Bankruptcy : Business & Finance
Before You StopChapter 13 bankruptcy is a form of legal relief from debt. Under this plan a wage earner is given up to five years to repay credit card or other forms of debt. The debtor is closely supervised during this time. He is answerable to a trustee. If the debtor does not make the...
If you enter into a contract or similar financial obligation and then file for bankruptcy, your lender or creditor may file a contingent claim against your estate. This claim, which is dependent on the occurrence of some future event, can be addressed by the court in a number of ways.
Chapter 13 is a form of bankruptcy with a payment plan to creditors.purse with one cent image by Oleg Kulakov from Fotolia.comChapter 13 is a method for declaring bankruptcy, which still allows the filing party certain liberties. Chapter 7 is a way to totally eliminate debt for those who...
What is bankruptcy and what does it mean for you? We have put together a short Q & A to help you get a handle on the basics of personal bankruptcy. Although, there are several bankruptcy options, there are also several ways you can get help before you must file.
Whether a creditor can put a lien against your property under bankruptcy law depends on the timing and nature of the lien. If you are facing a lien as a debtor, bankruptcy may or may not protect you. While bankruptcy can be an effective tool in getting out from under debt, a lien can often stand ind
If youve recently filed bankruptcy, you may be concerned about what interest rates youll receive on future loans and credit cards. This is a common concern. Though you may feel that the credit card offer you received in the mail has a ridiculously high interest rate, youre not sure whether or not it
Failing to pay your health insurance usually results in your insurer canceling your policy. Medical bills you owe that are not covered by your insurance plan, however, can go to collections, show up on your credit report as a delinquent debt and sink your score. Before you pull the plug on your heal
Personal bankruptcy is a very undesirable situation. Often caused by sudden changes in your financial situation due to medical emergencies, unemployment, excessive debt or divorce, filing for personal bankruptcy should be considered as a responsible step towards regaining financial freedom. If you a
Unpaid creditors often enlist the aid of collection agencies when attempting to recover delinquent consumer accounts. Collection agencies coerce debtors into paying by calling repeatedly, sending letters and sometimes threatening lawsuits. Most consumers who pay collection agencies do so via monthl
When you are filing bankruptcy, unavoidably you will encounter the term exemptions. In layman's terms, exemptions are the things you get to keep when you apply for bankruptcy shelter. Other than the federal exemptions when you are filing bankruptcy, many states have their own set of exemptions
Bankruptcy is the state of a person in which he or she is unable to pay back his debts which he owns to others or the bank directly. Many of the businesses fail to pay back their debts and hence they plan on to declare bankruptcy to save their ailing business, which is least desired by everyone.
In Maine, people can file bankruptcy when they can no longer handle their debts. Individuals have the choice of filing Chapter 7 bankruptcy to get rid of debt entirely or Chapter 13 to restructure and repay debt. Bankruptcy procedures fall under federal jurisdiction, and the basic laws and procedure
It is easy to fall behind with monthly payments, but hard to catch back up again. Harassing letters and phone calls from collection agencies can be embarrassing and stressful.
Student loan debt is becoming one of the fastest growing sources of debt among young adults today. The struggling economy has yet to provide the influx of entry-level positions graduates were promised in exchange for getting their education. With few employment options and overwhelming student loan
Reducing credit limits for consumers is the first of a one-two punch being broadly applied by large credit card issuers.The reduced credit limit is quickly followed by a huge increase in the interest rate of the credit account.The bank who reduced the credit line thereby placing that consumer in a h
When your mortgage is past due you need a strategy designed to catch it up to date. A past due mortgage can reflect, in a negative way, on your credit report and decrease your credit score. Many lenders will start foreclosure activities when your mortgage reaches a certain past due status. The time