How Out Of Control Debt Leads To Bankruptcy If your debt situation has not yet reached a point of no return, credit counseling and debt management may be the best option for you. There may be other alternatives to going bankrupt which can also help people in serious debt to make a fresh start.How can you avoid bankruptcy. Knowing some important aspects of bankruptcy can help make your debt burden much easier to manage and can help...more
The Pros and Cons of a Chapter 13 Bankruptcy Individuals who are willing to pay their debts within 3-5 years qualify for the Chapter 13 bankruptcy. This chapter is crucial as it is helpful for individuals that want to retain some or all of their assets. This form of bankruptcy in some cases offers a better solution over the conventional form of bankruptcy as listed out by the Chapter 7 bankruptcy. The Chapter 7 bankruptcy can sometimes strip the debtor of his assets. This bankruptcy can be declared by individuals who have a limited regular income and can show ability to pay back a portion of their debts over time. Understanding the negative aspects of this type of bankruptcy will explain the flexibility of the Chapter 13 bankruptcy. It is seen that a person who has filed for this form of bankruptcy would see it on their credit reports for a period of 7 years. Furthermore, it will be difficult to borrow large sums of money in the following years, as most of the creditors will question the worthiness of repayment of the debts. Besides this, one of the most persistent issues that surround the Chapter 13 bankruptcy is that it puts a filer on a strict and restricted...more
How an Accountant Can Help in the Bankruptcy Process Having an accountant handle your bankruptcy will make the process go smoother and quicker. Bankruptcy accounting is accounting in relation to the laws of bankruptcy, and can be invaluable if you find yourself needing to file for bankruptcy but are uneducated about the myriad of...more
Avoid Bankruptcy and Eliminate Debt - How to Never Pay Back Credit Card Debt in Full The first advice that you are most likely to get if you are debt ridden is avoid bankruptcy and eliminate debt. It is a given that nobody will ever recommend you to file bankruptcy. There are a number of valid reasons for such aversion towards it....more
How To Avoid Bankruptcy With Legitimate Debt Relief Options Every day, individuals and families are forced into bankruptcy simply because there is no other way out of their financial distress. It is important to realize that, before having to file for bankruptcy, every possible option should be explored to help avoid the single most damaging blemish that a credit report can possess. Companies that offer debt management, also known as debt relief, provide special programs to help those eligible to repay their debts without having to file for bankruptcy. Many people assume that just because their payments are already late and their credit is already bad, bankruptcy cannot possibly hurt them. However, nothing could be further from the truth. Bankruptcy is severe and is only for those who have exhausted all other efforts. When you file for bankruptcy, your credit report will reflect the filing for up to 10 years. Whenever you apply for a credit card, a mortgage loan or even apply for a job, they will know that youfiled for bankruptcy. So, how will debt consolidation or debt settlement services prove to be more beneficial? Quite simply, either of these methods will...more
Why To Use Debt Settlement Instead Of Bankruptcy To Get Out Of Debt With the recession deepening, many consumers are worried that their financial burdens will force them into bankruptcy. The good news is that there are a number of ways...more
Why Debt Settlement Has Made Declaring Bankruptcy Less Appealing Since after the global melt downs debt settlement issues have become imperative. The gigantic economic disaster has caused a wide-spread financial crunch and...more
Information on the Various Types of Bankruptcy That Can Be Filed Contrary to what a lot of people believe there are actually a lot of different options to discharge your debts. This article covers information on the various types of...more
What Happens After Bankruptcy? If you live in the Chicago area, and you feel overwhelmed with credit problems, don't wait until they are so bad to consult a Chicago Bankruptcy LawyerSome people have a few of the whole process when...more
What Happens After a Petition for Bankruptcy Has Been Filed With Federal Court? There is hardly a better feeling , when you are going through credit hell, when you finally decided to take the last step and file bankruptcy. This is...more
About Chapter 7 Bankruptcy By Henry PalociBankruptcy AttorneyReal Estate AttorneyLicensed in California and FloridaIn Chapter 7 -- which some people call "straight bankruptcy" but is more accurately called a "liquidation" case -- you...more