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Filing Bankruptcy - Declaring Bankruptcy - Bankruptcy Help - Life After Bankruptcy

Admin — Fri, 18 Mar 2005 01:47:41 -0800

When I got divorced, I didn't know how I was going to be able to cope with my financial responsibilities which included mortgage, car, my kids's private school plus all the other expenses related to having a family without a husband's salary. I had recently lost my full-time job, had managed to find a part-time job, and wasn't receiving any child support because we had joined custody. With all this happening at once, I was desperate to find some kind of work that I could do from home so I could pay the bills.

Filing Bankruptcy/Bankruptcy Law/Personal Bankruptcy/Chapter 7 Bankruptcy/Chapter 13 Bankruptcy

Admin — Sat, 22 Jan 2005 16:27:50 -0800

Nation's Business: A better balance in bankruptcy law - includes related articles on how to avoid bankruptcy & keeping a small business afloat A Better Balance In Bankruptcy Law MEET CHARLIE, a computer executive making $75,000 a year in 1979. He owned a beautifully furnished $175,000 country home with a $150,000 mortgage and commuted daily into New York City. He and his wife, Sylvia, enjoyed Broadway shows and exclusive Manhattan restaurants. Charlie loved credit and lived on it--a stockpile of charge cards, a credit union revolving loan and overdraft checking. In early 1980 he reached his credit limit and had ...

Bankruptcy: How Bankruptcies Work

Admin — Fri, 03 Dec 2004 20:31:40 -0800

All bankruptcies are handled by the U.S. Bankruptcy Court. There should be a U.S. Bankruptcy Court in your Federal Court district. A petition for bankruptcy is filed, creditors are notified,and the process begins. Following are the general procedures for each type of case.

Q: I Heard Bankruptcy Referred to as a Quick Fix for Credit Problems, Is Bankruptcy Really a Way Out of Debt?

Admin — Mon, 15 Nov 2004 01:38:14 -0800

A: Bankruptcy should be used only as a last resort. For example, someone who has only one debt that cannot be paid in time should consider alternatives such as working out a more reasonable repayment plan with the creditor, selling something to pay off debt, trying to negotiate a lower amount, or temporarily taking on a second job.

Although bankruptcy may seem like an easy solution, remember that it will stay on your credit record for at least seven years and in the meantime you may find it extremely difficult, if not impossible, to get a mortgage or buy a new car. If a major catastrophe really does strike within that seven-year period, you will not be able to file for bankruptcy again.

Another option to regular bankruptcy is a wage earnings plan, which requires that you pay each of your creditors back over a period of time at a reduced amount. The plan must be approved by the bankruptcy court.

A better option may be consumer credit counseling (such as offered by Consumer Credit Counseling Services). This is a national organization that provides financial counseling to people with debt problems. A counselor will work with you and your creditors to come up with a repayment plan.

Overview of Bankruptcy

Admin — Mon, 15 Nov 2004 01:35:46 -0800

Until recent times, many countries treated an insolvent debtor pretty harshly. From 1603 to 1625, while King James I ruled in England, a debtor who was unable to satisfactorily explain his insolvency was subjected to ridicule in the public pillory.

During at least one period in Ancient Rome, creditors were entitled to enslave the debtor as well as his family.

As trade and commerce developed, steps were taken to ease these severe treatments.

In 1800 the U.S Congress adopted the first national bankruptcy law. It has been amended throughout the years and today's bankruptcy law as we know it is based on the Bankruptcy Act of 1978. Its intention is to give individuals or businesses a fresh start when necessary. Although bankruptcy law has been modified to some degree since 1978, it essentially remains the same.

Filing for bankruptcy does relieve a person from the obligation of paying many debts but there are also nondischargeable debts. This is indebtedness which the person is still responsible for even after filing bankruptcy. In recent years many people have mistakenly turned to bankruptcy as a "quick fix" for their financial woes. However, some have discovered that many difficulties can still lie ahead.

Expiration of items on credit report

Admin — Mon, 15 Nov 2004 01:32:07 -0800

Bankruptcy – Chapter 7, 11, and 12 bankruptcies remain on your credit report for 10 years after the filing date. When you file for bankruptcy, all the accounts included should be marked as "Included in BK" and will each stay on your report for 7 years.

Charge-off Accounts – If your delinquent account is charged-off, the record will stay on your credit report for 7 years.

