How to Present Opening Statements & Closing Arguments in Debt Collection Lawsuits

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Individual Voluntary Arrangements for a Newbie

Individual voluntary agreements help persons who have incurred debts but are unable to repay their creditors the option of making smaller payments over an extended period of time. At the end of this period, any outstanding debt balance will be written off.

Individual Voluntary Agreements - Can They Lead To Bankruptcy?

Debtors usually use Individual Voluntary Agreements as an option to escape bankruptcy. They work well if the debtor is able to make the payment as agreed upon in the formal agreement. Failure to do so can result in bankruptcy.

Reducing Debts Through IVA

Through the individual voluntary arrangements proposal, an individual can clear off his debts by making reduced monthly payments to his creditors over a period of time under the supervision of a Licensed Insolvency Practitioner. Being a viable alternative to declaring bankruptcy, the IVA can reduce the damage to your credit score.

Individual Voluntary Arrangements - A Beginner's Guide

Summary: An Individual Voluntary Arrangements agreement is a legal deal between a debtor and his creditors in order to avoid bankruptcy. Supervised by a Licensed Insolvency Practitioner, it reduces the amount of debt and fixes it at a level which the debtors can afford.

Debtor In Possession - Jargon Related To Bankruptcy Situations

A debtor in possession (DIP) is a jargonistic legal notion used by insolvency lawyers and practitioners. The term refers to a person or firm that has formally declared them self to be bankrupt by filing a bankruptcy petition and has been granted permission by the court to remain in possession of assets over which creditors have a security interest or claim.

Stifled With Debt - File For Business Bankruptcy and Save Your Business

Filing a business bankruptcy requires serious decision making, analysis of ones assets and liabilities, scope of improvement, type of business bankruptcy to be filed and whether it will do any good either to the debtor or the business. Bankruptcy lawyers come in handy in such cases as their expertise on legal and technical matters should be taken into consideration while coming to any conclusion regarding filing the bankruptcy.

Bankruptcy Filing Under Chapter 13 and Can't Afford It?

Being stressed out about debt is no fun and coming to the decision that filing bankruptcy is your only way out of your financial trouble can many times relieve the pressure. After making the choice to file bankruptcy, you will also need to decide whether to file Chapter 7 or Chapter 13. If you decide to file bankruptcy under Chapter 13 you will be required to make monthly payments to the bankruptcy trustee who will then distribute the money based on the payment plan that was approved by the bankruptcy court. The reason most people use Chapter 13 is to stop a foreclosure and save their house or if they have many assets they might lose because they would end up being nonexempt in a Chapter 7 bankruptcy.

What Exactly Is Medical Bankruptcy?

Medical Bankruptcy seems to have become a widespread topic in today's society. Naturally every individual will be required to pay medical bills, since it is a reality that nobody can avoid using a healthcare provider. At some point in life, it will essential for you to get medical service from hospitals or any other health-related provider.

Bankruptcy in Canada

The Canadian bankruptcy process starts and ends at a licensed Trustee in Bankruptcy. If you are considering to file for bankruptcy in Canada, you need to meet with the trustee who will evaluate your financial situation as well as give you an advice on your options.

Going Broke Is No Laughing Matter, So Experts Are Needed Here

This article highlights the use of experts to help people to not lose all their hard earned assets through bankruptcy. It also goes on to show how different circumstances call for different measures.

How Much Time It Takes to File for Chapter 7 Bankruptcy

Bankruptcy is a long and hauling process and the individuals who are filing for particular bankruptcy should get the hang of it before they take the step forward towards filing for bankruptcy. Bankrupt individuals should always consult a bankruptcy expert.

DIY Bankruptcy: Is Reaffirmation Inside Your Very Best Interests?

Affirmation can be part of the bankruptcy procedure, and should you choose Do It Yourself Bankruptcy you might wonder if debt reaffirmation is inside your best interests. This step is used some cases so that the debtor can keep certain property, such as a house or vehicle, but frequently creditors try to get reaffirmation even when this isn't the truth. When you reaffirm a debt you agree to be held responsible, and also the debt will not be discharged throughout your bankruptcy case.

Chapter 11 Bankruptcy Debt Relief

Under the Bankruptcy Code, businesses such as corporations, sole proprietors and partnerships are given the option of Chapter 11, due to its expense and complexity. These three classes of debtor face distinctly different procedures. Individuals and couples are obliged to seek credit counseling.

Bankruptcy for the Sole Proprietor

Sole Proprietors that need to enter bankruptcy have a lot of questions about which debts can be included and how they are personally liable for business debts. For most owners that want to continue in business, Chapter 13 is the best option. Owners need to review all options before bankruptcy, including business entity options.

Ways Under Which You Can File Your Bankruptcy

There are different options available under federal bankruptcy law, but you may be eligible to earn the benefits under only a particular chapter. Therefore, it is your responsibility that you check your financial condition prior to filing for bankruptcy.

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