Know about bankruptcy in details

Rebecca Miller

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Personal Bankruptcy on Ulitzer Normal 0 false false false MicrosoftInternetExplorer4 Eliminate the legal obligation to pay many of the debts: The goal of a discharge is to reduce debts and to give a fresh start; both the chapter 7 and chapter 13 can eliminate all kind of debts. Stop foreclosure: A home foreclosure can directly be stopped by chapter 13 bankruptcy laws, so one can be rest assured that bankruptcy can save his home. Prevent other properties like car or other valuables from being reposed, and even though the car has been already reposed, it can be returned back by filing bankruptcy. During times of natural accidents in the family, filing of chapter 7 can greatly reduce the amount for the medical bills. Many families have to make choices on allocation of bills. Often, bills that were once important become... (more)

Life after Bankruptcy

Personal Bankruptcy on Ulitzer While filing for bankruptcy one should be aware of the financial difficulties that he would be enduring in the long run. Once bankruptcy is filed it remains on the credit report for the next 10 years and that makes him well aware of the fact that he will loose the ability to receive any type of credit, a mortgage or a bank loan. Sincere help from family friends and colleagues: After filing bankruptcy what is required the most, is full love and support from family, friends and colleagues. Only those friends who can help in times of need and are dep... (more)

Mistakes People Make With Bankruptcy Attorney Fees and How to Avoid Them

Personal Bankruptcy on Ulitzer There are different attorney fees for filing bankruptcy for chapter 7 and chapter 13, but they can be waived off completely if a financial hardship has been proven. The best advice in evaluating the attorney fee is to check upon the efficiency of the attorney or by getting an attorney by a favorable referral cause as this proves to be the best rule applied so far. The most common mistake that a customer does is to pay the attorney's fee with the help of their credit cards assuming that the credit card debts had been wiped out and even though if he i... (more)

Discharge of Chapter 7 and 13

Personal Bankruptcy on Ulitzer In chapter 7 bankruptcy it is necessary to obtain mandatory credit counseling within 180 days before filing bankruptcy petition. File bankruptcy petition with court. A trustee should be appointed to administer bankruptcy. All non-exempt assets should be surrendered for liquidation and distribution. Debtor retains only exempt assets. Money from liquidation is split among creditors, according to priority established by the Bankruptcy Code. In chapter 13 it is necessary to obtain mandatory credit counseling within180 days prior to bankruptcy.. File ban... (more)

How to avoid bankruptcy

Bankruptcy! That word sends chills up the spine. If you're facing the panorama of bankruptcy or in the middle of it right now, you know it's a living nightmare. It can devastate your job, destroy your marriage and steal your peace of mind. Although there may be extreme cases where bankruptcy is the only way out, most filings could be avoided by shutting out the voices of persuasion which belong to those who are going to profit from your losses. According to the American Bankruptcy Institute, bankruptcies reached an all-time high in the year 2003, and there were 1.6 million personal... (more)