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Bankruptcy 101: What Is The Difference Between Chapter 7 and Chapter 13?
The Basics of Bankruptcy Bankruptcy, also commonly referred to as insolvency, is the legal status of a person or an institution that is unable to pay debts to creditors as they become due. Located at Title 11 of the United States Code, the six types of bankruptcy under the Bankruptcy Code are as follows:
Bankruptcy and Wage Garnishment: What You Need to KnowWhen a debtor is delinquent, most creditors will attempt to collect payment of debts via telephone calls and letters before escalating to more extreme forms of collection methods. Should a debtor continue to provide payment in response to a creditor's attempt to get payment from him, as a last resort, the creditor could go to court and get a Judgment and then follow-up with a paycheck garnishment.
Three Ways We Could Reduce The Incidence of BankruptcyIt is well known today that the social stigma associated with bankruptcy is a thing of the past. The challenge is that many people who could really benefit from the services of a bankruptcy expert, leave it until is is often too late to recover. Given that this is the situation and the challenge is clear, how can we encourage people with serious debt problems to be more proactive and seek help before the situation is not recoverable and declaring bankruptcy is the only option?
Is It Bankruptcy Fraud?When you cannot afford to pay your debts, and are under threat of losing your assets; bankruptcy can provide the relief you need to regain control over your financial life. This process is a privilege, not a right. Unfortunately, many people commit bankruptcy fraud and end up in worse circumstances than prior to filing.
Resisting Personal Bankruptcy's Usual MisapprehensionsRecently people have commonly denied themselves the joys of instant debt relief because they are confounded by the numerous erroneous opinions and serious misconceptions about personal bankruptcy. These misconceptions have grown in number over the course of time and only intensify the unfortunate condition the insolvent individuals find themselves trapped in. Those individuals would have otherwise, in the light of a supportive bankruptcy attorney, still been saved from this very exhausting situation.
Comparison of 2010 and 2011 Vancouver WA Bankruptcy StatisticsThis article discusses new data released by the United States Bankruptcy Court for he Western District of Washington relating to cases filed in the Vancouver, Washington bankruptcy court for the first part of 2011. While the first six months showed a reduction in the number of filings for the first six months of 2011, relative to 2010, worsening economic factors may reverse the trend.
Finding Mortgage Lenders After BankruptcyWhen you get the loan from any mortgage lender, you have to provide a still property as a security to the lender for securing the loan amount. If you fail to return the loan amount with the interest rate and file a bankruptcy, lender will auction your property and get the loan amount. Filing a bankruptcy will surely help you in not paying the loan amount but it will affect your credit score greatly.
Why Is Everyone Filing Bankruptcy?It's no longer a shock to hear that someone you know is losing their home to foreclosure. It is no longer a shock when you hear some multi-billion dollar company is laying off hundreds of employees. Going to the gas pump and paying close to $4 a gallon no longer gives you a heart attack.
The Time Limits Of Bankruptcy FilingsSerial bankruptcy filers will learn that their protection from creditors will now last only 30 days, if the debtor had previously filed for a (dismissed) bankruptcy within the preceding 12 months. Even better, there will be no bankruptcy allowed (and no protection at all from creditors) if the debtor had more than one previously dismissed bankruptcy within the preceding 12 months.
The Types Of Bankruptcies In The USA debt, regardless of its nature, must be paid as it's an obligation of each and every individual, as well as businesses. However in an instance where a person in debt cannot pay off their debts they have accrued, they must have an alternative to restructure their debt to keep afloat.
Defaulting On A Chapter 13 CaseFiling for Chapter 13 bankruptcy provides you with an opportunity to repay your debts and keep your possessions. Defaulting on a Chapter 13 case can result in negative consequences. If you are having trouble making your Chapter 13 payments, there are a few things you should know.
When Is the Right Time To File Bankruptcy?Many people wonder how to determine the best time for file for bankruptcy. There are many factors to consider before filing. Knowing how to examine your financial situation, review all of your options and make an informed decision is the first step to financial freedom.
What Are Your Options If You File For Bankruptcy?With the current financial climate being so gloomy, many people are getting further into personal debt. If you are struggling to cope with your debts, you are not alone! You may have considered filing for bankruptcy. It's made to sound really easy by companies who sell bankruptcy solutions. You'll be able to start afresh, and all your personal debt will be gone.
Chapter 13 Bankruptcy Confusion OnlineBankruptcy these days is becoming a household term, even though many are still trying to keep it a secret. In 2010, there was close to 1.6 million people filing bankruptcy.
Avoid Small Business BankruptcyBankruptcy among small businesses in America is unfortunately a common occurrence. Approximately 40,000 small businesses go bankrupt every year. Most people who have opened their own businesses have put a lot on the line, risking all of their personal finances to succeed. So many become in debt after only being open for a few months. This happens quickly even when their business is flourishing. After long month or years of struggles, these businesses can no longer sustain themselves, forcing them to make a difficult decision, of whether or not to enter into bankruptcy.
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