Tag: Bankruptcy
Types of Bankruptcy
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… Read the rest
Filing Chapter 7 Bankruptcy
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… Read the rest
Bankruptcy Lawyer: When to Hire One
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
Credit Repair after Bankruptcy
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
Finding a Bankruptcy Attorney in New Hampshire
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… Read the rest