Bankruptcy : Business & Finance
A Chapter 7 bankruptcy is a liquidation bankruptcy that allows you to discharge your debts at once. A Chapter 13 bankruptcy is a reorganization bankruptcy that allows you to repay your debts incrementally over time. Either option is available; however, you must wait eight years between Chapter 7 fil
This is a common question, "Should I file bankruptcy?" Well, that depends upon many factors and only the person who is actually filing for bankruptcy protection can answer that. Bankruptcy is designed to provide an individual or business filing for bankruptcy relief from their creditors an
Nonprofit debt relief organizations, or credit counseling services, work with consumers and their creditors to develop affordable debt repayment programs based on monthly income and expenses. Fees for services may be based on a sliding scale or consumers' ability to pay. Nonprofit debt relief organi
Chapter 13 bankruptcy is a tool that a homeowner can use to save his home from foreclosure. In addition, a Chapter 13 bankruptcy also has some unique benefits concerning first and second mortgages. This type of bankruptcy filing has advantages for a homeowner who is looking for a way to keep his hom
Bankruptcy is simply a way to give yourself a second chance, an opportunity to get your head above water. For the most part many people who file, experience a recovery in a few short years.
Not being in a position to pay debts is not only humiliating but also embarrassing. The debtor lives in fear of what the future will be like. Others worry that the people surrounding them will get to know about it. This may be seem as a public issue but it is not.
One reason many people in financial trouble try to avoid filing for bankruptcy like the plague is because their lack of knowledge. In the recent years, the US has seen a large number of Americans filing bankruptcy to eliminate debts, stop foreclosure and just get back on their feet. Unemployment now
Rebuilding your life after bankruptcy can seem intimidating, but once you know where to start you'll find your direction quickly enough. Build up a new, varied, financial history by offering collateral on accounts, make all of your payments on time, and you'll be well on your way to having
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Avoid business bankruptcytario by offering to settle your debts.business image by peter Hires Images from Fotolia.comDuring the first quarter of 2010, 424 businesses in Ontario filed for bankruptcy and 100 companies submitted debt proposals, according to the Office of the Superintendent...
If you get a new job, big raise or a sudden windfall during a Chapter 13 bankruptcy, it's a good idea to call your lawyer. While paying off the Chapter 13 and being done with the process is tempting, you should weigh the financial risks, including losing the possibility of a debt discharge, before s
Chapter 13 bankruptcy is also known as individual debt adjustment because it allows you to restructure your secured and unsecured debts into a single monthly payment plan. This form of bankruptcy has certain benefits over other forms of bankruptcy including preventing foreclosure proceedings long te
How true, how sad... all that occurs is a huge loss for both the bank and the borrower, and in most cases because of personal guaranties there remains enormous personal debt that must still be cleared up... frequently by a bankruptcy. What other choices are there? It sounds ridiculous, yet it is the
If you have debt problems, you have an array of possible strategies you can try to get your finances back in order. Credit counseling and debt settlement are two options available to you, though neither is a guaranteed solution. Every debt situation is different, and you should always evaluate your
Being unemployed is tough enough, but add constant phone calls from debt collectors and your stress level goes through the roof. Fighting a collection in Colorado when you are jobless involves knowing your rights, verifying an alleged debt, working with a credit counselor and battling in court if co
Is there a cheap bankruptcy filing? If you are deciding to file for bankruptcy, you obviously are facing various financial challenges already. In advance of beginning the process of seeking bankruptcy relief, you likely are ...
A creditor gets an official judgment when it wins a lawsuit against you for an outstanding balance you neglected to pay. Although state laws differ, creditors can typically use their court judgments to take such collection action as garnishing wages and levying bank accounts. The debtor's death limi
When a person files for bankruptcy, he is extended protection on a number of fronts. In many cases, the person will have some of his personal debts discharged, meaning he will no longer be required to pay them. However, the protections bankruptcy offers are not retroactive. A debtor cannot reacquire
Chapter 7 bankruptcy is the liquidation of your assets in return for having your debts pardoned.Chapter 13 bankruptcy lets you work with the court to find a way to pay off your debts.In order to prevent people from abusing Chapter 7 proceedings when they could be paying off their debts through Chapt
Banks typically lend money for mortgages, auto loans and other items. Borrowers are obligated to repay these loans, but if they fall behind on payments and don't work out an arrangement for getting the loan back on track, banks and creditors may go after the debtor's wages with a garnishment.