becomes delinquent on mortgage payments, usually after several payments have been missed. The lender begins the legal process of auctioning the home in order to get payment for the loan. The homeowner will be notified of this process. This gives you time to seek alternatives such as loan forbearance, short sale, or a deed in lieu of...more
Bankruptcy Versus Debt Consolidation More people are in greater debt today and for more money than at any time in our country's history. And, many people, finding themselves unemployed and their credit card debts piling up, often look to bankruptcy as a way to get out from under the onslaught of bills. It is true that filing for bankruptcy can liquidate the majority of your debts. But getting rid of your debts this way comes with some disadvantages as well.One of the primary drawbacks, and one that will stay with you for a fair bit of time, is that your credit rating will take a severe hit. And, two, if you do have assets, you can possibly lose them through bankruptcy. So, while bankruptcy is definitely a viable option to consider for someone who is deep in debt, it is not always the best choice.Fortunately, there are other options. And one of the more popular ones is to sign on with a debt settlement program. The theory behind this is simple. Since the creditor has undoubtedly already been sending you dunning notices and calling your home, he realizes that you are having trouble making your payments.Of course, he is very concerned about your welfare - particularly,...more
Before Considering Bankruptcy Bankruptcy may have disastrous effects on a person's life. You may think of all the accumulated depths to be a far greater burden than the effects of bankruptcy but you should really think very hard before making a decision about your financial future. Before taking the last step you must definitely...more
Knowing Bankruptcy Court When you have mounting debts and determine to declare bankruptcy, that isn't the finish of your troubles. In actuality, that opens a complete new set a difficulties, beginning with bankruptcy court. In purchase to mediate your debts, establish your eligibility for the personal bankruptcy chapter you filed...more
Things You Should Know About A Chapter 7 Bankruptcy Chapter 7 bankruptcy is simply a set of statutes that provides for bankruptcy relief to debtors. In this type of bankruptcy, the debtor's property is liquidated so as to pay off creditors and deal with any other debts. This often provides the debtor with a kind of "fresh start". When liquidating the debtor's property, there are certain things that are exempted from the liquidation process and these may include one's trade tools, house and other personal items. The exemption of these items always depends on the state laws.In some cases of the Chapter 7, one may lose his or her home depending on the state laws. Although you may lose your house, this does not mean that you are going to get out of your debts pit quickly. In October 17, 2005, there were changes made to the bankruptcy act which made the whole process much expensive and longer making it much more difficult for debtors to relieve debts through this law. Some key changes to these laws have been made which include the key tests that determine if a certain debtor will be able to make use of the chapter 13 instead of the Chapter 7, hence repaying his or her...more
Bankruptcy laws in ancient times - cutting off ear The penalty for declaring bankruptcy in Ancient Rome was slavery or being cut to pieces. The choice was left to the creditor. By the Middle Ages, the treatment of insolvent debtors had...more
Save Your Valuable Assets through Filing for Bankruptcy Are you are looking for filing chapter 13 bankruptcy and don't have all the necessary information on how to do so? The process involves a test that you have to pass and then...more
File Chapter 7 Bankruptcy - Stockton Bankruptcy Attorney Kirandeep Sihota Esq., a Stockton Bankruptcy Lawyer, explains what's filed so that you can begin your Chapter 7 Bankruptcy case. In a situation is regarded as ‘filed' in the...more
How Newer Bankruptcy Laws and Regulations Make Debt Settlement A Reliable Alternative Although congress is attacking the debt settlement marketplace for dishonest practices they are quickly failing to remember that the core troubles...more
How Newer Personal Bankruptcy Legislation Make Debt Settlement A Valid Solution Despite the fact that congress is targeting the debt settlement market for dishonest practices they're quickly failing to remember that the heart issues...more
How Recent Bankruptcy Laws Make Debt Settlement A Legit Choice While congress is attacking the debt settlement industry for unethical practices they are quickly neglecting that the key concerns began with the passage of the new...more