 Category :: Bankruptcy Articles |
Author :: Eddie Tobey  |
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| Article Title :: Federal Bankruptcy Laws |
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| Federal bankruptcy laws are only for companies and firms that wish to file for bankruptcy, individuals cannot go for these options. Chapter 11 and Chapter 7 are the two main categories of federal bankruptcy laws that businesses can choose from.Chapter 11 provides the company or firm with an opportunity to rebuild the business in spite of crippling debts. The federal court plays an active part in such cases, as it has to give the approval for all the business decisions made once the case is filed. Chapter 11 is preferred to Chapter 7 because the company will not be closed to liquidate its assets in this instance. Also, unlike in Chapter 7, the company does not become a security ass (read full article) |
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| Category :: Bankruptcy Articles |
Author :: Eddie Tobey |
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| Article Title :: New Bankruptcy Laws |
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| The U.S. 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 effective. Hence, all the rest of the new laws are yet to be put into effect.It’s a common expert opinion that these new laws will definitely narrow the possibilities of filing a bankruptcy using Chapter 7. The court will decide on wheth (read full article) |
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| Category :: Bankruptcy Articles |
Author :: Eddie Tobey |
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| Article Title :: Personal Bankruptcy Laws |
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| 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 assets to pay off the creditors. Chapter 13 involves registering a plan to pay of the creditors from the monthly wages of the debtor within a specified amount of time. However, new laws passed by the Pre (read full article) |
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| Category :: Bankruptcy Articles |
Author :: Eddie Tobey |
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| Article Title :: Understanding Types of Bankruptcy |
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| People who are heavily in debts and are in no position to pay them back opt for filing bankruptcy as the last alternative. This gives them the freedom and opportunity to start afresh. Such cases are dealt with by the bankruptcy lawyers, and it is advised to file through them instead of directly since they will be able to guide debtors in the right direction. Federal courts deal with such financial bankruptcy cases.The individual must give all the debt related information to the attorney so as to enable the lawyer to look for best possible options and advice. Filing for bankruptcy provides a fresh start in the credit area as most of the debts would be forgiven and the creditors wi (read full article) |
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| Category :: Bankruptcy Articles |
Author :: R. Lawrence Anderson |
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| Article Title :: Best Credit Card After Bankruptcy - How to Find One |
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| Finding the best credit card after bankruptcy is not that difficult, if you know where to look and what to look for.Let’s start by talking about secured and unsecured credit cards. When it comes to applying for a credit card after bankruptcy one question that a lot of people seem to have is: Should I apply for a secured credit card or unsecured credit card?In case you don’t know the difference, a secured credit card is “secured” by a special savings account you establish with the credit card issuer which acts as collateral for your credit limit.For example, you deposit $500 in a special savings account and then have a $500 credit limit. If you default, the cre (read full article) |
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| Category :: Bankruptcy Articles |
Author :: J Shipper |
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| Article Title :: Will the New Bankruptcy Laws Help You? |
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| Bankruptcy Rules Have Changed, Check It OutThere are 2 sides to the changes in bankruptcy rules.
It will be a lot harder to file bankruptcy under chapter 7 and get a totally clean slate.For businesses, relying on issuing credit, the new personal bankruptcy law is doing great, reducing personal bankruptcy claims from the thousands to double digits.(In the short run).However, lawyers working with the actual people filing for bankruptcy say that the new law is seriously flawed because it puts more financial burdens on already broke clients and reduces potential debt repayment to small businesses.And then of course you have the credit card companies charging hig (read full article) |
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| Category :: Bankruptcy Articles |
Author :: Alan Thomas |
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| Article Title :: Rebuilding Your Life After Bankruptcy; Don't Cave to Holiday Pressures! |
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| There's something about shopping during the holidays as I watch consumers being attacked by exuberant cashiers pushing their store's credit card that gets me concerned for those trying to build a solid life after bankruptcy.These clerks seem to be unaware of how careful individuals have been all year to build their life after bankruptcy; by watching what they spend, and how easy it is to go over budget. Offering a “credit rebuilder” a new card is like offering a recovering chocoholic a gooey double-fudge brownie supreme.The holidays bring about mixed feelings among my clients: joy, anxiety, fear, sadness….not any of it relating to the reason for the season.Rebu (read full article) |
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| Category :: Bankruptcy Articles |
Author :: Pammila Phillis |
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| Article Title :: Protecting Your Credit Report During Bankruptcy |
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| Bankruptcy should always be a last resort (see our Debt Relief section for bankruptcy alternatives). However, if you are determined to file bankruptcy but have not done so yet, then please take your time and don't rush the process - it is more important to ensure that all your bases are covered rather than to make a mistake that may cost you later.
Obtain Credit Reports. You absolutely need to obtain your credit reports from the three major credit-reporting agencies (Experian, Equifax, and TransUnion). Fortunately, you can conveniently obtain all three of your reports online in only minutes.1. With the reports direct from each bureau you will have access to (read full article) |
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| Category :: Bankruptcy Articles |
Author :: John Preston |
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| Article Title :: Leasing After A Bankruptcy; Obtaining A Bankruptcy Auto Loan Does Not Have To Be Difficult |
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| I've always chuckled at the reactions I receive when people ask about bankruptcy auto loans, and I suggest they be open to leasing. The looks I get are a cross between “are you kidding?” and “what did you just call me?”Leasing has undergone a change in popularity since its inception. In the beginning, everyone purchased cars outright…they could do this because a) buying a car on time was not an option, b) because cars cost much less then than they do now.As options were added to cars, such as color, 2-doors or 4-doors, 5-speed or automatic, am radio or 8-track (oh, am I dating myself here?), vehicle prices begin increasing. Auto loans terms c (read full article) |
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| Category :: Bankruptcy Articles |
Author :: T Potter |
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| Article Title :: Bankruptcy: Is It For You? |
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| Bankruptcy does offer a clean start. For those who are struggling with debts and just can no longer make ends meet, this seems like the right choice to make. But, before you head down that road, you should make sure that it is the right decision for you. There are many consequences to filing that you should know about. And, with new laws in place to make it harder to qualify for bankruptcy, you may also find yourself not knowing if you qualify for it.What Does Bankruptcy Do?Bankruptcy can be filed two ways. First, it can be filed to erase all of the credit claimed on the bankruptcy. It will wipe the slate clean for these credit grantors meaning that you will not owe th (read full article) |
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