Bankruptcy And Credit Report – How Long Does Bankruptcy Stay On My Credit Report

Posted on February 11, 2011 by Svilen

Whatever your reason for going bankrupt, there will surely be a big negative impact of bankruptcy on credit report… and the bankruptcy remains on your credit report for around 10 years. However, there are ways and means to improve your credit report after bankruptcy… and over the years you can build a good credit. But all your efforts might go waste if you do not monitor your credit report and ensure that it is correct at all times. Here are the typical things that you should be careful about with regards to your credit report after bankruptcy: Continue reading →

How To Get Out Of Debt – 6 Best Ways For Getting Out Of Debt Fast

Posted on January 28, 2011 by Svilen

Most of us need a little help with money to get a roof above our heads, wheels beneath our feet and everything else in between. We don’t have so much money that we can afford everything, so we need to borrow. Since the money is not ours we have to pay it back as well and this is when the problem arises. When you have a steady job, your salary is enough to pay off all mortgages and loans over a period of time; you are in a great position. Continue reading →

Payday Loan Debt Consolidation – All That You Need To Know

Posted on January 24, 2011 by Svilen

Payday loans are typically short term loans that most people use to finance their emergency money needs i.e. for situations wherein you have an immediate need for money and the pay day is still a few days away. Generally, this type of loan is taken by people who do not have sufficient liquid savings at their disposal or who earn just enough to meet their normal monthly expenses (and are left with little to save). Continue reading →

Consumer Debt Consolidation – Here’s What You Need To Know

Posted on January 21, 2011 by Svilen

People accumulate debt at various stages in their life with the hope that they will pay it off. Unfortunately, there can be many reasons – controllable and uncontrollable – because of which people are not able to repay their loans. Sometimes spending more than you earn and supplementing the rest with the credit card leads to accumulation of huge loans. Sometimes, reasons like an economic downturn and job cuts, sudden illness etc. cut off the primary source of income for a while which leads to debt accumulation. Continue reading →

Low Interest Debt Consolidation Loan – Getting A Low Rate

Posted on January 17, 2011 by Svilen

The current education and work scenario make it very difficult for most of us to stay away from taking loans. You borrow money for several reasons and you might not be able to pay it back promptly for several other reasons. When you feel that you are at the risk of getting too many bills accumulated and you feel you are not able to manage many small payments, you look out for a debt consolidation loan. Continue reading →

Debt Consolidation Rates – What’s The Best Deal?

Posted on January 13, 2011 by Svilen

With debt becoming a part of our lives, it has become necessary for everyone to have a good knowledge on debt-related issues. And when we talk of debt-related stuff, debt consolidation is the first thing that comes to mind. It involves consolidating several debts into one larger debt. Continue reading →

Will the New FTC Rules Keep the Debt Settlement Companies Honest?

Posted on January 10, 2011 by Svilen

This is a guest post by Steven Robert. If you want to guest post on this blog, check out the guidelines here.

With the brewing debt storm terrorizing the financial lives of all Americans, debt settlement is like a financial respite for such debt-stressed individuals who are worried about their ever-increasing credit card debt burden. The debt settlement companies are wonderful financial tools when you want to rein your out-of-control credit card debt level that is spiraling out of control. Unfortunately, there are some criminal, inefficient and inept people who have set up companies that exist to take undue advantage of the financially distressed debtors. They make the consumer’s personal finances worse than what it was before they took help from such debt settlement companies. To bring a control over these unscrupulous practices, the FTC has passed a new set of rules that will safeguard the consumers from being a victim of the scam debt settlement companies and help them differentiate between the good ones and the bad ones. Continue reading →

When To File Bankruptcy?

Posted on November 26, 2010 by Svilen

Have bankruptcy hitting on your mind? The thing with bankruptcy is that not only should you know how to go about it; you need to ask yourself yet another toughie — “When to file bankruptcy?” Continue reading →

How To Avoid Bankruptcy – 9 Ways To Prevent Filing For Bankruptcy

Posted on November 24, 2010 by Svilen

While bankruptcy may be the last resort when your finances go bust, there are just as many ways to avoid the same. Here’s a take on what all you can do to avoid bankruptcy, both personal and business. While most of them apply to both kinds of bankruptcy, some are specific to avoiding business bankruptcy. You will know as you skim through. Continue reading →

Should I File Bankruptcy?

Posted on November 19, 2010 by Svilen

The bankruptcy laws are broad in scope and effect; hence the only way to take an effective call on bankruptcy is by figuring out the way it works, its pros and cons, and the way it will affect your case. So when mulling over bankruptcy, it works smart to hire a bankruptcy attorney and bank on expert advice. That being said, here are a few pointers to ponder on when you ask yourself, “Should I file bankruptcy?” Continue reading →

Bankruptcy Forms – What Forms Are Needed For Filing Bankruptcy

Posted on November 18, 2010 by Svilen

Once you have decided that bankruptcy is the way ahead for you, the next query that lingers on is how to go about it? Filing bankruptcy is a long drawn procedure that involves a lot of paperwork, most of which revolves around filing forms — Bankruptcy Forms or Bankruptcy Filing Forms. Continue reading →

Bankruptcy Alternatives – Effective Steps To Get Around Bankruptcy

Posted on November 17, 2010 by Svilen

Most people who consider bankruptcy have one thing in common — unmanageable debts. Knowing that repercussions of bankruptcy that can virtually blot out your financial aspirations, it’s only fair to give it a second thought, or in other words, think of bankruptcy alternatives. Continue reading →

