May 30th, 2009
In April 2005, Congress made sweeping changes in U.S. bankruptcy law that will go into effect on October 17, 2005. It’s called the "Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 and it means big trouble for Americans struggling with debt problems.
What effect will the new bankruptcy law have on the practice of Debt Settlement (also called Debt Negotiation)? Will creditors still be willing to negotiate with consumers seeking to avoid bankruptcy? Will lump-sum settlements for 304050 till be possible now that this tough new law has been passed?
The short answer is YES It will be business as usual in the collection industry. People that choose to file bankruptcy will definitely be affected for the worse, as I’ll outline below, but those who choose to privately negotiate their way out of debt will notice very little difference. Creditors will still negotiate. Deals will still be made. And nothing much [...] Continue Reading…
May 30th, 2009
In the United State, Chapter 7 bankruptcy is the most common type of bankruptcy filed. It is the process of liquidating assets to pay off creditors.
When an individual files for bankruptcy they are many times allowed to keep certain exempt properties such as real estate mortgages. Other, non-exempt assets are then used for liquidation to pay back creditors. Other types of exemptions that are common include child support, taxes, student loans etc.
One bad aspect of filing for personal bankruptcy is that it will stay on your credit report for ten years. Obviously, this makes applying for new credit less favorable, although there are too many factors involved to say that conclusively.
Businesses can also file for Chapter 7 bankruptcy which means that the business intends to sell all its assets and distribute the proceeds to its creditors, before ceasing operations. This sometimes means that employees will lose their jobs, [...] Continue Reading…
May 30th, 2009
People living with debt that they can’t handle have a few options to choose from. They can contact a debt or credit counsellor and try to work out a debt settlement plan. If this don’t work, bankruptcy is the ultimate option. Unfortunately there may come a time in your life where unforeseen events may force you into declaring bankruptcy as a way to get your financial life back in order and regain your footing. Finding a bankruptcy attorney that understands your situation and circumstances is crucial to help your case and help you understand the law and how it applies. In New Hampshire there are a number of lawyers who specialize in this area and picking the right one takes some research.
Bankruptcy attorneys work to understand and represent you to the court. A good lawyer will always look at your entire financial situation and suggest filing for bankruptcy only [...] Continue Reading…
February 19th, 2009
Chapter 7 is one of the bankruptcy laws that can be used to file a petition if the borrower has an excessive amount of debt and has no way to repay it.
The law is for individuals wishing to file for bankruptcy. This law allows a trustee to keep some property belonging to the debtor as a security for the payment. Also, the creditors can no longer take necessary action to collect the debt from this individual unless it is relation with the necessary lien. Most popular instances where the debtor files for a Chapter 7 case are medical expenses and credit card debts.
As soon as the debtor files a bankruptcy case, an injunction is passed, after being assigned a case number, to stop the creditors. This is known as automatic stay. After a month, the administrative trustee’s office appoints a trustee to deal with this case. The trustee [...] Continue Reading…
February 19th, 2009
Bankruptcy Overview
Bankruptcy, when you come right down to it, is the process that enables those who are unable to pay their debts get a fresh start.
It allows for some or all of these debts to be discharged or reorganized. Individuals or businesses may file bankruptcy.
This enables you to clean the slate and get a 2nd chance with your finances. In most instances, bankruptcy provides a fair method for compensating your creditors as well.
The bankruptcy process need not be your worst nightmare. However, there are certain requirements that must be met. You will be required to file a list of all of your outstanding debts and a complete list of your
assets. This is done with the help of your lawyer thru the Federal Courts.
To make this process easier to understand, your “Assets” fall into two categories.
They are: Exempt and Non-Exempt
Exempt assets are the property or belongings that you [...] Continue Reading…
February 19th, 2009
If you or someone you know has been a victim of a boating accident, you need an individual who basically understands what you’re going through especially when you are considering to file a lawsuit against the person who is at fault of the incident. I am referring here to a boating accident lawyer who knows the legal implications of your trial and who will be your greatest support along the process.
Basically, you need an experienced and competent boating accident lawyer to back you up in your case. Who would want a lousy lawyer? No one. And so, if you’re in this situation, you’ll want an attorney who has all the important set of skills and a winning professional background. What you’re going through isn’t easy so you really need somebody to support you, aside from your family and friends, in the persona of your boating accident attorney. He’ll be [...] Continue Reading…
