Concord bankruptcy, Fremont bankruptcy, and California bankruptcies in general have been on the rise for the past five years without a lot of hope in the near futures for change.The housing market has direct ties to our national economy. The U.S. mortgage crisis was an early indicator of hard times to come. There is plenty of blame to pass around and plenty of places to put it.According to Wikipedia "The ratio of lower-quality subprime mortgage...more
Bankruptcy is a legal option individuals have in order to obtain court protection from creditors. This occurs when the contracted financial obligations cannot be fulfilled with the income available for payment. The following are the top five reasons why individuals seek bankruptcy for their future.a)Cancel Debts and other Obligations. One of the actions undertaken during bankruptcy proceedings is the identification of existing debts for the...more
Considering filing for bankruptcy, but dont know where to begin? If youre considering filing for bankruptcy, you probably have a hundred questions and concerns weighing on your mind. While its always best to consult a bankruptcy attorney to know exactly how bankruptcy will affect your life, here are a couple quick answers to help you understand the bankruptcy process.Whats the Difference between a Chapter 7 and Chapter 13 Bankruptcy?This is the most important part of a bankruptcy to understand. While an attorney can better help you decide which bankruptcy is best for you, a Chapter 7 is a liquidation bankruptcy and a Chapter 13 is a reorganization bankruptcy. Depending on your state of residence and your income, you may not qualify for a Chapter 7 bankruptcy. Chapter 7 is generally for debtors who are heavily in debt and dont see themselves being able to pay back their creditors, or dont have many non-exempt assets they plan on keeping. On the other hand, a Chapter 13 bankruptcy allows you to pay back your creditors in a three to five year time period and possibly hold onto some of your non-exempt property. Will my Job be affected by filing? No. Section 525 of the Bankruptcy Code...more
Every year, many Canadians find themselves with such an overwhelming amount of debt, and thus the need to file for bankruptcy. Bankruptcy is a legal process that provides debt relief for those who can no longer pay their creditors, allowing them to immerse from bankruptcy with a fresh start. When an individual enters bankruptcy, no unsecured debtor...more
while plenty of reports today have talked about the recent upswings in our economy, there are still some issues and people have undeniably suffered as a result. If you've lost a job or gone through a bankruptcy, there are plenty of effects that it may have on your family and your life. Keep in mind that it certainly isn't the end of the world, but...more
A bankruptcy trustee can help solve your money problems. If you're experiencing cash flow difficulties, you may need to declare bankruptcy. Once you do this, a trustee will be immediately appointed in order to help you settle with your creditors. Whether you file for chapter 7 or 13, someone will be appointed to your case and help with your problems. Whether you need an affordable plan of payment, or require liquidation of your assets, your consumer proposal will be handled with the assistance of a trustee.Chapter 7 is the most common form of bankruptcy in the U. S. In this form, individuals or businesses realize they need a debt settlement because they can not pay what is owed. In this particular instance of bankruptcy, someone is appointed to be in charge of the estate. He or she is responsible for the auctioning of any assets. These revenues are then applied to the creditor's accounts. The information about these proceedings remains on an individual's credit report for 10 years.Before chapter 7 can begin, debt settlement issues need to be addressed. The person applying for protection from the court has to work closely with a credit counselor. This helps to ensure that there are...more
If your home is in danger of being foreclosed upon, as a homeowner,you can be in one of the most stressful periods of your life. When you find yourself in a situation such as this one, and judging by recent statistics, thousands of Americans do, you...more
If you are experiencing serious money problems and you are intending to go for bankruptcy, it is crucial you have information on the roles of a bankruptcy trustee. For every case filed an impartial trustee is appointed by the court. The roles of the...more
With the current economic unrest that seems predominant in today’s culture, money worries have a huge effect on individuals and family. Debt has become extremely common among people in all classes and levels of income. When debts become...more
We all like to think we're invincible. From a very young age, we develop heroes that have super powers and can do it all. We'd like to think a little bit of their good fortune has rubbed off on us, but if you're like many people who are looking for...more
One of the most difficult choices in life that is faced by persons with money problems is the decision to file for bankruptcy. In this legal action, all one's financial assets are placed in the care of a bankruptcy trustee until the case is...more
In some cases a plaintiff may face an issue with bankrupt asbestos manufacturers. Even if an attorney files litigation against the lawyer, the bankrupt manufacturer may have other debts to resolve, making matters complicated. The priority of debt...more