Bankruptcy is a procedure that is designed to relieve debt to consumers who have fallen on hard financial times and cannot afford to pay their existing debts.
While there are many types of bankruptcy out there, the most commonplace are chapter 7 bankruptcies and chapter 13 bankruptcies of the bankruptcy code.
Chapter 7 is the most common for the individual. It is the complete erasing of qualifying debt. The debtor is then released from all repayment obligations. But chapter 7 bankruptcies are not to be taken lightly. Read the rest of this entry »
Posted by Claire | Posted in Bankruptcy |
When individuals or businesses cannot meet with their financial obligations, many make the assumption that the only solution is bankruptcy. That is not always the case though.
If the right steps are taken from the beginning, you can keep yourself and your family out of financial trouble and away from bankruptcy.
First off, start by educating your children. Many of us growing up weren’t presented with the tools and knowledge to establish and maintain good credit and keep away from the scare of bankruptcy. Read the rest of this entry »
Posted by Claire | Posted in Bankruptcy |
With the new law passed in 2005 in regards to the filing of chapter 7 bankruptcy, it became law that anyone filing must first get pre-bankruptcy debt counseling.
The debtor must get counseling and certification from a non-profit credit-counseling agency before the forms can be filed for your bankruptcy.
This usually entails one or more counseling sessions and when completed, certification so you can proceed with the bankruptcy filing. Read the rest of this entry »
Posted by Claire | Posted in Bankruptcy |
People considering bankruptcy have many questions regarding how future credit will be affected. Some think that it will be 10 years before they can get credit again, or that they will never get a credit card after their bankruptcy.
Common questions debtors have are usually about keeping current credit cards, establishing new credit and buying a home.
If money is owed on a current credit card, then it must be listed in your bankruptcy forms as a debt. These forms are filed under penalty of perjury and if fraud is detected, your bankruptcy case can be discharged. Read the rest of this entry »
Posted by Claire | Posted in Bankruptcy |
While filing for bankruptcy, there are several codes, which an individual can file under. One such chapter is 13, which allows the debtor to keep property and pay the debt off over time.
The debt is usually paid over a three to five year period. This chapter is usually chosen by those who have a regular income and who do not wish to deal with the new laws of chapter 7 bankruptcy codes.
Also known as the wage earners plan, chapter 13 bankruptcies enable debtors to pay off part of the debt they have incurred. Read the rest of this entry »
Posted by Claire | Posted in Bankruptcy |
With so many people in society today finding themselves in financial trouble more often, the rate of bankruptcy has been on the rise.
The main purpose of bankruptcy is to give honest debtors a fresh start, clearing most debts and discharging debtors from legal obligations and providing the courts with non-exempt assets to be distributed among the creditors.
Originally a bankruptcy case is started with the filing of a petition. This petition declares the debtors financial information and states his intent to declare bankruptcy. Read the rest of this entry »
Posted by Claire | Posted in Bankruptcy |
In 2005 the U.S. was implemented with new bankruptcy laws that passed congress. Before that time, filing for chapter 7 bankruptcies was an easy way out of financial obligations.
Many people spent years being careless with their credit and debts because it could be fixed with a quick filing for bankruptcy.
Now that the law has changed, there are more restrictions for filing a chapter 7. Before the 2005 revision, filers could choose which code they wanted to file under. Income did not matter. Read the rest of this entry »
Posted by Claire | Posted in Bankruptcy |
If you are planning to file for bankruptcy then you will indeed be making a trip to court. The U.S. Bankruptcy court is a federal court and deals with all aspects of bankruptcy law. Each of the 94 judicial districts handles bankruptcy matters.
Each bankruptcy court houses a bankruptcy judge who is appointed to 14 years by the U.S. court of appeals. Though rare on occasion, regular district courts can hear and try bankruptcy cases on the courts discression.
Your first visit to court will most likely be brief. You will not be seeing a judge on your first visit, but instead a trustee of the court who will ask you questions regarding you financial status and history. Read the rest of this entry »
Posted by Claire | Posted in Bankruptcy |
When you’re in a financial bind, bankruptcy is not the only way out. There are many alternatives to bankruptcy if you are willing to put out the time and energy. It could save you much unnecessary hassle.
Bankruptcy is a difficult decision to make so it is best if there is another solution out there for you.
Begin by calling your creditors. Most are willing to work with you if you explain to them your situation. Tell them you are considering bankruptcy. Read the rest of this entry »
Posted by Claire | Posted in Bankruptcy |
(how to get a credit card online approval)
Credit cards had been a popular form of purchasing items on a “chargeable” or borrowed term.
The advantages of having a credit card are:
1. Security, since one does not have to carry a large amount of cash to purchase certain items.
2. Convenience. In case one has to purchase an item that is immediately needed (and is out of cash), these can be purchased using a credit card Read the rest of this entry »
Posted by Claire | Posted in Credit Cards |