Let us create a 3D eBook for you!
Let us create a 3d Digital eBook for you! DigyCat.com

What You Should Know About Bankruptcy


Filing bankruptcy is not only a last resort legal action; it is also a very complicated legal action that definitely needs the expertise of a lawyer. When thinking about bankruptcy, you first need to decide if bankruptcy is right for you. If it is, then you need the help of an attorney to decide which type of bankruptcy is required for your particular situation.

The decision to file bankruptcy can be brought on by many different circumstances. The most common circumstances are divorce, medical hardships and credit card troubles. In cases of divorce, bankruptcy is often inevitable. The sudden change in financial level and the added burden of court costs, extra expenses and child support often cause one or both parties to get behind on their financial obligations.

In the case of medical hardships, high medical bills can sometimes overburden people even if they have insurance. This is even more likely to happen if the person experiencing the medical emergency is also the family breadwinner.

The most common case of financial hardship is incredibly high credit card balances. After carrying numerous high credit balances for a certain period of time, many people find themselves unable to make anything but the minimum payment and sometimes not even being able to make that. Then, when the high interest rates are added in, people find themselves in a situation where repayment is often impossible.

Whether your situation arose from one of the above financial problems or not, sometimes bankruptcy is the only answer to your monetary problems. Once you have decided that bankruptcy is the answer for you, you will need to enlist the services of a lawyer to decide which type of bankruptcy to file and to help you navigate the many complex bankruptcy laws and regulations.

There are four main types of bankruptcy, Chapter 7, Chapter 13, Chapter 11 and Chapter 12. Chapter 7 is the most common form and can be used by businesses and individuals. Chapter 13 is the second most common form, but it limited to use by individuals only.

In a Chapter 7 bankruptcy, a debtor's property is divided into to categories, exempt and non-exempt. Exempt properties include things that the debtor will be allowed to keep like their home and automobile. In the case of exempt properties, the debtor is allowed to keep them as long as he or she continues to pay for them. If a person cannot continue to make payments, the owner of the loan may repossess the property, even after a bankruptcy has been finalized. Any non-exempt or unsecured property will be sold to cover the debtor's financial obligations. Debts such as credit card debts and medical bills can be written off with this type of bankruptcy, but other debts like school loans and taxes cannot be.

In Chapter 13 bankruptcy, the debtor is required to come up with a way to repay his or her debts, but these debts usually do not have to be repaid in full. In most cases, a creditor will agree to take a small percentage of the owed debt as opposed to losing all repayment all together. This form of bankruptcy is preferable for those individuals that wish to keep all of their possessions and just need a chance to catch up on their financial obligations. It does not, however, excuse a debtor from priority debts like taxes and child support.

In order to qualify for Chapter 13 bankruptcy, an individual must have a yearly income level that allows for repayment of each of his debts within three to five years. After three to five years of consistent repayment, the debtor's obligations are released.

After you have researched bankruptcy and decided that it is right for you, you need to contact an attorney that specializes in bankruptcy to help assure that you follow all legal guidelines and are protected from further collection activity.

You can find a bankruptcy lawyer in your home city at Lawyer Vista


MORE RESOURCES:

Debt Releif - Google News

This RSS feed URL is deprecated

This RSS feed URL is deprecated, please update. New URLs can be found in the footers at https://news.google.com/news

Freedom Debt Relief Offers 5 Tips to Help Consumers Avoid Becoming Victims of Identity Theft - PR Newswire (press release)


Freedom Debt Relief Offers 5 Tips to Help Consumers Avoid Becoming Victims of Identity Theft
PR Newswire (press release)
SAN MATEO, Calif., Nov. 21, 2017 /PRNewswire/ -- As travel and online shopping ramp up during the holiday season, the risk of identity theft grows as well – and these common crimes can result in increased cost of debt for people who do not catch the ...

and more »

