Bankruptcy laws changed nationwide with the introduction of the Bankruptcy Abuse Prevention and Customer Protection Act of 2005, or BAPCPA. Among other things, this legislation implemented new tests to qualify for bankruptcy, such as the median income and means tests. Data needed to pass these tests

If you genuinely want to pay your debts but don't know how, you may consider filing for Chapter 13 bankruptcy. In a Chapter 13 bankruptcy, the court evaluates the debtor's income and the amount he owes to his creditors. The court requires the debtor to repay his creditors over a three- to five-year

The IVA debt advice aims to protect you from going bankrupt. You can use the services of a paralegal to draft a proposal for regular payment of installments so that all the debts are cleared in a specific time period.

Recession and economic downtrend has made people vulnerable. People have not paid their debts or interest on debt. This has piled up a lot of debt on people's heads. They have been looking for different ways to solve their debt problems but have failed to do so. Many have solved it with the hel

Nobody files for bankruptcy with a completely fatalistic outlook on what lies ahead. Since the provisions available under bankruptcy basically afford a fresh start, maintaining a positive attitude will go a long way in ""coming out from under and rising above. The idea is to make the best

Surviving and Thriving After Bankruptcy: Ongoing Obligations

Tips on how not to get bankrupt are extremely helpful in terms of financial planning. We are now facing some of the most difficult economic conditions in American history, and a lot of people are struggling to get out of debt and avoid bankruptcy. Lots of Americans are realizing that the excess spen

The secret in winning a bankruptcy case is to focus on what you have gained rather than what you have lost. This should be your mindset if you want to totally take advantage of the bankruptcy law. Though the primary concern of bankruptcy is to provide help to individuals or companies overcome their

Title III of the Consumer Credit Protection Act (CCPA) provides a limit on the amount creditors can garnish an employee's wages. Every state has its own garnishment laws, setting forth the maximum allowable garnishment for state residents. However, states cannot impose garnishment laws that exceed t

When someone needs to file for bankruptcy protection, he or she needs to make one initial decision-the type of bankruptcy that should be filed that's right for the situation. There are choices for the consumer, namely petitions under either Chapter 7 or Chapter 13 of the United States Bankruptc

One of the main concerns you may have when considering bankruptcy is whether you can keep your home, car and other personal property. What you can keep in bankruptcy depends on the available bankruptcy exemptions ...

There's probably no situation because difficult as facing the foreclosure. When you are going to lose your property, and also have no money to repay your debts, bankruptcy might pose like a convenient option. Despite ...

Debt relief is typically available in the form of bankruptcy. Some debtors, however, have the means to repay some of the debt and want to avoid liquidating assets to pay off creditors. Often, the choice form of bankruptcy is Chapter 13, which reorganizes the debt to make it easier to pay back. In Ge

Chapter 13 bankruptcy is a partial debt repayment plan designed for working people who are financially struggling, according to both the United States Bankruptcy Court and the book "How to File for Chapter 7 Bankruptcy."

Buying home or land properties is one among life’s major investments and so needs proper attention from the beginning of the deal till end.

OK perhaps a slightly OTT title and introduction but the core message put out recently by the UK Governments Insolvency Service was that a record number of people in the UK were made officially insolvent between July and September 2006.

While bankruptcy is never an easy choice, it does provide a new financial start for you if you are otherwise unable to uphold your financial obligations. Bankruptcy does damage your credit history but it is possible to recover if you take the appropriate steps and avoid common errors.

If a person or company owes you money and then files bankruptcy, you may face a difficult road to getting any of that money. Once someone files bankruptcy, the court tries to settle the affairs of the debtor in an equitable manner, for both creditors and the debtor alike. If you want to see any of t

Taking control of your financial life is incredibly empowering, especially if you've resolved to pay down that expensive, worrisome habit commonly known as debt. When bills are piled up high and you're not sure where to begin, don't hide; grab your statements, a calculator and your phone. You may be

This contains information about filing for bankruptcy.