Helpful Bankruptcy Articles and Information
5 Reasons People File Bankruptcy
Filing for bankruptcy may not make the mortgage on your property go away. However, it will help you plan how to repay the amount that you are behind on. With this, you can properly organize your funds and deal with the more important problems first.

9 Steps to Chapter-7
For those filing for chapter seven bankruptcy it’s good to understand fully what the process entails. Since you are still dealing with the harassment of your creditors, the process can be quite overwhelming. With the proper information on how the process works, you will find that bankruptcy is less intimidating.

Advantages of Bankruptcy
Sometimes it becomes very difficult to pay back the loan you have taken when the amount goes beyond your capacity to repay. It becomes even more difficult when the debt goes to collection agencies. In a situation like this, consumers should seriously consider applying for Bankruptcy.

Avoiding Bankruptcy
Bankruptcy is a scary word for most people. The idea of having a negative impact on your credit report for up to 10 years is enough to make you think twice. However, it’s important to remember that a lawsuit, repossession or foreclosure will have the same if not worse affect on your overall credit rating.

Bankruptcy Process
In the United States, there are two types of bankruptcy for individuals. They are Chapter 7 and Chapter 13 which are detailed in the Bankruptcy Code. When an individual declares Chapter 7 bankruptcy, which is also known as a “straight bankruptcy,” all of the assets of the debtor are sold. This is done by a trustee who is appointed by the bankruptcy court.

Discharge Tax Debts in Bankruptcy
If you have large tax debts that you cannot seem to pay off with the high penalties and interest attached to them, then you might be surprised to find out that it’s possible to have those debts discharged in bankruptcy court. There are of course, stipulations and certain criteria you must meet in order to file bankruptcy on your tax debt.

Ending Creditor Harrassment
Anyone who has fallen behind on their bills may have felt as though they were being harassed by their creditors. However, the law varies on what exactly is creditor harassment. The law states that a creditor who contacts you in anyway, by phone, email or personal visit cannot use any threatening tone or obscene language.

Famous Historical Bankruptcies
If you think you’re the only one to face financial trouble, think again. There are many notable members of our society who relied on bankruptcy to help get their financial lives back in order.

Home Purchase After Bankruptcy
Bankruptcy is a common occurrence. There are millions of Americans who file and they all have their own personal reasons. You may be filing bankruptcy due to a divorce, a death in the family or even a lost job. There are those who simply mismanage their money or do not plan ahead who also end up in a financial mess where bankruptcy is the only real solution to getting out of debt and back on track.

How Bankruptcy Works
In today’s economy, filing for bankruptcy is unfortunately very common. In many situations, bankruptcy is seen as the only answer and sometimes it is the best answer. Just because bankruptcy is becoming widespread does not mean it is done with ease. When filing bankruptcy, there are a plethora of items to consider.

Is It Time For Bankruptcy
If you’re like many Americans, you may find yourself overspent on your finances today. You’re not alone. Millions of Americans have done this believing they would have plenty of time to pay off their debts. After all, companies kept offering you more and more credit, so your credit rating must be fine, right? Well, as long as you’re employed it’s not that much of a problem. It’s when circumstances change that some realize the trouble they’ve gotten into.

Keeping Your House Bankrupt
One of the most common questions that bankruptcy lawyers are asked is “Can I keep my house?” The answer in the majority of cases is “Yes”. There are stipulations, however. For example, in many states you cannot have more than $125,000 in equity in the home. The laws do vary by state so it’s important to get advice from someone with experience.

Rebuilding Credit After Bankruptcy
Bankruptcy may seem like a hard blow to your credit rating, but in actuality it is the key to begin rebuilding it for most people. If you are unable to pay your bills, then you are receiving negative marks each month on your report. Bankruptcy cleans the slate and allows you to start fresh and receive a second chance.

Spousal Support Bankruptcy
While there are many emotional problems that occur when a marriage or civil union are dissolved, there can be serious financial consequences as well. An individual in this situation may be ordered to pay spousal support or child support or support for other dependents. This is in addition to legal fees that are involved in this process.

What Is Chapter 7 Bankruptc
Chapter 7 bankruptcy allows for a debtor to be relieved of all debt and gain a fresh start. In most cases the debtor has no assets to lose, in which case the filing is very swift and they are able to begin rebuilding their credit immediately. If there are assets, then chapter 7 will require that the creditors decide if they wish to have the property sold, the proceeds will then go towards the elimination of the debt.

What Is Fair Credit Reporting Act
A credit report is where all your personal and financial information is held. A creditor can look at your credit report and gain information about you personally and professionally. It shows your bill paying habits, spending habits, credit history and other important information. This information is used by the creditor to determine if they should extend credit to you or not.

Why Experience Matters
Millions of people have chosen the last resort of personal bankruptcy to deal with their unmanageable debt. Upon reviewing your financial situation, your local attorney can tell you the type of bankruptcy for which you are qualified to apply. Chapter 7 Bankruptcy is total bankruptcy, and Chapter 13 a plan by which wage earners can repay all or part of their debts.