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Bankruptcy : Business & Finance

What Happens When You File for Bankruptcy

The concept of bankruptcy is overwhelming. Many who are considering bankruptcy are so focused on the court appearance that they let their anxiety get the best of them and do not realize that the courtroom ...

Paying Off Big Debt In Small Years

When it comes to debt relief there isn't just a one-sized-fits-all option. Everyone's financial situation is different and may require different strategies. Therefore, educating yourself about your options is the best place to start.

Payment Plan Laws

Payment plans may cost you more.fistful of dollars. image by Greg Carpenter from Fotolia.comDebt management companies that offer payment plans are now subject to tighter restrictions and regulations. The new rules go into effect on October 27, 2010, and place tighter controls on up-front...

Bankruptcy - The Truth Behind it and the Benefits of a Debt Settlement

Bankruptcy is the ultimate weapon in your armory for debt relief. You may think so but it may not be true entirely. Bankruptcy is a legal procedure to help people in financial difficulties to discharge their debts. However it comes with many riders. So it is better to understand the deep secrets of

Is Bankruptcy Worse Than Foreclosure For Your Credit Score?

For anyone who might be thinking of whether to file personal bankruptcy, it's a good idea to think of the long term impact of bankruptcy versus any other way of fixing your credit problem. One of the big issues facing many people today is the threat of foreclosure on their home, compared to ban

Life After Chapter 13

Chapter 13 is a court-mandated debt payment plan, which is initiated when a person files for bankruptcy. Monies are distributed and repaid to creditors, typically at an interest-free rate. Debts may also be entirely eliminated. Bankruptcy remains on an individual's credit report for up to 10 year

Information on Bankruptcy

The quick and dirty definition of bankruptcy is when a person who is unable to pay their debt goes to court seeking relief. If you are the petitioner, the court must determine if your debts are truly beyond your ability to pay. Then, depending on your case, either the court discharges the bulk of yo

Three Ways Bankruptcy Helps With Income Taxes

Bankruptcy can 1) legally write off some income taxes; 2) stop IRS wage garnishments, bank account levies, and tax liens; and 3) enable a faster payoff of the taxes you must pay, by avoiding most ...

What Happens If I Hide My Car From Repossession?

Car repossessions are a common occurrence. Up to 5 million automobiles were confiscated from people who fell behind in their car payments in 2009, according to Philip Reed of the Edmunds.com automotive site. Repossession firms are legally entitled to seize cars on behalf of finance companies when bo

Bankruptcy Defined and Its Various Chapters (7, 9, 11, 12, 13, 15)

Bankruptcy is when a person or organization cannot repay its debts to its creditors. When a debtor cannot pay its creditors, bankruptcy provides a statutory procedure by which a debtor obtains financial relief. When a debtor files for bankruptcy, the debtor's assets are either reorganized or li

What Is Chapter 7 Bankruptcy?

Chapter 7 is the most common chapter with the bankruptcy provisions in America. Chapter 7 bankruptcy is a liquidation, or straight, bankruptcy and is utilized by individuals (other chapters are for businesses, farmers etc). Any ...

Do You Have to Repay Unemployment Benefits?

Unemployment benefits are designed to help people who aren't working have some financial security until they are employed again. For the most part, these benefits do not have to be repaid. Under certain conditions, however, a state or federal agency might determine that some of the benefits should n

File Bankruptcy (Chapter 13)

Bankruptcy is a long and sometimes confusing process. Be informed on how to file, what the qualifictions are, and who is eligible. Do not file bankruptcy without reading this first.

Chapter 7 Bankruptcy

For many individuals who consider bankruptcy, chapter 7 is still the most common type of bankruptcy. Chapter 7 bankruptcy is generally ideal for those who have a lot of debt but not a lot of ...

Preventing Unfair Debt Collection Practices

Many consumers are harassed by debt collectors every day. They can be intimidating and use fear to strike a sense of urgency in the debtor. However, dealing with creditors does not have to be like ...

Filing Bankruptcy? Is There A Formula To Help Make The Decision?

In today's Internet age it seems there is a formula for figuring out just about everything. When it comes to filing bankruptcy, technically there's nothing written in stone but there are some strong opinions of when to pull the trigger. Searching the Internet for help is a start, but the b

How Do Consolidation Loans Work?

The FactsAs of the year 2007, consumer debt amounted to $2.5 trillion. This amount was derived from credit cards, student loans and automobile loans. Many consumers have turned to consolidation loans to get a handle on accumulated debt.In a nutshell, a consolidation loan is made up of...

Filing Bankruptcy And Credit Counseling

In 2005 Congress passed new legislation that changed the existing bankruptcy system. The basic idea was to make filing bankruptcy harder to qualify for, particularly Chapter 7, and push more debtors into Chapter 13 bankruptcy. A Chapter 7 is basically where an individual can wipe out all unsecured d