When a person falls into debt, he has options as to how he can manage this debt. If the person has a home loan, he may be able to refinance the loan into one with terms that are more manageable. If the person has multiple outstanding debts, he may also be able to trade these debts to a finance compa

The decision of whether to consolidate your debts or declare bankruptcy should be made with the help of a bankruptcy attorney. Bankruptcy gives you a fresh start, while debt consolidation can keep you in the hole forever.

Building your credit score takes time. During the building process, avoiding negative reporting is a must. Focusing on maintaining positive relationships with your creditors is your primary goal. As long as your creditors report your payment history to the three major credit bureaus, your score will

Applying for a mortgage after bankruptcy is something that needs to be done in a timely manner, and will require patience.The majority of mortgage lenders will require you to wait at least 2 years following your bankruptcy discharge date before considering your application.However, you may be able t

Bankruptcy is used by people in debt who are having trouble dealing with creditors. It allows a debtor to place himself under the legal protection of the courts against a creditor's actions, such as lawsuit or garnishment. Chapter 13 bankruptcy allows the debtor to work out a repayment plan so that

Bankruptcy provides consumers with a legal way to handle overwhelming debt either by discharging debt so that it never has to be paid back or by reorganizing debt into a more manageable repayment plan. Whether or not you discharge or repay debts depends on the results of the Means Test, which compar

A lien is, in short, a claim by a creditor on the property or assets of a debtor. When an individual files for bankruptcy, some liens that could otherwise be collected upon can become avoidable through details of the Bankruptcy Code.

Chapter 13 cases are hard for anyone, especially someone accustomed to a certain lifestyle. Chapter 13 debtors are on tight budgets, and unless your boat is paid in full, the court will probably not let you keep it.

Filing for bankruptcy is a major financial decision that can affect you for the rest of your life. Individuals commonly file for bankruptcy under Chapter 7 or Chapter 13 of the U.S. Bankruptcy Code. Chapter 13 bankruptcy is used by those with income for a repayment plan who wish to keep their assets

When you file for bankruptcy, Chapter 7 or Chapter 13, there are some events that will allow you to keep your home. Unfortunately, there are things that will cause you to lose your home as well. Before you file a petition for bankruptcy, make sure you understand all probable outcomes. Get a bankrupt

Following the last ten years where the government has actively encouraged borrowing, we are facing an insolvency crisis. Many families and individuals have been using their credit cards to pay for day-to-day spending, which has resulted in huge debts.

After filing for Chapter 7 bankruptcy many people suddenly find themselves in need of transportation. While it is best to wait as long as possible to obtain new lines of credit, there are some situations where waiting just isn't an option. If you, or someone you know, needs a vehicle after filing fo

Since the financial markets bolted down in 2008, it seems that nothing is really getting much better. Unemployment is staying right around 10% and the funny thing about that is the way it's reported is that it only counts the people that are receiving unemployment benefits. If you consider all

Anyone who has ever gone through the emotional pain and stress associated with bankruptcy will tell you that bankruptcy was not something they 'planned' or considered to be a part of their future plans. You CAN take control.

Whether you owe the Internal Revenue Service or a credit card company money that you cannot afford to pay, you can apply for several types of federal debt relief. Not all taxes are eligible for bankruptcy, so in some cases you must apply for a payment plan directly with the taxation agency. Business

Becoming debt free is the dream of many people who suffer from large amounts of debt on a regular basis. Several legal avenues exist to help eliminate your debt and become debt free. Among them are debt consolidation, debt settlement and the debt snowball.Debt ConsolidationDebt...

Overwhelmed about how to file bankruptcy? If so, you are not alone. The Bankruptcy Abuse Prevention and Consumer Protection Act (BAPCPA) was enacted by Congress in 2005 to reduce the number of bankruptcies filed by ...

After accumulating a large amount of debt, filing for bankruptcy might be the only way that you can get out of it. If you suffer from extenuating circumstances that will not allow you to repay your debt according to the terms of your agreements with creditors, bankruptcy can give you some help in th

The decision to file for bankruptcy protection can be a stressful one. The process is actually painless, but you don't know that from the get go. This leads to sleepless nights as you wonder what ...

If you do not pay your bills as promised, creditors can sue you and in some cases even garnish your wages. While filing personal bankruptcy protects you against the financial consequences of some lawsuits, it cannot resolve every type of financial problem you have. The Bankruptcy Abuse Prevention an