Closed Accounts – If the account has delinquencies, those marks will stay on your credit report for 7 years from the date they were reported.

Collection Accounts – Accounts sent to collections will remain on your credit report for 7 years from the date of the original missed payment. The record will be marked as "paid collection" on your report when you pay the full balance. If you settle with the collections agency for a reduced amount be aware your record will state the account as "paid for less than the total due."

Inquiries – When a creditor or lender checks your credit it causes a "hard inquiry" to be listed on your credit report. These hard inquiries stay on your report for up to two years, and they can cause a slight drop in your credit score if there are too many of them. When your credit is checked by an employer or when you check your own credit online, you may see a harmless "soft inquiry" on your credit report. Soft inquiries, which also remain on your report for up to 2 years, do not cause a drop in your credit score and do not appear when a business checks your credit.

Judgments – Most judgments, including small claims, civil and child support, will remain on your credit report for 7 years from the filing date.

Late Payments – If you are late with a payment, the 30-180 day delinquency can stay on your credit report for up to 7 years.

Tax Liens – City, county, state and federal tax liens are especially harmful and can remain on your credit report indefinitely.

Source: http://:www.credit-factor.com

Q: Will i Still Owe Money After I File For Bankruptcy or Will Bankruptcy Wipe Out All of My Debts So That I Can Make A Fresh Start?

Admin — Mon, 15 Nov 2004 01:28:26 -0800

A: It all depends upon the debt. If you went on a major shopping spree, or took a luxury vacation, and spent thousands of dollars using your credit cards, your creditors may convince the bankruptcy court that you should not be released from your obligations (due for the three years immediately before filing), particularly not social security, or withholding payments you as an employer should have made for your employees. Also, bankruptcy will not eliminate child support and alimony obligations.

Q: If I Do File Bankruptcy, Is There Any Property I Can Keep For Myself, or Must All of My Property Be Sold to Pay My Creditors?

Admin — Mon, 15 Nov 2004 01:26:08 -0800

A: Certain property is considered exempt from bankruptcy. In most cases you may keep your home (up to a specific dollar value) and some items of personal property.

Answers to Some Common Questions

Admin — Mon, 15 Nov 2004 00:35:15 -0800

Here is a list of some of the most commonly asked questions regarding credit, and your credit report. You will get answers to help with Credit Issues, Bankruptcy, Credit Counseling, Credit Reports, Credit Repair and more...

Q: What is a Credit Bureau or Credit Reporting Agency?

Admin — Mon, 15 Nov 2004 00:21:24 -0800

A: A credit bureau or credit reporting agency is a service that provides prospective creditors with the information about you: primarily the debts that you have and your payments record. The bank will request a credit report if you apply for a loan to buy a house.

This report will tell the bank how many credit cards and other loans you have, whether or not you make your payments on time, wh ether someone has sued you and obtained a money judgment, and whether you have filed bankruptcy within the last seven years. There are three major credit reporting agencies in the country, namely Equifax, Experian, and TransUnion.

There is no quick and easy way to repair your credit

Admin — Mon, 15 Nov 2004 00:18:54 -0800

There is no quick and easy way to repair your credit. Actually, no one can erase, fix, repair, or change information contained in your credit report if that information is accurate. Credit bureaus report negative information for seven years and bankruptcy information for ten. Aside from correcting mistakes, the only way to repair your credit is to show consistent payments being made on-time, over a long period of time!

In general, time is the only thing that will "fix" your credit report. Information in your credit report will only be changed if items are actually wrong, or are dated beyond the seven or ten year reporting period, required under federal law. However, there are measures you can take to improve your chances for receiving credit in the future, even if you have been denied credit in the past.

If your credit report reflects late or skipped payments, delinquencies or other negatives, you may be denied credit for important purchases (new home, a car, etc.).

Nothing will repair your credit like paying bills on time and debt consolidation makes it easy for you to make those timely payments. We consolidate your unsecured debts like credit cards, student loans, bank lines of credit, medical bills, department store credit cards, collection agency accounts, etc.

With our debt consolidation process your existing creditors remain the same but your interest payments are re-negotiated, lowered or completely eliminated to allow more principal to be paid each month. In fact, debtors may cut their monthly interest costs by as much as half!

Don't waste money on high-interest credit card debts!

Source: http://:www.credit-factor.com