| |
Navigation
Sitemap
Contact Us
Privacy
Classified Ads
Bankruptcy Lawyer
Bankruptcy
Bankruptcy In Maryland
Arizona Bankruptcy Lawyer
Bankruptcy Lawyer Maryland
Bankruptcy Lawyer New York
Bankruptcy Equity Home Loan
Bankruptcy Refinancing
Refinancing After Bankruptcy
Mortgage After Bankruptcy
Bankruptcy Illinois In
Arizona Bankruptcy In
Bankruptcy Attorney
Bankruptcy In New York
Bankruptcy Filing New York
Online Bankruptcy Filing
Florida Bankruptcy Lawyer
Bankruptcy In Virginia
Bankruptcy Attorney California
Bankruptcy Mortgage
Bankruptcy Illinois Lawyer
Bankruptcy In Michigan
After Bankruptcy Home Loan
Arizona Attorney Bankruptcy
Mortgage Bankruptcy Loan
Kansas Bankruptcy
Bankruptcy New State York
Bankruptcy Lawyer Ny
Bankruptcy Lawyer Chicago
Bankruptcy In Texas
Loans After Bankruptcy
Bankruptcy Lawyers
Bankruptcy City New York
Attorney Bankruptcy Virginia
Attorney Bankruptcy Illinois
Bankruptcy California Lawyer
Michigan Bankruptcy
Bankruptcy Alternative
Chapter 11 Bankruptcy
Bankruptcy Form
Chapter 13 Bankruptcy Law
Bankruptcy Court
Chapter 11 Bankruptcy Law
Us Bankruptcy Court
After Bankruptcy
Federal Bankruptcy Court
Personal Loan After Bankruptcy
Bankruptcy Lawyer Virginia
Oregon Bankruptcy
Home Equity Loan Bankruptcy
Type Of Bankruptcy
Bankruptcy Personal Loan
Colorado Bankruptcy
South Dakota Bankruptcy
Bankruptcy Rule
Ohio Bankruptcy
Business Bankruptcy
Michigan Bankruptcy Attorney
Syndication
|
|
| Articles: (Updated Frquently) |
| The Facts About Personal Bankruptcy |
| By: Jay B Stockman |
The thought of personal bankruptcy is very frightening, however over 5.4 per 1,000 people have filed for bankruptcy last year, and this rate has been growing at an average of nearly 7 percent. Researchers have determined that the primary cause of personal bankruptcy is uncontrollable levels of consumer debt oftentimes coupled with an unexpected event, such as a major medical expense not covered by insurance, the loss of a job, divorce or death of a spouse. According to economists’ surveys, the classic bankruptcy filer is a blue collar, high school graduate who is the head of a household in the lower middle-income class with heavy use of credit. In order to protect both debtor, and creditor,
laws were enacted to provide equal, and fair measures to satisfy the objectives of all parties. The primary purpose of the laws of bankruptcy are: (1) to give an honest debtor a fresh start in life by relieving the debtor of most debts, and (2) to repay creditors in an orderly manner to the extent that the debtor has property available for payment.
There are two types of structured plans for filing for personal bankruptcy, Chapter 7 or Chapter 13. Over two-thirds of personal filers choose Chapter 7 bankruptcy. Basically Chapter 7 requires the debtor to liquidate all non-exempt assets, and have them distributed among creditors. Some examples of exempt assets include equity in a primary residence, and a retirement program. On the other hand, Chapter 13 does not require liquidation, rather a debtor agrees to a specific payment plan, whereby a portion of any unsecured debts is paid, and the balance is forgiven. It must be stressed, that under both plans, certain debts are ineligible for bankruptcy protection. These debts include government student loans, child support, alimony, and income tax debt. These must be paid back in full.
|
|
Some analysts are concerned that this unprecedented level of debt might pose a risk to the financial health of American households.
In an attempt to reverse the increasing trend in personal bankruptcy, the federal government has recently implemented sweeping bankruptcy reform legislation. On March 10, 2005, the Senate passed S. 256, the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005.
On April 20th, President Bush signed into law the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 (Bankruptcy Act of 2005). This act makes filing for bankruptcy more difficult through income-means testing, tougher guidelines for the homestead exemption, increased lawyer liability and required credit counseling.
About the Author
Jay B Stockman is a contributing editor for Online Bankruptcy Resources Visit http://online-bankruptcy-lawyer.com/ for more information.
|
|
Technorati Tags:
bankruptcy, bankruptcy attorney, bankruptcy law, avoid bankruptcy, filing bankruptcy, bankruptcy lawyer, personal bankruptcy, chapter 7 bankruptcy
Add to: | Technorati | Digg | del.icio.us | Yahoo | BlinkList | Spurl | reddit | Furl |
|
| How to avoid bankruptcy |
| By: Noel Hynes |
Here you will find everything you need to know about bankruptcy and debt reduction which will enable you to decide if it's the best option for you.
Bankruptcy is a legal way to offer folks with high interest debt a fresh financial start in life. In case you are considering personal bankruptcy as an answer to your debt problems, you are not alone. Bankruptcy is on the up and up as consumer debt explodes. Additional reasons for turning to bankruptcy for credit card debt alleviation include medical costs and job loss.
The two main types of bankruptcy are Chapter 7 and Chapter 13. Chapter thirteen is generally preferable for most people as it allows the defaulter to hold at least some property. It is imperative to understand that a bankruptcy does not remove all your debts overnight. Alimony, income taxes, child financial support and student loans are not exempt from bankruptcy proceedings.
Many people think that filing bankruptcy is an easy way to solve all their debt and credit related problems. Filing bankruptcy is the worst thing you can do as far as your credit is concerned and it is best to learn how to avoid bankruptcy. A bankruptcy will remain on your credit report for 5 to 10 years. The new bankruptcy laws require that individuals contemplating bankruptcy take a financial counseling course which is a positive thing. Many find that bankruptcy is not actually the best option for them. Make sure you have all the facts and consider all the alternatives before making a decision that can have far reaching effects.
Most people believe that filing for bankruptcy is a straightforward method to completely eliminate their debt and credit associated issues. Filing personal bankruptcy is in all probability the worst possible thing you will do where your credit is concerned. A bankruptcy appears on your credit report for up to five or even ten years.
The recent bankruptcy act necessitate that individuals contemplating bankruptcy enroll in a financial advice course which is a really good thing. Most will then recognize that bankruptcy is not really the preferable alternative for them at all. Be in no doubt that you need to be in possession of all the facts and consider all of the choices available prior to making at a choice that might have a detrimental effect on your future credit. http://bankruptcyadvisor.info
About the author:
c) Noel Hynes, 2005. Reprint rights granted to copy and publish this article as long as the article and by-line are reprinted intact.http://bankruptcyadvisor.info
|
|
| Keywords: bankruptcy contemplating bankruptcy, filing bankruptcy, individuals contemplating bankruptcy, personal bankruptcy, http//bankruptcyadvisorinfo, bankruptcy is not, know about bankruptcy, bankruptcy, intacthttp//bankruptcyadvisorinfo |
|
 |
