There are technically six types of bankruptcy proceedings, Chapters 7,9,11,12,13 and 15 but only three that you are likely to have contact with; Chapter 7,11, and 13. Chapter 7 is straight out old-fashioned liquidation bankruptcy. Chapter 11 is business reorganization. Chapter 13 is a payment plan for individuals with regular income. The impact of filing on a lease depends in part on the kind of bankruptcy filed. However, regardless of the type of bankruptcy, an automatic sta

Bankruptcy has become a kind of "quick fix" for debt that has gotten out of hand. Many people think it is easy to wipe the slate clean and get rid of debt by going bankrupt. It isn't that easy, however, and it should only be used as a last resort. The actual procedure for filing - the paperwork process itself - is relatively simple, but it goes beyond that. You'll need to be able to justify the reason for bankruptcy, which will open your financial history for inspection by th

Filing for bankruptcy is a scary and challenging thing. There are many laws that you must follow exactly in order to correctly file your bankruptcy, not to mention understanding each of the separate types of bankruptcy you can file. For someone that does not have any experience with filing legal documents it can be daunting to file these types of paper work. If these bankruptcy papers are not filed correctly, it can end up being a bigger problem then the one that led to the n

Bankruptcy occurs when a process is initiated whereby a debtor obtains court ordered relief from having to pay off his or her debts. It can be of great use in certain cases, but is not advisable for use by everyone that faces financial difficulties. In fact, there is no easy and quick answer to the question of whether to declare bankruptcy or not. It needs discussing with a bankruptcy attorney who is best able to evaluate the costs as well as benefits of bankruptcy in a perso

Chapter 13 of the bankruptcy code gives debtors the opportunity to repay some or all of the debts that are in their name, in better terms, lower or no interest. Debtors have the ability to use income they have in the future to pay off creditors. How Chapter 13 Works A time frame of 5 years is allotted for debtors to be able to pay of their creditors in full. Your attorney will safeguard your interests, while the entire process is carried out under court supervision. A new pay

Being insolvent is one of the worst situations a person can find himself in. The threat of foreclosures, or losing one’s home and valued possessions looming over one’s head would cause sleepless nights. This predicament would force a person to grasp any possible solution. However, if all possible solutions fails to deliver the desired result, the last course of action is to opt for bankruptcy. If you have tried credit counseling and you still can not pay your bills, and if yo

Are you facing financial troubles? Have you tried to alleviate your debts by working with the companies, but not succeeding? There are many reasons for a person to enter into financial difficulties. It is possible that you or a spouse has lost a job, you have medical bills that need to be paid, or you have used credit cards to get by. If you have tried to work with your creditors to no avail you are probably beginning to look at the options of bankruptcy. There are six laws i

Nobody likes to get phone calls from collection agencies. Despite laws intended to protect consumers from harassment, most collection agencies make you very uncomfortable when they’re trying to get the money from you and will call you several times a day. If you have gotten to this point with your financial situation, it’s no wonder you’re considering filing bankruptcy for some relief! Sometimes, people find themselves in such a bad financial situation that they’re at risk

Regaining your financial health can seem impossible and overwhelming. If you take it one step at a time the process can be not nearly as complex as most of us choose to believe. Your first step would be to contact your creditors. Explain your situation and ask about payment plans to help lower the amount paid and to pay down your bill until you are caught back up. Your second step is to create budget expenses. Calculate your income, bill amounts, and other miscellaneous expen

Banks are in lending money business and not in real estate business and the last thing they want is to end up owning another piece of real estate. Knowledge is one of your greatest allies in a bank foreclosure proceeding. When you buy a home by borrowing money from a financial institution to buy real estate, you sign a legal contract called a mortgage. A mortgage contract obligates you to pay the lender on a certain day of the month until the loan is paid off. In addition to