People living with debt that they can’t handle have a few options to choose from. They can contact a debt or credit counsellor and try to work out a debt settlement plan. If this don’t work, bankruptcy is the ultimate option. Unfortunately there may come a time in your life where unforeseen events may force you into declaring bankruptcy as a way to get your financial life back in order and regain your footing. Finding a bankruptcy attorney that understands your situation and
Most consumers have heard of Chapter 7 bankruptcy but there is another type known as Chapter 13. This article details some of the differences between the two and how they may affect someone who has to file.
There are many differences between Chapter 7 and Chapter 13, but the main difference between Chapter 13 and Chapter 7 is Chapter 13 often allows a debtor (the person filing for bankruptcy) to keep certain assets that would otherwise be lost under the Chapter 7 rules. In
Changes in the bankruptcy laws have left many to erroneously think that they can no longer declare bankruptcy. This is not true.
A Chapter 7 bankruptcy can also be referred to as liquidation; although with most cases there is little if any actual liquidation involved. Chapter 7 is referred to as liquidation because all of your non-exempt assets are converted to cash to help pay back the debt owed. It is best to speak with a skilled Mississippi bankruptcy lawyer if you are
The Bankruptcy Abuse Prevention and Consumer Protection Act was became effective on October 17, 2005 (except for a few provisions). This amendment to the Bankruptcy Code is a major revision of the 1978 Bankruptcy Code and deals mainly with consumer bankruptcy. It was passed in response to rising bankruptcy filings and is based on a concept of increased personal responsibility. This article offers a very brief explanation of the “means test” that is designed to dump some debto
Under pressure from retailers and other companies claiming losses from increased bankruptcy filings, Congress took steps a few years ago to make it more difficult for individuals to file for bankruptcy. Initially, bankruptcy laws were designed to help people, whose financial debt got out of control and were meant to be a method of giving them a new start.
However, over the years many were taking advantage of the bankruptcy laws to continually file bankruptcy as often as all
Bankruptcy is defined as legal situation in which a debtor cannot fulfill their monetary obligations. Debtor bankruptcy is when the person who owes the money files for it. There are six types of debtor bankruptcy, but the two most common are Chapter 7 and Chapter 13. Chapter 11 bankruptcy is for businesses
Chapter 7 is called liquidation, and it is where an individual surrenders their assets to a trustee who distributes the proceeds to the persons owed. Chapter 13 is where
Consumers who are considering filing bankruptcy are faced with a lot of questions and are often not sure what the advantages could be- if any. Besides the obvious advantage of not having the debt that hangs over their head everyday, are their any other advantages of potentially damaging your credit report for 7 to 10 years by filing bankruptcy?
There are many different aspects to consider before making a final decision. There are always options, but choosing the right optio
There comes a time when many people have no choice but to seek bankruptcy protection from their creditors. If going through a debt consolidation specialist does not result in payments low enough to maintain a reasonable standard of living. When debts are overwhelming, bankruptcy through Chapter 7 may be their only alternative.
Many people may prefer to seek protection under Chapter 13 bankruptcy but before a court will approve the plan, it will have to be shown the individu
When you face repossession of your home or your car, you may need to declare bankruptcy to save them. If creditors have a valid lien or mortgage on either your vehicle or you real estate filing bankruptcy will temporarily stop any repossession or foreclosure process.
If you have already had your car or home repossessed (foreclosed on, in the case of your house) you may still be able to get either or both back if you act right away. If you file a chapter 13 bankruptcy you sh
Bankruptcies can be called “reorganizations” or ‘liquidations”, depending on which type of bankruptcy you decide to do. Both a “Chapter 7″ and a “Chapter 13″ bankruptcy are federal court processes that are meant to assist businesses or consumers to get rid of their debt or to repay the debt with protection provided by the bankruptcy court.
A Chapter 7 bankruptcy is considered a “liquidation”. If you own property, it is sold (liquidated) and the profit is used to pay off as