If you have filed for bankruptcy, you may find rebuilding credit status a very difficult activity. It’s essential you rebuild credit after coming out of bankruptcy, since account details are flagged for seven years after the inception of bankruptcy. You may experience certain financial hardships, especially when it comes to acquiring loans and credit facilities [...]
Chapter 13 Bankruptcy is also known as a reorganization bankruptcy. Chapter 13 bankruptcy is filed by individuals who want to pay off their debts over a period of three to five years. This type of bankruptcy appeals to individuals who have non-exempt property that they want to keep. Sometimes called a “wage earner plan” chapter 13 [...]
There are a few different ways to file a court petition for bankruptcy. You can hire a bankruptcy lawyer to do the job for you, you can utilize one of the various online bankruptcy services on the Internet, or if you are a legal expert and you know the ins and outs of the various [...]
The first step in filing bankruptcy is collecting all of your personal financial information. This should include a list of all your debts (secured and unsecured), tax returns for the last two years, deeds to any real estate you own, car titles, and any other loan documents you may have. You might find getting a [...]
If you are facing foreclosure and cannot work out a deal or other alternative with the lender, bankruptcy may help. Filing bankruptcy can stop foreclosure on your house and allow you to effectively make payments to catch up on missed payments of your mortgage. When you file either a Chapter 13 or Chapter 7 bankruptcy, the [...]
Filing bankruptcy can eliminate the legal obligation to pay many of your debts. A decision to file for bankruptcy should be made only after determining that bankruptcy is the best way to deal with your financial problems. Bankruptcy is a legal proceeding in which a person who cannot pay his or her bills can get a [...]
Continue reading about Straight Bankruptcy or Reorganization?
The main purpose of bankruptcy laws is to give people hopelessly overburdened with debt a financial fresh start. Bankruptcy filings are public records. However, under normal circumstances, no one will know about the bankruptcy. Credit Bureaus will maintain a record of the bankruptcy and it will remain on the credit record for 10 years. The [...]
The economy has prompted many to seek a bankruptcy attorney to help with their personal financial crisis. Since the laws regarding filing a bankruptcy have changed so that it’s become much harder to file for a Chapter 7, which is a complete dissolution of your debts, many people have found that filing on their own [...]
Whether you are the cosigner of debts, or a debtor intending to file for bankruptcy protection, know that a bankruptcy filing ultimately affects both parties. Discharging obligations in bankruptcy can put your cosigner right on the hook with your creditors. Those considering bankruptcy or co-signing on someone else’s obligation need to be aware of the [...]
