Bankruptcy : Business & Finance
Once a federal bankruptcy court closes a Chapter 7 bankruptcy case, the court issues a bankruptcy discharge order. Everything stated as a discharged debt on the discharge order is in fact discharged. Not all of the debts that you list on your bankruptcy forms can be discharged through bankruptcy pro
A bankruptcy option under the Bankruptcy Code Chapter 12 suited for families who operate as farmers or fishermen, like chapter 13, assumes the borrowers have a normal earnings adequate to create repayment installments to eliminate or reduce debts in accordance by using a court authorized repayment m
Learn to help yourself when financial problems arise.Andrew Bret Wallis/Brand X Pictures/Getty ImagesThere are many different factors that can affect your personal finances, such as a rise in consumer prices, a sudden illness or injury that prevents you from working, or losing your job....
A Chapter 7 bankruptcy is a full liquidation bankruptcy governed under the laws of Chapter 7, Title 11 of the U.S. Bankruptcy Code. Although Chapter 7 bankruptcy allows for both the liquidation of assets and the expunging of the debts for both individuals and business, a personal bankruptcy under Ch
When bankruptcy becomes a necessity because of a bad financial situation, an individual will have to determine whether they should file for Chapter 7 or Chapter 13 bankruptcy.Understanding the differences between them is very important because they are separate and unique filings.
Selling assets immediately before bankruptcy is a tremendously risky strategy. Judges review the financial records and assets of bankruptcy candidates carefully before granting bankruptcy. If the court suspects that an individual has manipulated the process, the filing will be denied. Despite this,
When credit card and loan debt gets out of hand, many consumers look for ways to consolidate debt. When you consolidate debt, you are combining all the debt you have incurred and rolling in to one large loan, and then making payments on just that loan every single month. Consumers choose consolidate
When most people think of bankruptcy they think of filing Chapter 7 bankruptcy. Until recently, most Americans didn't understand what a Chapter 13 bankruptcy did. Chapter 7 bankruptcy is known as a liquidation Chapter. In ...
If you are one of those millions of defaulters who have failed to keep up with the repayments of their credit card loans for long, you should think about a debt settlement program now. Filing bankruptcy can never be the primary option for anyone who is trapped under loads of unpaid liabilities. Many
The ramifications of defaulting on a mortgage loan are long-lasting, and missing a mortgage payment can affect other areas of your life. Situations such as poor budgeting, job loss and other income issues affect the ability to make house payments on time. Understand the consequences of defaulting an
In today's tough economic climate many people are being forced to have an education about filing bankruptcy. For some, it's because they need to file for bankruptcy to eliminate debt and for others they are on the receiving end by not being paid. The bottom line is, the United States canno
There is no Chapter 20 in American bankruptcy code. The term Chapter 20 refers to filing a Chapter 7 bankruptcy immediately followed by filing for Chapter 13 bankruptcy. The 20 is the sum of 7 and 13. Filing for Chapter 20 allows you to get rid of more debts than filing for Chapter 7 or 13 alone wou
The process of bankruptcy may involve a forfeiture of personal and business assets. Dealing with such a state of depleted finances may essentially require you to follow certain steps to build upon your credit score and take control of your financial reins.