Bankruptcy Discharge – How To Discharge Your Debt Across Different Chapters

Posted on September 28, 2010 by Svilen

A bankruptcy discharge can be seen as a “new beginning” as it releases the debtor from any liability for certain kind of debts. This means that a debtor is not required to pay the debts that have been discharged by the bankruptcy court. The creditors cannot file a lawsuit or contact the debtor for collection of the debts once a bankruptcy debt discharge has been granted to the debtor. Bankruptcy discharge is permanent but it can be revoked by the judge in extreme circumstances. There are certain kinds of debts that cannot be discharged under any chapter — be it chapter 7, 11, 12 or 13, such as federal taxes, state taxes, child support, alimony and student loans. Continue reading →

Credit Card Bankruptcy Laws – How To File Under Chapter 7 And Chapter 13

Posted on September 27, 2010 by Svilen

What is credit card bankruptcy?

Bankruptcy due to credit card debt is known as credit card bankruptcy. The unsecured credit card debt is an example of a consumer debt which is the result of buying a product or a service through the card. The debt keeps on accumulating and also increases because of the extra interest that adds when the consumer doesn’t pay the dues on time. Continue reading →

Bankruptcy Fees – The Cost Of Filing For Bankruptcy

Posted on September 24, 2010 by Svilen

There are two common types of bankruptcy that consumers file for - chapter 7 and chapter 13. If you file under chapter 7, then all your non-exempt assets and property is sold off to pay back the creditors. While in chapter 13, the debtor is allowed to prepare a repayment plan. This plan is based on the debtor’s income and convenience and it is the debtor who in compliance with a trustee and a judge decides the terms of repayment of all his debts. Continue reading →

Bankruptcy Exemptions – Find Out Which Assets Are Exempt In Bankruptcy

Posted on September 23, 2010 by Svilen

All the assets, including property, that cannot be sold or seized to clear the debts of a debtor who has filed for bankruptcy forms the part of bankruptcy exemption. Continue reading →

Bankruptcy Trustee Duties… Across The Various Chapters!

Posted on September 21, 2010 by Svilen

A bankruptcy trustee is an individual who is in charge of the administration process of the bankruptcy. The trustee is generally appointed by the court and supervises the bankruptcy process. Acting as a negotiator between the creditor and the debtor, the trustee’s chief duty is to oversee that the interests of both the parties are maintained. Continue reading →

Bankruptcy Petition – Things To Keep In Mind Before Filing For Bankruptcy

Posted on September 17, 2010 by Svilen

A bankruptcy petition is the application which a debtor submits in court to declare bankruptcy. Once the bankruptcy petition is approved by the court, then the proceedings to repay the debt officially starts. This document is very important as it not only starts the repayment proceedings, but also prevents any creditor to file a lawsuit against the person filing for bankruptcy. Continue reading →

Bankruptcy and Student Loans – Ways to Get Rid of Student Loans

Posted on September 16, 2010 by Svilen

Many students need some sort of loan to pay for their higher education and the debts that are taken for the express need of funding one’s college tuition are known as student loans. They can be federal, that is loans taken from government funded agencies, or private, loans taken from private banks, in nature. Continue reading →

Creditors in Bankruptcy – Rights and Privileges

Posted on September 15, 2010 by Svilen

In addition to the debtors, creditors in bankruptcy also have certain rights and privileges. They are permitted to the following:

  • Share in the bankruptcy estate which is based on the priority of the claim.
  • They are present in the court hearing related to debtor’s non-exempt assets, repayment plan, and sale of the bankruptcy estate.
  • Object to the debtor’s debt discharge.

Continue reading →

How To File For Chapter 12 Bankruptcy

Posted on September 14, 2010 by Svilen

Chapter 12 bankruptcy code was added in 1986 so as to help the financially distressed family farmers and fishermen. The main purpose of chapter 12 bankruptcy law was to give family farmers and fishermen a chance to plan and repay their debts so the creditors don’t take away their belongings. Continue reading →

What Is Chapter 12 Bankruptcy… An Overview

Posted on September 13, 2010 by Svilen

Bankruptcy is defined as that state when a person or a business is so much in debt that there is no chance of a repayment. In that condition, the person or a business is forced to declare bankruptcy so that all the assets are not taken over by the creditors. The US government offers many laws for bankruptcy protection out of which one is chapter 12 bankruptcy law. The chapter 12 bankruptcy law is specifically designed for family farmers and fishermen. Continue reading →

What Happens After Bankruptcy

Posted on August 12, 2010 by Svilen

After you file bankruptcy, you may realize that your life has changed for the better. You will stop getting calls from creditors and you can start your life afresh. But, you will have to be extremely cautious about your finances now and act with responsibility when it comes to spending and credit. Continue reading →

How To File For Chapter 11 Bankruptcy

Posted on August 12, 2010 by Svilen

Chapter 11 allows “reorganization” of a corporation under the US laws for bankruptcy. In this context, reorganization means preparing a plan that ensures that the business is not shut down and at the same time creditors get paid over a period of time. Continue reading →

What Is Chapter 11 Bankruptcy

Posted on August 12, 2010 by Svilen

Chapter 11 bankruptcy is a type of bankruptcy in which the option of reorganization is made available to the business corporations, partnerships and individuals. Here, “reorganization” means continuing business and at the same time repaying the creditors as per an agreed repayment plan. Continue reading →