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Bankruptcy : Business & Finance

Discharge

A discharge is the ultimate goal of bankruptcy.

What Is a Contingent Claim?

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.

Explanation of a Chapter 13 Bankruptcy

A Chapter 13 bankruptcy serves as a partial debt repayment plan for financially struggling but gainfully employed people who could not otherwise afford to repay their consumer debts, notes the United States Bankruptcy Court.

New Jersey Chapter 13 Rules

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...

Personal Bankruptcy and Your Options

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.

Can a Creditor Put a Lien on Your Land Under Bankruptcy Law?

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

How Bankruptcy Affects Interest Rates on Loans and Credit Cards

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

If You Don't Pay Health Insurance Will It Go to Collection?

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

The Myths and Facts about Personal Bankruptcy

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

What Happens When a Collection Agency Won't Accept Your Monthly Payment?

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

Debt Settlement Options - Bankruptcy is Not an Option

When you are facing a situation where your credit card debts have reached their peaks and you are no more capable enough to pay the debts then you get really tensed. If you thought that bankruptcy was the only option to solve this problem, you would be happy to know that there are other options acce

You Can Be An Investor By Selling Your Residence

Not all real estate investors are buyers.Most folks don't understand that with the right knowledge, it's possible to be a seller and continue to collect the monthly earnings that you've grown used to.

How to File Bankruptcy in Maine

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

Bankruptcy For Your Small Business - Chapter 7 Vs Chapter 11

Bankruptcy Choices for a Start-up Business If your business is still trying to get off the ground, but it looks as if you are not able to pay your current creditors, it may be necessary to seek bankruptcy protection. The type of protection you should seek depends a great deal on the amount you owe,

Managing Student Loan Debt Outside Of Bankruptcy

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

The Number One Cause of Personal Bankruptcy

Most bankruptcy cases involve medical debt, but the shocking part is that the vast majority of medical bankruptcies involve people with health insurance, according to BusinessWeek. Medical bills do not have to force you into bankruptcy. You might be able to find free or low-cost health care in your

Chapter 7 Bankruptcy - Should You Dump Your Credit Card Debt?

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

How to Get Out of Mortgage Arrears Fast

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

Disadvantages of Bankruptcy

Bankruptcy isn't right for every debt problem. While bankruptcy is a fantastic solution for most people facing serious debt, other options are available that should be used depending on the circumstances.