Posts filed under 'Bankruptcy Alternatives'
Tip! The next step in filing for bankruptcy is to determine exactly what assets you have available to you. Your assets include your recurring income from your job, your home and major items of personal property that you might own (including such items as motor vehicles).
The primary purpose of bankruptcy court is to discharge certain debts to give a debtor a fresh start. A bankruptcy discharge releases the debtor from personal liability for certain specified types of debts. Discharge prohibits the creditors from taking any form of collection action against debtors on discharged debts. The bankruptcy discharge varies depending on the chapter of bankruptcy a debtor files. Unless there is lawsuit involving objections to the discharge, the debtor will usually automatically receive a discharge.
November 29th, 2008
Tip! The next step in filing for bankruptcy is to determine exactly what assets you have available to you. Your assets include your recurring income from your job, your home and major items of personal property that you might own (including such items as motor vehicles).
Chapter 7 is a ‘liquidation’ of nonexempt assets to pay debts. In an orderly, court-supervised procedure, a court appointed trustee liquidates the non-exempt assets of the debtor’s estate and makes distributions to creditors. In Chapter 7, the debtor selects property he/she is eligible to keep from either a list of state exemptions or exemptions provided in the Federal Bankruptcy Code. Although the debtor files a schedule C form for property claimed as exempt, the property is not exempt until the trustee files the property exemption report which actually divides the property as exempt or non-exempt.
November 26th, 2008
Tip! Shop around. Most bankruptcy lawyers will at least offer a free initial consultation.
If you are considering remortgaging your home after Bankruptcy, there are many factors to consider in the decision making process. Here we discuss some of the essentials topics that will enable you to decide if releasing equity from your home is your best option.
Becoming bankrupt
If you are in a bad debt situation and are thinking of declaring yourself bankrupt, then the first thing you should do is get legal and financial advice to make sure that this is your best option. Don’t leap ahead to thinking about refinancing after bankruptcy if you haven’t even decided if bankruptcy is the best thing for you.
November 8th, 2008
Tip! You can also lose valuable assets when filing for bankruptcy, or you have to pay the equivalent in money.
Bankruptcy can be a hard pill to swallow, especially if you consider yourself to be responsible. The credit card companies don’t care about making things easier for you, no matter how loyal you have been. Here’s what to expect when you file bankruptcy, and how to make it as painless as possible.
Under the Bankruptcy Abuse Prevention and Consumer Protection Act (”BAPCPA”), prior to filing a bankruptcy case, an individual must obtain some consumer credit counseling from an entity approved by the U.S. Trustee within 180 days of the date of the filing of a bankruptcy case.
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How To file Bankruptcy And Ensure You Get The Legal Protection You Need
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September 8th, 2008
Tip! It’s not difficult to file for bankruptcy. It really isn’t.
Help after bankruptcy is out there if you know where to look. In this article I am going to talk about help after bankruptcy when it comes to rebuilding your credit.
Let’s start by looking at some of the free help available after bankruptcy when it comes to rebuilding your credit. There are some excellent online resources available that show you how to rebuild your credit history - and, of course, some you want to stay away from.
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Help After Bankruptcy: You Just Need to Know Where to Look
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August 8th, 2008
BankruptcyWhat is bankruptcy? … Bankruptcy” is a federal law that establishes an orderly process to provide … Bankruptcy proceedings, though not for everyone, …
What happens after bankruptcy? You become free from your previous debts! Yet, will you be able to make succeeding debts?
Loans after bankruptcy could be a worst case scenario for the debtor who had gone through a previous bankruptcy case. However, most people only think that it is impossible to make loans after bankruptcy. Here are some guidelines to ensure the likelihood of getting necessary loans after bankruptcy:
June 20th, 2008
Tip! Get a copy of your credit report. Many times (most times) the credit accounts that are absolved with your bankruptcy are not removed from your credit report immediately.
As applying for loans, credit cards and other forms of credit are easier to come by, so are the bankruptcy rates in the United States. In a ten year period, between 1994 and 2004, bankruptcy rates in the United States nearly doubled. The government’s reaction was to take a closer look at reasons parties were filing for bankruptcy, new laws were instated to ensure that individuals and businesses had valid reasons for applying for bankruptcy.
June 7th, 2008
Alternatives to BankruptcyLearn what you can do instead of filing for Chapter 7 or Chapter 13 bankruptcy. … is that creditors are harassing you, bankruptcy is not necessarily the best way …
The truth about filing bankruptcy online is that you cannot actually do it. While there are websites that offer services in filing bankruptcy online, they can only help you in preparing for it and not in actual filing.
May 31st, 2008
Tip! Pay all of your bills on time. Bankruptcy is a means to financial recovery.
Brief Overview of Bankruptcy
Bankruptcy is simply defined as the legally admitted inability to pay a creditor. If a creditor can sense that its client cannot make his/her payments, it can request that the client files for bankruptcy so as to collect as much of the money they are owed as possible.
The Primary Laws of Bankruptcy
Tip! Shop around. Most bankruptcy lawyers will at least offer a free initial consultation.
1. To wipe clean the slate of a debtor, relieving him/her of almost all debts 2. To repay creditors so far as the debtor can afford to
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Mortgage Loan Series: Focus on Bankruptcy
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May 29th, 2008
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