Bankruptcy is a tough situation to go through. Filing for bankruptcy means, an individual or business is unable to pay its debts and allows the court to reorganize of their debts or liquidation of assets. Where the debtor’s property will be taken over by a trustee for the benefit of the creditor. Bankruptcy existed not [...]
Stuck with debts? Don’t feel alone because you are not alone. You can always turn to Credit Counselling Agencies, there are lots of them willing to talk to you and help you out with your debt problems. However, one question is, how do you know which one is the right thing for you? It’s like [...]
These days, as the peak of recession affects a huge number of individuals and corporations alike, debts are sky high, creditors kept on coming after you to get what you owe them, and there doesn’t seem to be a better way out than to file for bankruptcy. If you’re an individual with a regular income, [...]
This is the most common form of filing bankruptcy and is generally available to individuals, married couples corporations and partnership. Chapter 7 is a liquidation(converting assers into money) proceeding in which the debtor’s non-exempt assets, are sold by the Chapter 7 trustee and the proceeds will be distributed to the creditors according to priorities established [...]
When a debtor files for Chapter 13 Bankruptcy, it allows the person to develop a plan of repaying the creditor in a period of three to five years, meaning in better terms like lower or 0% interest and keep all of their property. The repayment requires the individual to make the payment within 30-45 days [...]
