Bankruptcy

Bankruptcy Index

51. Benefits and Drawbacks of Bankruptcy By John Mussi
    Outlined below are some of the benefits and drawbacks of bankruptcy. It should be noted that bankruptcy is not to be entered into without first having sought professional advice.There is more to bankruptcy than as a way of finally putting an end to harassing debt collectors and creditors. One big side effect of bankruptcy being that your life is likely to be subjected to intense scrutiny.These are some of the benefits of bankruptcy:Relieves the stress caused by dealing with numerous creditors.…



52. The New Bankruptcy Law -- How Will It Affect Debt Negotiation? By Charles Phelan
    In April 2005, Congress made sweeping changes in U.S. bankruptcy law that will go into effect on October 17, 2005. It's called the "Bankruptcy Abuse Prevention and Consumer Protection Act of 2005," and it means big trouble for Americans struggling with debt problems.What effect will the new bankruptcy law have on the practice of Debt Settlement (also called Debt Negotiation)? Will creditors still be willing to negotiate with consumers seeking to avoid bankruptcy? Will lump-sum settlements for …



53. Bankruptcy 101 By Rick Munster
    Bankruptcy still remains a mystery in the eyes of many consumers. This article will review the facts of bankruptcy as per written law.Some of the information in this article refers to a manual called “Bankruptcy Basics” published by the Administrative Office of the United States Courts and written by Leonidas Ralph Mecham, Director.What, When and How Does a Debtor Discharge His or Her Debts through Bankruptcy –A discharge of an individual’s debt is a release of an individual’s liability from c…



54. What You Should Know About Bankruptcy By Jody Ehrhardt
    Filing bankruptcy is not only a last resort legal action; it is also a very complicated legal action that definitely needs the expertise of a lawyer. When thinking about bankruptcy, you first need to decide if bankruptcy is right for you. If it is, then you need the help of an attorney to decide which type of bankruptcy is required for your particular situation.The decision to file bankruptcy can be brought on by many different circumstances. The most common circumstances are divorce, medical …



55. Bankruptcy and Buying a Home By Carrie Reeder
    Filing bankruptcy is a stressful time in a person's life. Along with discharging your debts and gaining a fresh start, you may wonder if you will be able to buy a home after a bankruptcy. The answer is yes! Mortgage companies and online lenders are now offering home loans for those who have a bankruptcy on their credit report. Some lenders will even approve your loan as soon as one day after your bankruptcy has been discharged.Buying a home after bankruptcy is no longer impossible. There are m…



56. What to Consider when Filing for Personal Bankruptcy By Roy Barker
    President Bush in April signed into law The Bankruptcy Abuse and Consumer Protection Act. This bill promises many changes to law, and will make it more difficult for the average person in financial trouble to have debts removed with bankruptcy. Recent social and economic changes indicate that those considering a bankruptcy should do so now, as the queue is getting longer.It will be now be harder to file under Chapter 7 of the code, which allows the courts to wave consumer debt and give the de…



57. The Bankruptcy Code Acknowledges the Validity of the Homestead Exemption By John Roush
    Many times the subject of bankruptcy seems baffling in its complexity. Actually the basic principals of bankruptcy are fairly simple even though the federal statuses on bankruptcy are extensive. The reason that the statutes are so complex is because in as effort at social engineering, the lawmakers want to cover every possible contingency. The very complexity of the Bankruptcy Code gives the lawyers ample opportunity to try to obtain interpretation of the law which best serves their clients in…



58. New Bankruptcy Law – Where’s the Consumer Protection? By Charles Essmeier
    On April 20, 2005, President Bush signed into law the Bankruptcy Abuse and Consumer Protection Act, a piece of sweeping legislation that brought about the most sweeping changes in personal bankruptcy law in the last quarter century. This bill, which takes effect in October 2005, passed with the overwhelming support of both parties of congress, claims, through its very name, to offer “consumer protection.” Does it? How are consumers “protected” by this bill?The purpose of the new legislation…



59. Bankruptcy - Is It The Right Choice For You? By Rick Munster
    Bankruptcy is one of the tougher choices we as adults face in today’s society where it is the norm to be in debt, albeit some more so than others. Credit card offers materialize whether you are looking for credit or not. All with their own perks and benefits may sound tempting enough to open and start charging. After all that free toaster oven, or the free airline perks might go a long ways! Or on the second look they might not be so free after you account for the interest rates or the additio…



60. Chapter 13 Bankruptcy - What Does that Entail? By Lorna Mclaren
    Chapter 13 Bankruptcy is a reorganization bankruptcy. It means that the people who decide to file for this type of bankruptcy want to clear their debts over a period of three to five year.Chapter 13 Bankruptcy appeals to those who have non-exempt property that they want to keep hold of and those who want to stop a foreclosure or repossession of property.If the individual has sufficient income that is regular and can pay for their day to day living expenses and have something left over to repay…



61. Bankruptcy - The New Scarlet Letter By Phil Andrews
    Nathaniel Hawthorne’s book The Scarlet Letter states in Chapter 2, “On the breast of her gown, in fine red cloth, surrounded with an elaborate embroidery and fantastic flourishes of gold thread, appeared the letter A.” The letter A stood for the word adulterer and represented one of the worst insults in society. One would have thought that today we are a lot more civilized than 200 years ago, but unfortunately it is not true. Society has abolished the letter A alright, but it has latched onto …



62. Bankruptcy – is This Your only Way Out? By Michael Wentworth
    What is bankruptcy, and how does it affect you? The term bankruptcy literally means "broken bench". In days gone by, when a debtor couldn't pay his/her bills, they would break his/her workbench in two as a warning to other tradespeople and to punish the debtor.Today, bankruptcy is a tool that can legally help your business to survive or allow you to discharge the debts of your business.Are your business debts overwhelming you? Are you worried about how you’re going to pay your staff and bills …



63. Using an Individual Voluntary Arrangement (IVA) By Iwona Kurecka
    It is no secret that more and more consumers are finding themselves having trouble with debt, and that many of them will end up being unable to pay their bills. Rates of debt have been rising for a number of years now, and with wages not keeping pace with expenses in many places around the country that trend is only likely to rise.Many people find themselves in the uncomfortable position of borrowing money just to meet current living expenses like food and clothing, and this can be further ex…



64. The New Bankruptcy Law: What You Need To Know By Larry Holmes
    The new bankruptcy law went into effect on Monday, October 17, 2005. And the events of the previous weekend were object lessons in human behavior as it applies to financial matters.There were reports throughout the country that people were standing in lines for blocks waiting to get into courthouses to file Chapter 7 bankruptcy, which means they can wipe out their debts and start over. Now most people will have to file Chapter 13, which means they will have to pay their debts over time.The de…



65. Credit Card Debt: Repair After Bankruptcy By James Duggan
    Ah, credit card debt. You've asked yourself the question many times, "Will I ever get credit again?" The answer, although seemingly complex, is quite simple: Yes. You can have another chance at re-establishing your credit. Filing bankruptcy is the first intelligent step taken to wiping out accrued credit card debt. The next step you'll have to take is to repair your credit report. In order to do this, you'll need to develop great patience while you're re-establishing your credit, as these …






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