It used to be that if for whatever reason, you found yourself drowning in a sea of debt, you could always depend on filing for bankruptcy as your last lifeline to solvency. The new bankruptcy law, effective as of October 2005, changes all of that.

Chapter 7 bankruptcy is a process in which a debtor's assets are collected and turned into cash. This cash is used to pay off creditors they owe. Some assets can be protected, such as a house. The final result of Chapter 7 is relief from debt for the individual or married couple filing for bankruptc

Don't over use credit cards.bank statment and cut credit card image by Warren Millar from Fotolia.comIncreased consumer debt is an ever-growing problem worldwide. Millions of individuals who find themselves in debt are struggling to get out of it, but it's a process that won't happen...

The debt relief you can benefit from as a result of declaring bankruptcy is immense. The stark reality is that when you declare bankruptcy your credit is going to suffer, and there are going to be a plethora of negative financial consequences that you may be able to avoid if you can consider some of

1967 year marks the introduction of bankruptcy in the US markets. The act at that time was the revised to meet the present financial demands and the requirements of the debtors in 1988. Bankruptcy is ...

Bankruptcy is considered to be the last remedy for you. It is concluded by the professionals and the experts also. Hence, try to avoid filing this and opt for other options.

The disturbing economic scenario of the present time has been the reason for people considering a loan for coping with their expenses. At times, people may fail to pay off the outstanding debts they owe to their creditors and consider filing a bankruptcy petition to get out of the mess. At such time

Getting a mortgage loan isn't easy for everyone. Some people excitably complete and submit their home loan application, only to receive a rejection from their lender. Lenders consider countless factors when approving and denying mortgage applications. Knowing what lenders expect can help you overcom

According to the 2010 Federal Reserve's G.19 report on consumer credit, American consumer debt is $2.4 trillion. A systematic approach to debt reduction can improve a person's financial situation, and by extension, his quality of life. There are several tactics to achieve debt reduction, and one or

First of all, let me clarify one thing that there is no such legal term as medical bankruptcy. This term is one of the most commonly misunderstood terms in medical finance. What this term actually denotes is bankruptcy which a person had to file due to his inability to pay his medical bills.

During the past 2 years there have been lots of changes in the lending industry. No longer can you easy get approved for a home loan if you have bad credit. Due to the record ...

A company's top leadership reviews corporate liquidity levels and ensures that such levels are adequate to fund operating activities in the short term and long term. Senior executives usually finance a firm's operations through debt and stock issuance.

If you've lived in Ohio for at least 180 days and cannot keep up with your debts, you might decide to file for debt relief with your local bankruptcy court. Most Ohio residents who file bankruptcy choose for permanent forgiveness of eligible debts through Chapter 7 or repay some of their...

Most non-secured lines of credit can be included in a Chapter 7 bankruptcy filing and successfully discharged. This is especially true for credit card debt. However, there are a few instances in which credit card debt may not be discharged under Chapter 7. When these issues arise, the credit card

If you owe a secured debt and stop making payments, the creditor has the right to repossess the collateral you used to secure the debt. Unsecured debts, however, are not that simple for creditors to recover. Pennsylvania, like all states, has a specific set of laws regarding what...

The current US government under the guidance of president Obama, tries its best to provide debt relief for the Americans who are debt ridden. Underneath their every reform, every action lays the need of reducing the amount of persons who are filing bankruptcy cases. Why does so much emphasis or conc

When you file for Chapter 13 bankruptcy, the bankruptcy court does not expect your income to be set in stone for the entire bankruptcy period. Variations in income can prompt you to petition the bankruptcy court for a modification of your repayment plan. his can result in lower monthly payments, or

There are many different things that need to be considered when looking to survive, and even thrive, financially. A good financial survival guide can help people through even the most trying of financial times.

Filing bankruptcy allows a debtor to have his financial liabilities discharged and to make a fresh start. Most individuals file Chapter 7 bankruptcy. For the most part, Chapter 7 filers do not go to court and never see a judge unless there is an objection placed by one of their creditors. Chapter 7

Discusses the means test as it will be applied under the new bankruptcy law, and why more people will be forced into Chapter 13 versus Chapter 7. Explains in simple language how the calculations will work, with examples for illustration.