People are often hesitant about filing bankruptcy because of what it will do to their credit. They know that a bankruptcy can stay on your credit report for ten years. They should also consider that being behind in their payments can cause a negative impact on their credit report. Things like late payments, over the…
Continue reading ›For the purpose of figuring out what type of bankruptcy will suit you best, you need to know how most of your debt is classified. Typically, consumer debt falls into two categories, secured and unsecured. Unsecured debt is obtained by a favorable credit score and a promise to pay, such as credit cards, medical debt,…
Continue reading ›When people are in a financial crisis, they often turn to debt settlement and debt negotiation firms for help. While some of these firms legitimately help people resolve their debt, there are many that are out to make a fast dollar off an unsuspecting consumer. Consumers have spent large amounts of money only to find…
Continue reading ›Also called the “liquidation” bankruptcy, Chapter 7 is the quickest and easiest form of bankruptcy. In three to six months, all of your qualifying debt can be eliminated. Anyone can file Chapter 7 bankruptcy that lives in the United States or has property in the U.S. if they meet eligibility criteria. In order to qualify,…
Continue reading ›Filing bankruptcy can be an emotional decision. No one likes to admit that they lost control of their finances. Often to no fault of our own, we have lost the ability to keep up with our payments. Reasons can be: Fortunately for debtors with no options of catching up on all their debt, bankruptcy is…
Continue reading ›If you are behind in your mortgage payments and worry you may lose your house to your lenders, you may want to consider filing bankruptcy. Bankruptcy can stop the foreclosure process by implementing the automatic stay, which stops most collection attempts against you. Filing bankruptcy will not stop the foreclosure process forever, and it will…
Continue reading ›Bankruptcy may be the fastest and easiest way to deal with your debt problems. If you do not have a better way to handle your debt, bankruptcy can give you protection from your creditors. Bankruptcy is a legal proceeding where you will want to get professional help to deal with the complicated rules and paperwork.…
Continue reading ›Just like most other services, filing bankruptcy will cost money. An avoidable cost will be filing the legal forms and having them processed by the officers of the court. Fees vary by state and the type of bankruptcy you are filing. Attorney fees also vary by the type of bankruptcy you are filing and the…
Continue reading ›If you have several assets that you would like to keep and have a reliable source of income, Chapter 13 bankruptcy is often the best option for you and your family. It may be helpful to know the steps you will be taking in the bankruptcy process to get financial relief. Talking to an attorney…
Continue reading ›A trustee will be assigned to your case within a few days of filing Chapter 13 bankruptcy. The court will send a Notice of Appointment of Trustee, providing the name, address and phone number of the trustee assigned to your case. The notice may also list any financial documents the trustee wants copies of and…
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