Filing for Bankruptcy – Points To Consider

Bankruptcy is a method that can help individuals or businesses pay back or eliminate their obligations under the guidance and protection of a bankruptcy court. Bankruptcies are usually Chapter 7 or Chapter 13 processes. With a Chapter 7 bankruptcy, the court wipes out the liabilities you owe. With a Chapter 13 bankruptcy a plan is drawn up with the bankruptcy court, explaining how you'll repay your creditors. Some debt will have to be paid in full; while some of the others are not paid at all or simply part of the debt is paid. Read more [...]

Issues To Know When Applying For Bankruptcy

With the recent recession period in America and other countries, there are many people who have gotten into huge amounts of debt and have no means of repaying their creditors. Chapter 7 bankruptcy is one of the options which have been put in place to help people get out of debt. This solution requires that one surrenders all their non-exempt assets to the courts of law so that a trustee is appointed and he liquidates them in order to pay the creditors. Read more [...]

Learning Basic Issues About Chapter 13 Bankruptcy

Chapter 13 bankruptcy takes care of debtors who are unable to repay their debts so that they are able to pay part of the debt from their income. The debt can be repaid for a period spanning from three up to five years although this is something that is done upon the determination of the court in relation to the debtor's current financial situation and eligibility. Read more [...]

Before You File Bankruptcy

Bankruptcy is a declaration of person or business of a legal status of inability to pay creditors. Involuntary bankruptcy and voluntary bankruptcy are to two types. Involuntary is filed by a creditor or creditors in an attempt to recover money that is owed to them. An involuntary bankruptcy petition may not be filed against an individual consumer debtor who is not engaged in business. On the other hand, voluntary is initiated by the debtor. Read more [...]