The Disadvantages Of Filing For Bankruptcy

Bankruptcy is, by definition, a legal declaration that a borrower lacks the ability to repay his or her creditors and an appeal to the courts for relief. Plainly this is not a good position to be in and in some societies – like that of the United States – declaring bankruptcy carries a social stigma […]

Who Pays For Bankruptcy?

The answer to the question “Who pays for bankruptcy?” depends on the context. To initiate the process, obviously the person who is making the filing – be it the debtor or the creditors (involuntary bankruptcy) – pays the fees. However, if the question is meant to ask “Who pays for the discharged debt from a […]

Debt Consolidation Vs. Bankruptcy

Although many people explore both these options when seeking solutions to their debt problems, the two are very different things. Further, since the passing of the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005, which established a means test that has to be taken into account before a bankruptcy court will accept a petition, […]

How To Avoid Bankruptcy

Generally speaking, in the United States today bankruptcy is considered a measure of last resort and virtually every other debt relief method out there – debt consolidation, debt settlement, and so on – is designed to help debtors avoid filing for bankruptcy. The old days when people could simply borrow extensively, default on everything and […]

Will Bankruptcy Adversely Impact My Fico Score?

If you’ve always been curious, how bankruptcy can impact your credit, then this information can help you answer that question. Hopefully you will then be a few steps ahead in your knowledge of bankruptcy and how it can affect you. This informative article will answer that nagging question: How does bankruptcy affect my FICO score? […]

The Chapter 7 Discharge: What Debts are not Eliminated?

Many people are familiar with the most common categories of debts that may be discharged in Chapter 7 bankruptcy. These include credit card account balances, medical bills, old utility and phone bills, and unsecured personal loans. What are not so well known, however, are the types of debts not eligible for discharge in Chapter 7 […]

Bankruptcy Attorneys: Reasons You Need A Lawyer When Filing Bankruptcy

Although hiring bankruptcy attorneys is not a requirement to file bankruptcy, going it alone can be the biggest financial mistake you will ever make. The new laws enacted under the Bankruptcy Abuse Prevention and Consumer Protection Act have made filing personal and business bankruptcy complex and complicated. One mistake could cause your bankruptcy petition to […]

Bankruptcy Confirmation: Chapter 13 Bankruptcy Information

Bankruptcy confirmation is required under the United States Bankruptcy Code for all debtors filing Chapter 13 protection. Commonly referred to as “reorganization bankruptcy”, debtors must submit proposed repayment plans at the time of filing or within 15 days of petitioning the court. The purpose of bankruptcy confirmation hearings is to ensure debt repayment plans adhere […]

Foreclosures Still On The Rise – How To Stop A Michigan Foreclosure Sale

According to RealtyTrac, the number of foreclosed homes in the United States rose 21% in 2009 to a record 2.8 million (Source: Business Week). This is a 120% increase from 2007. Michigan is no exception, ranking 8th in the country for foreclosure postings. You may be asking, how do I avoid a home foreclosure? Although […]

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