 Category :: Bankruptcy Articles |
Author :: Delia Galley  |
| |
| Article Title :: New Bankruptcy Law - A Summary of Changes You Should Know About |
| |
| The Bankruptcy Abuse Prevention and Consumer Protection Act of 2005, aka the “new bankruptcy law”, became effective October 17, 2005. The law introduces several changes to the existing bankruptcy rules. Some of these changes include the fact that potential bankruptcy filers must meet a “means test”. The test determines, whether you are eligible to file for bankruptcy or not.The term “Creditor” refers to those organizations owed money. “Debtor” refers to the consumer who owes money. “Filer” refers to the consumer filing for bankruptcy.Here is a summary of the major changes:“Means Test” for Chapter 7
A creditor may file a motion to (read full article) |
| |
 |  |
| |
| Category :: Bankruptcy Articles |
Author :: Delia Galley |
| |
| Article Title :: New Bankruptcy Law - What is the "Means Test"? |
| |
| Effective October 17, 2005, the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005, aka the “new bankruptcy law” became effective. The law imposes certain restrictions, when it comes to filing for bankruptcy. One of the new requirements mandates that bankruptcy filers pass a “means test”.The “means test” is a calculation that determines whether a bankruptcy filer has enough disposable income to file under chapter 7 or chapter 13. Chapter 7 allows bankruptcy filers to walk away from their debts after giving up most of their secured assets. If you are fail the “means test,” chapter 13 may be an option. Chapter 13 requires filers to pay back their secu (read full article) |
| |
| |
| |
| Category :: Bankruptcy Articles |
Author :: Delia Galley |
| |
| Article Title :: New Bankruptcy Law - Effects on Natural Disaster Victims |
| |
| You’ve heard of the new bankruptcy law, whether you plan to file for bankruptcy or not. The law referred to as "The Bankruptcy Abuse Prevention and Consumer Protection Act of 2005", took effect on October 17, 2005. The law imposes restrictions on who can file for bankruptcy under chapter 7.Following Hurricanes Katrina and Rita, the United States Trustee’s office announced special guidelines intended to lessen the impact of the new law on victims of natural disaster. Many victims of the hurricane not only lost their homes but have no way of meeting the stringent load of paperwork required to file for bankruptcy.Some of the exemptions made for victims of natural disaster (read full article) |
| |
| |
| |
| Category :: Bankruptcy Articles |
Author :: Carrie Reeder |
| |
| Article Title :: Buying a Home after Bankruptcy - How to Buy a Home with a Low Credit Score |
| |
| Following a bankruptcy, your credit score plummets. This makes it difficult to obtain credit on a home mortgage, vehicle loan, credit card, etc. If you are hoping to purchase a home after a bankruptcy, traditional lenders and mortgage companies will not propose the best terms. Moreover, these lenders may refuse to do business with you.When searching for a mortgage lender, many people contact traditional lenders. However, these lenders primarily concentrate on conventional loans. To obtain a conventional loan you must have a credit score of at least 640. This score fluctuates according to lender. In some cases, lenders require a score of 660. Moreover, you must have a down payment. (read full article) |
| |
| |
| |
| Category :: Bankruptcy Articles |
Author :: John Campbell |
| |
| Article Title :: Bankruptcy - The Last Resort for Credit Repair |
| |
| Bankruptcy may destroy your credit. So why would you want to file for bankruptcy if you’re trying to repair your credit?For starters, bankruptcy may wipe out debts that have become unmanageable. These debts will drag your credit score down with each missed payment and inevitably destroy your credit. If you’re faced with debts that you can no longer pay you may not have any choice but to file for bankruptcy.If you qualify, bankruptcy can wipe out many of your debts and “clean the slate” so you can regain control of your finances. Bankruptcy is more a tool of debt relief than a tool of credit repair.You need to carefully weigh the pros and cons before filing for (read full article) |
| |
| |
| |
| Category :: Bankruptcy Articles |
Author :: John Campbell |
