Tag: debt
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
The New Bankruptcy Law — How Will It Affect Debt Negotiation?
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 304050 till be… Read the rest