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...

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,...

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 p...

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 fin...

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. C...

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 po...

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,...

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.

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