| |
| Article Title :: When Filing for Bankruptcy isn't the Answer |
| |
| If you feel like you’re hopelessly buried in debt and you have very few assets, filing for bankruptcy may not be the answer to ending your financial problems. In fact, it may make them worse.If you’re unemployed, on public assistance, have little or no money in a bank account, own an automobile, or rent or live with others, filing for bankruptcy may do little to improve your financial situation. If you’re already behind on payments to your creditors under these circumstances you may not even need the protection bankruptcy may provide.Creditors can’t strip you of your living necessities and can’t collect any money from you to pay off your debt if you don’t have it (read full article) |
| |
| |
| |
| Category :: Bankruptcy Articles |
Author :: John Campbell |
| |
| Article Title :: New Bankruptcy Laws Make Filing for Bankruptcy a Complicated Affair |
| |
| As of Oct. 17, 2005, The Bankruptcy Abuse Prevention & Consumer Protection Act of 2005 became law and the bankruptcy laws are no longer written in your favor. In fact, filing for bankruptcy protection has become more complicated than it ever was before.The now complex process of filing for bankruptcy is consumer unfriendly but quite rewarding to the credit card industry that lobbied hard for this “bankruptcy reform” bill. Despite enjoying windfall profits to the tune of some $30 billion in 2003, the credit card industry has convinced lawmakers that debtors regularly abuse the bankruptcy system. According to the credit card industry’s well-paid lobbyists, the bankruptcy laws (read full article) |
| |
| |
| |
| Category :: Bankruptcy Articles |
Author :: John Campbell |
| |
| Article Title :: New Bankruptcy Law Restrictions Lifted for Scores of Hurricane Victims |
| |
| Victims of both Hurricane Katrina and Hurricane Rita may now file for bankruptcy without many of the filing requirements facing most debtors today.The United States Department of Justice recently waived these new requirements for all residents of communities devastated by these hurricanes. The recently enacted Bankruptcy Abuse Prevention & Consumer Protection Act of 2005 would have prevented untold numbers of people displaced by the hurricanes from filing for the bankruptcy protection they may desperately need.Requirements that have been lifted for Katrina and Rita survivors include:• The means test
• Mandatory credit counseling
• Documentation to avoi (read full article) |
| |
| |
| |
| Category :: Bankruptcy Articles |
Author :: Christian N |
| |
| Article Title :: Bankruptcy Or Debt Settlement |
| |
| Bankruptcy or debt settlements often seem like the only options when financial pressures begin to build. The problem with choosing bankruptcy or debt settlements is that the decision has consequences that will effect the next seven to ten years of your life. Most people know that by choosing bankruptcy or debt settlements, they may have difficulty financing a home, car or any other large purchase. If you think you are not in the position to purchase these things anyway, which makes bankruptcy or debt settlement an attractive choice, consider this: many people have found it difficult to rent an apartment or secure a school loan because of a bankruptcy or debt settlement on their credit rep (read full article) |
| |
| |
| |
| Category :: Bankruptcy Articles |
Author :: Susan Dean |
| |
| Article Title :: Chapter 13 Bankruptcy: How It Effects Your Home |
| |
| There is no doubt that filing chapter 13 bankruptcy will effect your mortgage, but the question is what will it do? When you file, it will remain on your credit report for up to ten years. During that time, every time that you apply for any credit, from a home mortgage to a car loan to a simple credit card, the lender will see this on your credit report and will then need to decide if in fact they should give you credit. In many cases, the answer will be no. When it comes to purchasing a home, this large commitment may be that much harder to get.Options For IndividualsBut, there are options for many people who are in chapter 13 bankruptcy or have found themselves with th (read full article) |
| |
| |
| |
| |
| Prev 1 2 3 4 5 6 [7] 8 9 10 11 12 13 14 15 16 17 18 19 20 21 Next |
Article Categories
