US Bankruptcy Legislation: An Attempt to Individual Debtor’s Civil Liberties?

US Bankruptcy Procedures Beginning in the late 1800s, bankruptcy legislation in the United States evolved to permit debtors to reimburse their unsecured debts to be exonerated from that liability if they were eager to liquidate asset in order to reimburse certain creditors. Both the federal bankruptcy Act and each state’s laws authorized a debtor’s family […]

Basics of Bankrupt5cy

There’s no magic formula for deciding when bankruptcy is the right choice. It’s an option you might consider if you are paying only minimum amounts on your bills, can’t budget yourself out of debt within five years or are getting notices that your mortgage or loans are being foreclosed. It’s an alternative when you’ve had […]

Basics information on Chapter 13 Bankruptcy

Because there are a number of different bankruptcy chapters, many people think that wage earner bankruptcy is a chapter to itself. However, wage earner bankruptcy is merely a different way of referring to a chapter 13 bankruptcy, also known as reorganization bankruptcy. Wage earner bankruptcy or chapter 13 in bankruptcy refers to the form of […]

Steps to a Foreclosure

Michigan is currently leading the nation in foreclosures. I frequently am asked, “What are the steps mortgage companies take during foreclosures? What should I expect next?” The following timeline outlines what happens when house payments are not made. After 16 days the mortgage company charges a late fee. The amount varies, but can be as […]

Property Taxes and Your Bankruptcy

February is tax season, when the winter property taxes become due. While often property taxes are included within a mortgage payment, when it is not, the property tax payments can be a burden. Many households then wind up doing a balancing act of deciding which bills take priority. If property taxes are not paid, usually […]

How Do You Know When You Should File Bankruptcy?

I got the idea in the back of my head that the very last thing any person wants to do is file for bankruptcy protection. When they get around to finally calling their attorney, on average, they have waited 2 to 3 years longer then they should have before filing a bankruptcy. During this time […]

Things You Need to Know Before Filing Personal Bankruptcy

If you are engulfed with monetary problems that are difficult to shake off then filing bankruptcy can be a great option for you. Personal bankruptcy filing hampers your credit report for the upcoming 10 years. But it is the best relief option to bank upon when every other option fails. Bankruptcy filing under Chapter 7 […]

Practical effect of Bankruptcy on Foreclosure

If you are facing foreclosure and or other debilitating and caustic financial challenges it is a time for careful reflection because the decisions you are in the process of making are going to have lasting effects on your credit FICO score, your ability to borrow money and the cost of money to you for years […]

Chapter 11 Bankruptcy 101

Chapter 11 refers to the specific chapter of the federal Bankruptcy Code that handles business reorganization. Once a business or corporation files a Chapter 11 bankruptcy petition, all of its debts and contractual obligations are frozen on the day of filing. A trustee is appointed by the court to oversee the bankruptcy estate. The corporation […]

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