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Bankruptcy: An Overview
Bankruptcy law provides for the development of a plan that allows a debtor, who is unable to pay his creditors,to resolve his debts through the division of his assets among his creditors.
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Bankruptcy Basics
Bankruptcy in the United States seeks to benefit both debtors and creditors by seeing that debtors get relief from debts they can't pay, and that creditors get paid from whatever assets the debtor does not need to live going forward.
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Is bankruptcy a good idea or not?
For individuals, there are two main kinds of bankruptcy.
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What to Expect
Declaring bankruptcy can be a complicated legal process, but if you have an attorney, it may be relatively quick.
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New Bankruptcy Law
The Bankruptcy Abuse Prevention & Consumer Protection Act of 2005, in effect since Oct. 17, 2005, requires debtors to pass more stringent guidelines.
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Eliminating Tax Debts in Bankruptcy
You may hear radio commercials offering the hope of eliminating tax debts in bankruptcy.
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The "Fraudulent Transfer"
The bankruptcy trustee is given the power to set aside or "avoid" certain transfers of the debtor's assets out of the estate that unfairly place assets beyond the reach of creditors.
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What Happens to My Car if I File Bankruptcy?
There are several issues to consider in answering this question. The most important issue is the value of your car. In most cases, you can protect your car using the allowable bankruptcy code exemptions.
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Top Myths About Bankruptcy
The new bankruptcy laws have made the process more burdensome in some cases, and altered eligibility for certain people, but for most people, if they were eligible before, then they are likely eligible now for bankruptcy relief.
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Higher Rates on ALL Your Cards a Risk if Payments Missed on ANY Card
Don Mitchell was surprised to learn his credit-card company reserved the right to boost his interest rate to nearly 25 percent if he fell behind on payments, not just to it but to any creditor.
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Credit Reports
Don Mitchell was surprised to learn his credit-card company reserved the right to boost his interest rate to nearly 25 percent if he fell behind on payments, not just to it but to any creditor.
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What is the "Discharge"
A bankruptcy discharge releases the debtor from personal liability for certain specified types of debts. In other words, the debtor is no longer legally required to pay any debts that are discharged.
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Automatic Stay Created When Filing Bankruptcy
The automatic stay is one of the most important aspects of the bankruptcy law.
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Beware of Credit Repair Schemes
You see the advertisements in newspapers, on TV, and on the Internet. You hear them on the radio. You get fliers in the mail. You may even get calls from telemarketers offering credit repair services.
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Are You in Foreclosure?
If you have recently been served with written notices in a foreclosure action, your lender has commenced the process to "redeem its collateral."
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Bankruptcy Warning Signs
Sometimes a person in economic distress can head off bankruptcy by picking up on bankruptcy warning signs-some of which we list.
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Can I Hide Some Property from My Creditors?
Much of your assets are always protected from creditors.
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Non-Bankruptcy Alternatives
First, you must realistically determine how much TOTAL you can afford to pay per month toward your debt.
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Documents to Have When Filing Bankruptcy
If you are considering filing for bankruptcy, there are things that you should make sure to save and have available, just in case.
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Thomas Jefferson Filed Bankruptcy
Thomas Jefferson was the third President of the United States- and he filed bankruptcy.
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Involuntary Bankruptcy
Most bankruptcy cases are filed by the debtor himself. These are "voluntary" bankruptcies (although few would "volunteer" to be in this position).
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