Big Announcement - Bankruptcy, Debt Collection Lawsuits, Debt Settlement & More

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Filing Bankruptcy and Divorce Are Like Two Peas In A Pod

Nowadays, it seems like bankruptcy and divorce rates rise simultaneously. That brings the question, which came first the chicken or the egg? Or, was the bankruptcy that caused the divorce or divorce that caused the bankruptcy? Looking at the numbers it's pretty clear that these two go together like peanut butter and jelly or bacon and eggs.

How to File Bankruptcy - Checklist

Preparing to file Bankruptcy is about as much fun as filing out a mortgage application and doing your taxes at the same time. But if you need to file, there is no better use for your time than doing a good job preparing to file. Nothing you can do will benefit you more right now.

Bankruptcy and the Dreaded Meeting of the Creditors

People who are having financial trouble many times steer away from filing bankruptcy because of fears of what might happen during the proceeding. There are urban legends about how the bankruptcy trustee comes into the meeting of the creditors to grill the debtor and seize all their assets. This is so far from the truth. Everyone who files bankruptcy, whether it's Chapter 7 or Chapter 13, is required to attend the 341 meeting or meeting of the creditors. What's funny is, the meeting rarely involves any creditors. Typically, the 341 meeting lasts only about 10 minutes and consists of the trustee asking questions about your finances and property. Unless you're hiding something, you really have nothing to worry about.

Avoiding Foreclosure With Chapter 13 Bankruptcy

With unemployment hovering at 10%, many people in the US are facing bankruptcy and foreclosure. Some of the people are in bankruptcy because of the foreclosure. With the prices of houses in the US continuing to depreciate, most Americans are finding out that they owe more on their first mortgage than their house is worth. Back in the credit heyday, when people could finance up to 120% of the value of their home, individuals would take out a line of credit to make home improvements or even buy a boat. Since property values have dropped so much, that second mortgages have no equity in the property to support them, making the second virtually unsecured.

Cheap Bankruptcy

Many people considering a bankruptcy are down on their luck, down to their last dime and don't feel that they have the money to hire a bankruptcy lawyer. While it is strongly discouraged by most, it is possible to file a cheap bankruptcy and avoid attorney fees. Just as someone can represent him or herself in a criminal case, so can an individual or married couple represent themselves through a Chapter 7 bankruptcy.

Chapter 13 Bankruptcy - An Overview

Grim economic conditions lead to inability of a person to pay off his debts and that is when he looks for a suitable debt relief option. Bankruptcy is a legal procedure of relieving debts. It is guided by federal law and usually indicates a situation when a debtor is unable to repay his debts in any possible way.

Timing Is Vital When Deciding to Hire a Bankruptcy Attorney

Even if you have a large pool of jobs at your disposal or live outside a large city, you may still be struggling to find a job and pay your bills. Hiring a local bankruptcy attorney as soon as possible may mean the difference between saving your assets and losing everything. A local attorney can better understand your situation and the options available to you.

A Bankruptcy Filing Needs Planning

If you're in a bad financial place like many other Americans today and are considering filing for bankruptcy, there are some things you need to know. Call them landmines, stupid mistakes or even pitfalls, you can call them whatever you want but don't fall prey to these. It's tough enough to be stressed out about the job loss, divorce, medical illness or a combination of these things that contributed to your financial problems.

How to File for Bankruptcy and What Chapter to Choose to File Under

The first choice one must make after deciding to file for bankruptcy is which chapter of the bankruptcy code is right for them. The two main chapters of the bankruptcy code for individuals are chapter 7 and chapter 13.

Individual Voluntary Arrangements - A Discussion to Aid Your Understanding

Individual Voluntary Arrangements help you become debt-free with law on your side. However, you must fulfill certain conditions to qualify for IVA and benefit from this set-up.

Individual Voluntary Arrangements

Along with the economic recession came a whole lot of people who lost a whole lot of money over night and were forced in to bankruptcy. The good news for all is that there are numerous alternatives to bankruptcy which they will be able to make use and prevent declaring bankruptcy. One will have to realize that bankruptcy can be extremely difficult to handle and the financial restrictions which come with it make it impossible for one to get back to living life the way they want.

Individual Voluntary Arrangements - Pros and Cons

Individual Voluntary Arrangements are an excellent solution for persons who are facing a temporary set back in their finances but are expecting a revival soon. These arrangements between a debtor and his creditors require that the debtor makes small monthly payments over a period of time so that his outstanding debts may be written off at the end of that period. However, as is the case with other debt management programs, IVAs have their advantages and disadvantages.

The Power Of Bankruptcy Versus Debt Settlement

When an individual is facing bankruptcy, as many Americans are today, most people usually will search for an alternative to filing bankruptcy. There are many ads on TV and the radio warning consumers not to file bankruptcy because of all the negative ramifications. They also feed into the concept that the debtor will be doing the right thing by paying their debt back. Most of them offer to settle your debt for pennies on the dollar without the negative impact on your credit report like bankruptcy. The problem with this whole thing is that it rarely works. While the debtor is sending them their money to hold and negotiate with creditors, many consumers go into default on their credit cards. You know the story from here, when you go into default your interest rate shoots to the max, along with late charges and additional late fees and on and on.

Bankruptcy: Proceed With Caution

Rebecca Wilder, the pen name for an "economist working in the financial services industry in Boston, MA," had this headline in a December 28, 2009 newsneconomics.com article: "The Hottest Trend in 2009: Declaring Bankruptcy". Jane Bryant Quinn kicked off the New Year with these comments in the January 12, 2009 issue of Newsweek: "Go bankrupt in 2009. If you're reaching the end of your rope, don't try to hold on. Save what you can."

The New Economics of Bankruptcy Law

Since 2007, the dynamics of the financial world, as we know it, have changed dramatically. Wall Street dominates main street, financial institutions appear to have more potential pull than our politicians, and the middle class is slowly disappearing as a result of a plague of foreclosure and unemployment quickly spreading around our country.

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