Filing for bankruptcy will stop the harassing phone calls and letters from your creditors (the people you own money to). It will stop a foreclosure on your home, lawsuits, garnishment of your wages or attachment to your property. Filing for bankruptcy is a very personal decision.
Most people file when they have made a good-faith effort to repay their debts, but see no way out other than to file for bankruptcy. Filing for bankruptcy has become complex as well as costly owing to the 2005 bankruptcy laws. As such, consultation with a trustworthy bankruptcy attorney before filing becomes necessary.
Filing for bankruptcy is very complicated to do by yourself. See below for help. Starting your own bankruptcy proceedings is not an admission to financial failure. Rather, you should view it as the first step in redeeming yourself and getting ready for a fresh start. The action of filing is a matter of public record and the names of individuals filing are sometimes published in the newspapers locally. Do not be too hasty to jump to accept offers for counseling assistance, think carefully first about your needs.
The good news is that bankruptcy wipes out (otherwise referred to as 'discharges') most of your debts. It also stops your creditors, from taking away your assets to collect their money, garnishing your wages, suing you, or otherwise harassing you.
Chapter 13 is a bankruptcy involving the adjustment of debts for someone with regular income and includes a court-mandated repayment plan for a portion of the debt. Under this chapter you are allowed to keep a valuable asset, such as a house.
Chapter 7 is called liquidation. It is the most common type of bankruptcy proceeding.
Chapter 13 is designed for an individual debtor, and provides for a payment plan to repay some debts, with the remainder of debts discharged. Under the new bankruptcy laws, tax debts are treated the same way in both Chapter 7 and Chapter 13 petitions.
Certain bankruptcy proceedings allow a debtor to stay in business and use revenue generated to resolve his or her debts.
The ultimate purpose of bankruptcy law is in fact to allow debtors who see no alternative, to free themselves (to be discharged) of the financial obligations they have accumulated, after their assets are distributed, even if their debts have not been paid in full. Certain taxes are dischargeable in bankruptcy, such as personal income taxes that are more than three years old. As a general rule, fiduciary taxes are not dischargeable.
Lawcore is a sponsored legal informational site. Various sections of Lawcore.com may be sponsored by law firms from around the country (US). Lawyers that will keep doing these cases, like our practice, have been forced to double our legal fees as the demand on us, and the cost to us has been rising so much recently. Even the court filing fee has increased significantly.
For more information like this you simply will be missing out if you don't now continue to visit the Free Credit Report. [http://www.freecreditreport.wppts.com]
Disclaimer: Do not rely on any of the content of this article. We are not lawyers, we hope that you find this article interesting, but it should be treated as no more than entertainment. We accept no liability for any of the content.
Most people file when they have made a good-faith effort to repay their debts, but see no way out other than to file for bankruptcy. Filing for bankruptcy has become complex as well as costly owing to the 2005 bankruptcy laws. As such, consultation with a trustworthy bankruptcy attorney before filing becomes necessary.
Filing for bankruptcy is very complicated to do by yourself. See below for help. Starting your own bankruptcy proceedings is not an admission to financial failure. Rather, you should view it as the first step in redeeming yourself and getting ready for a fresh start. The action of filing is a matter of public record and the names of individuals filing are sometimes published in the newspapers locally. Do not be too hasty to jump to accept offers for counseling assistance, think carefully first about your needs.
The good news is that bankruptcy wipes out (otherwise referred to as 'discharges') most of your debts. It also stops your creditors, from taking away your assets to collect their money, garnishing your wages, suing you, or otherwise harassing you.
Chapter 13 is a bankruptcy involving the adjustment of debts for someone with regular income and includes a court-mandated repayment plan for a portion of the debt. Under this chapter you are allowed to keep a valuable asset, such as a house.
Chapter 7 is called liquidation. It is the most common type of bankruptcy proceeding.
Chapter 13 is designed for an individual debtor, and provides for a payment plan to repay some debts, with the remainder of debts discharged. Under the new bankruptcy laws, tax debts are treated the same way in both Chapter 7 and Chapter 13 petitions.
Certain bankruptcy proceedings allow a debtor to stay in business and use revenue generated to resolve his or her debts.
The ultimate purpose of bankruptcy law is in fact to allow debtors who see no alternative, to free themselves (to be discharged) of the financial obligations they have accumulated, after their assets are distributed, even if their debts have not been paid in full. Certain taxes are dischargeable in bankruptcy, such as personal income taxes that are more than three years old. As a general rule, fiduciary taxes are not dischargeable.
Lawcore is a sponsored legal informational site. Various sections of Lawcore.com may be sponsored by law firms from around the country (US). Lawyers that will keep doing these cases, like our practice, have been forced to double our legal fees as the demand on us, and the cost to us has been rising so much recently. Even the court filing fee has increased significantly.
For more information like this you simply will be missing out if you don't now continue to visit the Free Credit Report. [http://www.freecreditreport.wppts.com]
Disclaimer: Do not rely on any of the content of this article. We are not lawyers, we hope that you find this article interesting, but it should be treated as no more than entertainment. We accept no liability for any of the content.
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