TheFreeLawyer.com » Bankruptcy

Types of Bankruptcy

admin — Fri, 05 Jun 2009 21:04:31 +0000

In Chapter 7 or ‘straight’ bankruptcy, the applicant surrenders all non-exempt property and assets to an appointed bankruptcy official. These are converted into cash and the proceeds are disbursed to the applicant’s creditors.

This process of liquidation then results in the applicant being freed of all financial obligations within a short period usually not exceeding four months. Obviously, this provision has seen a lot of abuse in the past. The new laws now state that an individual cannot re-apply for … Read the rest

New Bankruptcy Laws

admin — Fri, 05 Jun 2009 20:59:31 +0000

US Government recently approved a bill that brought about some major changes in the bankruptcy laws on April 20, 2005. The bill is called the “The Bankruptcy Abuse Prevention and Consumer Protection Act of 2005″. As per this bill, about 25 changes have been made in the existing bankruptcy laws. However, since it takes at least 6 months from the time the bill is passed for it to be put into action, only some parts of the law have become … Read the rest

Filing Chapter 7 Bankruptcy

admin — Fri, 05 Jun 2009 20:56:47 +0000

When someone has high debt and no other feasible financial mode of repayment, they may need a fresh start in form of a bankruptcy.

People file for Chapter 7 bankruptcy more often than any other type of bankruptcy, and it accounts for almost 65% of all consumer bankruptcy filings.

A Chapter 7 bankruptcy is often also preferred to a liquidation or a straight bankruptcy. The process of liquidation transfers one’s possessions to funds. This course of action necessitates the appointment … Read the rest

Bankruptcy Lawyer: When to Hire One

admin — Fri, 05 Jun 2009 20:49:38 +0000

If you are having difficulties with finances and are considering debt consolidation or bankruptcy, you may also be considering hiring a bankruptcy lawyer. Of course for those who are in a financial rut or on the verge of financial ruin, coming up with extra funds to pay a bankruptcy lawyer can be downright impossible. Despite the shortage of money, it is often best to still consider at least consulting with a bankruptcy lawyer before you begin the process.

The main … Read the rest

Personal Bankruptcy Laws

admin — Fri, 05 Jun 2009 20:46:44 +0000

Individuals can file for personal bankruptcy as a last ditch effort when their credit reaches the limit.

This helps them clear out a few debts by selling their assets and starting a whole new life without creditors beating at their door. The gives them an opportunity to start afresh without credit worries since creditors have no more right to press collection charges.

Presently, individuals can file for bankruptcy under Chapter 7 or Chapter 13. Chapter 7 involves liquidating all the … Read the rest

Legal Help: Iowa Bankruptcy Lawyer

admin — Fri, 05 Jun 2009 20:44:34 +0000

In Iowa as well as in other states there are lawyers specialized in bankruptcy. Unfortunately bankruptcy is the only solution for many people. After struggling for months, maybe years and after trying all other less radical solutions of their debt problems, they have to throw in the towel and just accept the plain and brutal truth: I’m bankrupt. But this doesn’t mean that life is over; not at all. And it is good to know that help is available out … Read the rest

Florida Bankruptcy Lawyers

admin — Fri, 05 Jun 2009 20:34:38 +0000

When a company or an individual is unable to repay a loan, the individual or the company is considered to be bankrupt.

Sometimes companies incur heavy financial losses. For example, a printing firm gets 80 percent of its total income from a single publisher. If the publisher diverts its order to a different company, the printer loses a large portion of its total income. The printing firm becomes bankrupt.

Bankruptcy involves two parties: the debtor and the creditor. The debtor … Read the rest

Credit Repair after Bankruptcy

admin — Fri, 05 Jun 2009 20:32:31 +0000

According to legal experts, credit repair after bankruptcy is possible. Some companies will offer credit immediately after bankruptcy, at very high interest rates, but buying a home or a car may not be possible for several years. Unless a bankruptcy credit repair expert can help. There are a certain number of law firms that specialize in credit repair, for any reason, credit repair after bankruptcy is just one of many. Bankruptcy is a last resort for those people who are … Read the rest

Are You Thinking About Filing For Bankruptcy Protection?

admin — Fri, 05 Jun 2009 20:30:32 +0000

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 … Read the rest

The New Bankruptcy Law — How Will It Affect Debt Negotiation?

admin — Sat, 30 May 2009 22:01:28 +0000

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 304050till … Read the rest