Claiming bankruptcy is a legal means of getting some amount of relief for debt collectors. There are several companies as well as individuals who file for bankruptcy when they find themselves in a financial mess. It a way of stopping harassing phone calls and worry. But it should not only serve the purpose of relief. One should use the time given to find a solution to the financial problem that they are in. Claiming bankruptcy is a tedious...more
Bankruptcy is considered the last and final resort by people who can no longer manage their debt. in fact, there are times when your legal counsel will advice you that the best way to get out of the financial mess you are in is to make a bankruptcy claim. Once you have decided to file for bankruptcy, there are a few things that you will have to keep in mind in order for it to pan out well. When you file a bankruptcy claim, you will have to find...more
Bankruptcy is a huge decision and one that should not be taken lightly. In fact you will have to weigh all the pros and cons involved before you actually decide that bankruptcy is the solution to your problems. It is the last resort of individuals and companies that have got themselves in a financial cesspool. Bankruptcy is a decision that should not be taken lightly. There are several implications, financial and social related to it. Do not be under the impression that bankruptcy comes cheap. It is in fact quite the opposite. When you file for bankruptcy there is a social stigma that automatically gets attached to you. However, this is an option that you will have to look into if you have no other options. To begin with, you will need the services of an experienced bankruptcy lawyer. They will be able to assess your situation and perhaps give you another way out other than bankruptcy. Should you decide to go ahead with it, he will be able to tell you the chapter under which you should file. A bankruptcy lawyer will also be able to put together the necessary documents and file your claim in court. Doing this yourself is an option, but the complications involved can get the better...more
Filing for bankruptcy is considered the last resort, when all else fails. If you are truly unable to pay off your debts you will have to file for personal bankruptcy. This is a huge decision and can take its toll on you, both emotionally and financially. Your credit ratings will totally plummet and you will have to begin from scratch. When you...more
You can choose to file for bankruptcy through an experienced lawyer or by yourself. Either ways, there are several things you will have to work your way through. The first step to filing for bankruptcy is putting together your financial information. This means that you need to get a copy of your credit report, put together on paper all your debts,...more
When you are unable to handle the magnitude of the debt that you are in, the US government offers you the opportunity to declare bankruptcy. This is temporarily take the harassing debt callers away till you are able to work out a solution based on various chapters on how you plan to move forward and clear your debt. Personal bankruptcy can be declared under Chapter 7 or Chapter 13. In Chapter 7, you may be able to discharge all or a part of the debt you owe. Under Chapter 13, you will have to clear you debt based on a repayment plan that a court has charted out for you. In either case it would be necessary for you to approach a bankruptcy lawyer. You will need his expertise to help you file as well as get through the proceedings of bankruptcy. Chapter 7 makes use of all you liquid assets. This is a reference to all those assets that can be sold and converted into cash. All of these assets will have to be handed over to the court, who will in turn distribute this amongst your creditors. There are some assets that will be exempt for liquidation. What these are will depend on the laws of your state. A bankruptcy lawyer will be able to guide you when it comes to preparing a list of...more
A bankruptcy credit report is a document or a statement that announces that you are filing for bankruptcy. This is a solution that several people and companies resort to when they are neck deep in debt that they are unable to repay. Filing for...more
Several surveys that have been conducted across the nation show that student loan debt stands really high. There are several reasons for this and therefore there seems to be an increased tendency by students to look into student loan bankruptcy as a...more
Is It Hard to File Bankruptcy Again? In some circumstances, you can file bankruptcy again but before you jump into a second bankruptcy, make sure it is the right thing to do. Bankruptcy isn't a permanent safety net--and can't be treated as...more
Debt Settlement Vs Filing Bankruptcy - What Debt Relief Tactic Makes the Most Financial Sense Nowadays people are facing difficulties due to their huge debt burden. It may happen with any individual, due to economic crisis. What option will...more
How To Stop Foreclosure Without Filing For Bankruptcy It is human nature to search for the easiest and most convenient option in any situation. The same applies to mortgage and methods to stop foreclosure. Foreclosure will deprive you of a...more
Bankruptcy Assets – Which Assets Are Divisible Assets? Are you confused on which assets does a bankrupt have to surrender to the Trustee? These bankruptcy assets are otherwise referred to as divisible assets. These assets are not protected...more