Three Options When Facing a Debt Collection Lawsuit

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Different Types of Bankruptcy

If you are looking at filing for personal bankruptcy, you'll need to be alert to the different types of bankruptcy and the conditions through which you ought to submit each variety. There's not a one size meets all formula when it comes to folks and their own fiscal issues. According to the quantity of debts you have, the type of financial debt you have and how much you might have in the form of investments may partly decide the type of consumer bankruptcy that you're going to submit.

Know About Post Bankruptcy Filing

The US Federal Bankruptcy Law has brought hope to many bankrupt individuals. But, you need to make sure what follows after you have filed for bankruptcy.

Bankruptcy Ride Through Option Eliminated?

The ride through option in Bankruptcy has been considered a powerful tool that can be a great benefit to debtors. The 2005 bankruptcy, however, appears to have likely eliminated this option. The ride through option is where a bankruptcy debtor, who is current on a vehicle loan or lease, continues to make the contract payments, without choosing to assume, reject, or reaffirm the debt. Prior to 2005, individuals who utilized this option would not be responsible for a deficiency judgment if, after bankruptcy, the car is repossessed due to a lack of payments. The 2005 bankruptcy amendments have been interpreted by the Bankruptcy Courts to eliminate this option. Effectively, individuals must choose to either redeem (pay off market value of loan), reject (give back vehicle), or reaffirm (create new binding contract with lender).

Top Bankruptcy Myths Debunked

There is a lot of bad information circulating about bankruptcy.  Almost every client I meet with will say something like, "My friend told me that if I file for bankruptcy I will lose all of my belongings."  Such misinformation keeps individuals in difficult financial situations from obtaining the relief they desperately need.

When Can Creditors Garnish My Wages?

Creditors love threatening imminent garnishment as a way to make you give them what they want...your money. The best defense against unseemly creditors is knowledge of garnishment laws.

Will the Obama Housing Stimulus Plan Help You in Refinance and Loan Modification?

Obama Housing Plan is for all homeowners who are finding it hard to pay their current mortgage loan. Such homeowners are on the brink of reaching foreclosures. Under the housing stimulus plan started by federal government, homeowners can now refinance their mortgage and undertake loan modification to save their homes.

Protocols Under US Federal Bankruptcy Law

The US Federal Bankruptcy Law has many significant options available for the borrowers. However, you need to keep in your mind the right bankruptcy option.

Growing Industry In Joliet Illinois Does Not Protect Residents From Bankruptcy

Joliet has many growing and thriving businesses. Despite this some residents have still suffered from job loss that leads to foreclosure or bankruptcy.

Filing Chapter 7 or Chapter 13 Will Affect The Job Description Of Your Bankruptcy Trustee

The responsibilities of a bankruptcy trustee are very different depending on which form you file. A chapter 7 filing requires a much different role from you trustee than filing chapter 13.

Will I Lose My Tax Refund If I File For Bankruptcy?

Whether or not you lose your tax refund in bankruptcy depends on many factors. Mainly, it depends on when and where you file.

Obama Increases the Reach of Federal Loan Modification Program

It was in February 2009 when Obama administration announced Loan Modification Program. The main intention was to make the home affordable for homeowners who were otherwise not able to pay back the mortgage on time. In the very first year of its start, around millions applied for the modification and as the result they saved approximately $500 every month on their house payments.

What Are the Consumer Bankruptcy Options?

Consumer Bankruptcy is the part of federal bankruptcy plan and it is offered to the consumers. The bankruptcy is quite different from corporate bankruptcy, which is yet another exclusive bankruptcy option available to giant corporate organizations. Consumers who want to file for bankruptcy can do it either in Chapter 7 and/or Chapter 13.

Bankruptcy Warning Signs Usually Appear Long Before They Are Recognized

In quite a few cases, it comes as a shock to people when they are forced to file for bankruptcy. But usually, if they had followed the signs, they would have become alerted long before of their dire financial situation.

Cases for California Bankruptcy

Various types of debts that are given out by banks and financial institutions. Moreover, these are not only given to individual applicants but also at the same time to companies and commercial establishments. There is a high rate of interest that is usually levied for the huge sums of cash allotted. And there is a mortgage that is taken for the debt amount.

How Bankruptcy Was Thought of in the Old Days

Back in the day, when you heard the word bankruptcy, people imagined becoming homeless. It wasn't that long ago when bankruptcy carried a stigma. Filing bankruptcy can still be emotionally draining but does not carry the doom and gloom of the past. It wasn't that long ago when bankruptcy carried this mark of disgrace. Nowadays, with a large amount of unemployment and debt causing many foreclosures, filing bankruptcy has become a common occurrence. In 2010 alone there was 1.5 million bankruptcies filed. The bankruptcy code changed in October 2005 because Congress recognized an abusive trend which allowed debtors to indiscriminately run up their credit cards, purchasing luxury items and vacations, then filing Chapter 7 bankruptcy to walk away from it all.

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