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 [...]
Also called a “straight bankruptcy”, chapter 7 bankruptcy is a a liquidation proceeding, which involves the liquidation of non-exempt assets for the benefit of creditors. Most chapter 7 cases are considered “no asset” cases meaning there will be no liquidation or distribution of assets to unsecured creditors. Absent liquidated assets, creditors do not receive any payment on [...]
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 [...]
It’s painful and humiliating even to consider bankruptcy, let alone to join countless others in the courthouse, waiting for your name to be called. Ideally, you should cut spending and repay your consumer debt. But that’s not always possible, especially with an economic nightmare affecting your home, job and health insurance. Most families, worthy to [...]
Continue reading about Don’t Wait Until It’s Too Late For Bankruptcy
Medical illness can be a financial nightmare leading to bankruptcy. Many people file to reduce or even eliminate high medical bills. Illness and medical bills contribute to more than half of bankruptcy filings. Sometimes an unfortunate accident or major illness can completely ruin a family. Illness often leads to financial catastrophe through loss of income, as well as [...]
Continue reading about Medical Bills Force Many Into Bankruptcy
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 [...]
There are many other provisions of the Bankruptcy Code that may affect your situation. This article contains only general principles of law and is not a substitute for legal advice. If you have questions or need further information as to how the bankruptcy laws apply to your specific case, you should consult with your lawyer. What [...]
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 [...]
