Debt Collection Lawsuit - Should You Appeal If You Lose?

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Bankruptcy Versus Foreclosure

Financial woes are certainly capable of bringing you down, and if it gets bad enough that you must consult with an attorney or financial specialist, you may wonder if you can ever get back on solid ground again. Contrary to what would be your initial mindset, bankruptcy doesn't necessarily equate to an admission of failure - different circumstances lead people to file, yet for some it isn't the only option. Foreclosure is another possibility if you find you are unable to keep up with mortgage. Depending on your situation, one option may be better than the other, but which is right for you?

How Divorce Can Affect A Bankruptcy

Bankruptcy proceedings can be impacted in different ways depending on whether you file before or after a divorce. Filing for bankruptcy after a divorce can affect how debts and liabilities are divided. Understanding how the bankruptcy process can be affected by divorce can help couples decide the best way to proceed with a bankruptcy.

Avoiding Foreclosure With Bankruptcy

The housing bubble in the United States, which was borne of the Great Recession, shows no sign of stopping any time soon. Millions of homeowners are desperately trying to stop foreclosures on their homes for obvious reasons and yet many have no viable sources of income to meet their delinquent accounts. If you are one such homeowner on the verge of a foreclosure, you have hope in the form of bankruptcy.

Insolvency Reaches Individuals Big And Small

All around the nation, people are experiencing the ramifications of hard times in recent years, in more ways than one. In many cases, whole areas are disrupted by the economic decline, as people have lost their careers, and in more serious cases, they've given up their homes, but more than the average American is seeing the effects of the recession.

Top Reasons To File A Chapter 13 Bankruptcy

Filing for Chapter 13 bankruptcy is one of the few alternatives out there for a owner of a house to avoid a property foreclosure without the approval or acceptance of the creditor. The debtor may also be able to cure the overdue home finance loan. This involves a repayment suggestion in which the debtor will present information on the monthly payments and how long the debt will be repaid.

Bankruptcy Protection: Discharge of Debts Explained

Bankruptcy protection provides consumers with a way to start over again financially through a complete or partial discharge of debts or a reorganization of debts. For many consumers the most critical consideration is finding out exactly what types of debts can be discharged in a Chapter 7 or Chapter 13 bankruptcy. Individual financial circumstances and state-specific bankruptcy regulations will determine exactly what debts can be discharged and by whom in a bankruptcy, but for the most part these debts include: taxes, mortgages and equity lines of credit, loans, medical bills, and credit cards.

Your Privacy And Bankruptcy

Filing for bankruptcy is a difficult decision and many fear that everyone will find out they have filed for bankruptcy protection. Bankruptcy is designed to be an tool that provides assistance to those experiencing tough times, and not a punishment. Although filing for bankruptcy is public information, it doesn't have to be public record that changes your life in a negative way.

Credit Cards and Filing Bankruptcy - How Soon Will I Get Garnished?

Several people with unsecured debts like credit cards and medical debt worry about having their wages garnished before filing bankruptcy. This is a reasonable concern-each paycheck can be garnished up to 25% to pay creditors and bank accounts can also be garnished. But federal and state laws prevent creditors from immediately garnishing your wages when you have only missed a payment on your credit cards. Normally, however, bankruptcy attorneys can help you file bankruptcy before you get garnished.

Insolvency - Bankruptcy

Bankruptcy is a distressing situation to confront, and can have a number of unwelcome implications. That is why you need as much information as possible before you take any action, allowing you to face bankruptcy with full knowledge of the process involved.

Common Chapter 7 Personal Bankruptcy Questions

Filing for Chapter 7 personal bankruptcy can be a very confusing process. The following information addresses the most frequent concerns people have when they consider filing for bankruptcy.

Secured And Unsecured Loans In Bankruptcy

When it comes to taking out a loan, you should know they are not all the same. There are many types of loans and the terms and conditions of a loan can vary greatly. Your debt repayment options may be managed differently in a secured loan than an unsecured loan. In the event of an extended financial hardship, you may not be eligible to have certain types of loans eliminated through bankruptcy.

After Bankruptcy, When Can I Buy a Home Again?

Most people considering bankruptcy want to know the long-term consequences of filing bankruptcy, short selling their houses, and being foreclosed on. Although the bankruptcy filing will remain 10 years on your credit report, you still can get credit to purchase a house. There are different time-lines required to wait after bankruptcy, short sale, and foreclosure to get a home loan under FHA, VA, and conventional financing.

The Pros and Cons About Filing for Bankruptcy

If you are thinking about filing for bankruptcy, you might be wondering whether you should seek the assistance of a qualified bankruptcy attorney or whether you should file for bankruptcy without such legal help. This article will discuss the pros and cons related to each so that you are able to make a wise and informed decision.

What Specifically Does a Chapter 7 Bankruptcy Discharge Do?

A chapter 7 bankruptcy discharge releases you from personal liability for discharged debts and stops the creditors from contacting you or threatening you, or taking any action against you in an effort to collect those debts. The US bankruptcy court estimates that almost 99% of all chapter 7 bankruptcy filers receive a discharge if it is their first time, mainly due to their low incomes and high debt ratios. According to the Bankruptcy Code 4004(c), most bankruptcies are discharged within 60 to 90 days after the petition is submitted to the court and the meeting of creditors is held.

How Does a Means Test Apply to Chapter 7 Bankruptcy?

One of the requirements of filing chapter 7 bankruptcy is to undergo a 'Means Test' and to submit a Current Monthly Income report to the bankruptcy court. A means test is a three-step mathematical calculation done on income and expense worksheet that makes sure people are not abusing the bankruptcy system. If a chapter 7 debtor qualifies at any step in the three-step calculation, then he/she is automatically eligible for chapter 7 bankruptcy protection, with other conditions applying.

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