Browne calls for Paris Club debt relief - Antigua Observer


Courthouse News Service

Browne calls for Paris Club debt relief
Antigua Observer
Yesterday, Prime Minister Gaston Browne seized an opportunity to call on the Paris Club group of lenders to grant his country some breathing space on its debts, as the nation looks to recover from the devastation wreaked by Hurricane Irma in September.
Calling Conditions Primitive, Barbuda PM Vies for Hurricane Relief Courthouse News Service

all 8 news articles »

FSB requests all documents on Yeltsin Center's $10m-debt relief - https://en.crimerussia.com/


https://en.crimerussia.com/

FSB requests all documents on Yeltsin Center's $10m-debt relief
https://en.crimerussia.com/
The Office of the Federal Security Service in Sverdlovsk region requested for all materials on the transaction upon which the government of the Sverdlovsk region will write off interest on the debt of Yeltsin Center in the amount of 598 million rubles ...

Puerto Rican coalition calls for full recovery funding and debt relief - Florida Politics (blog)


Florida Politics (blog)

Puerto Rican coalition calls for full recovery funding and debt relief
Florida Politics (blog)
A national coalition of Puerto Rican groups with heavy representation in Central Florida urged in Orlando Monday for Congress to offer full relief funding for the hurricane-ravaged island and for Florida and federal relief for evacuee housing in the ...

and more »

Getting Help with Credit Card Debt: Freedom Debt Relief Suggests 7 ... - Markets Insider


Getting Help with Credit Card Debt: Freedom Debt Relief Suggests 7 ...
Markets Insider
SAN MATEO, Calif., Nov. 20, 2017 /PRNewswire/ -- For the many Americans who face unmanageable credit card debt, it's time to get their financial lives in order, ...

and more »

Feds sue nation's largest debt-relief provider - Jackson Clarion Ledger


Jackson Clarion Ledger

Feds sue nation's largest debt-relief provider
Jackson Clarion Ledger
The Consumer Financial Protection Bureau has sued the nation's largest provider of debt-settlement services, alleging that Freedom Debt Relief deceived and misled consumers about its services and fees. The agency announced the lawsuit Wednesday in a ...

and more »

China makes no offer of debt relief for Venezuela - ABC News


Venezuelanalysis.com

China makes no offer of debt relief for Venezuela
ABC News
China on Thursday made no offer of debt relief to Venezuela, but said it was confident the country can deal with the problem. The statement from the foreign ministry came a day after Russia and Venezuela signed a deal in Moscow that envisages Venezuela ...
Venezuela, Russia Agree to Restructure Debt as China Voices Confidence in Caracas Venezuelanalysis.com
Putin extends lifeline to cash-strapped Venezuela CNNMoney
Obscure Dutch Firm Wins Venezuelan Oil Block As Debt Tensions Mount OilPrice.com
RT
all 137 news articles »

Russia Offers Venezuela Debt Relief - Wall Street Journal


Wall Street Journal

Russia Offers Venezuela Debt Relief
Wall Street Journal
MOSCOW—Russia threw a lifeline to Venezuela on Wednesday, restructuring the more than $3 billion it is owed by its economically and politically troubled South American ally. The Russian Finance Ministry said the debt of $3.15 billion would now be ...

Freedom Debt Relief: CFPB “fundamentally misunderstands” debt settlement process - HousingWire


HousingWire

Freedom Debt Relief: CFPB “fundamentally misunderstands” debt settlement process
HousingWire
Last week, the Consumer Financial Protection Bureau sued Freedom Debt Relief, the nation's largest debt settlement services provider, claiming that the company repeatedly lied to its customers about the company's ability to negotiate debt settlements.
Consumer board accuses Freedom Debt Relief of alleged deception ... Legal News Line

all 7 news articles »

LargeFriends.com - the best dating site for plus-sized singles!
SuccessfulMatchCentral.com - the best dating site for plus-sized singles!

PreLaunchX

PrimeNews Domain Is For Sale - $5,000 For Enquiries eMail Us

© www.PrimeNews.biz - 2012

home | site map | links