June 03, 2009

Mortgage after Bankruptcy

Individuals wanting to obtain a mortgage after bankruptcy need to get their financial affairs in orders long before applying for a loan. Obtaining credit is considerably more difficult today than it was just a year ago. The banking industry meltdown caused lenders to tighten regulations. Individuals with excellent credit find it challenging to obtain mortgage loans. Those with poor credit don't stand a chance.

In order to qualify for a mortgage after bankruptcy, borrowers must establish a history of paying their bills on time. Housing costs are usually the largest expense people have. Financial experts suggest leasing a home with a monthly payment equivalent to a mortgage payment. Paying rent on time each month helps debtor's establish a track record.

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May 28, 2009 | Comments: 2

File Bankruptcy

In order to file bankruptcy debtors must follow established protocol set forth in the U.S. Bankruptcy Code. In 2005, Congress enacted new bankruptcy laws, making it much more difficult to file. Few people can undergo the process alone and will require the services of an attorney.

When people file bankruptcy they must undergo the 'means' test; a financial tool that determines how much debt must be repaid. The Bankruptcy Abuse Prevention and Consumer Protection Act require debtors must repay a portion of debts unless they earn less than their states' median income level.

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May 16, 2009

Bankruptcy Confirmation

Bankruptcy confirmation hearings are required when debtors file for protection under chapter 13. Also known as 'reorganization', this bankruptcy chapter requires debtors to submit a repayment plan to the judge. The confirmation hearing is required to determine if the repayment plan adheres to regulations set forth in the United States Bankruptcy Code.

The bankruptcy confirmation typically occurs within 45 days after the 341 creditors meeting. This meeting allows creditors to question the debtor regarding their ability to repay outstanding debts. Information is provided under oath. If the debtor provides falsified information they could potentially face jail time and are certain to have their bankruptcy request denied.

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April 04, 2009

Business Bankruptcy

Business bankruptcy filings are occurring at an unprecedented rate. Last year, bankruptcy courts reported a whopping 50-percent increase in filings over the previous year. Bloomberg.com, a worldwide provider of financial information, reports more than 18,000 businesses filed for bankruptcy protection during the first four months of 2008 alone. Unfortunately, the outlook is even gloomier for 2009.

Filing business bankruptcy requires the assistance of a qualified bankruptcy attorney. The new bankruptcy laws enacted in 2005 have made filing both personal and business bankruptcy nearly impossible. Known as the Bankruptcy Abuse Prevention and Consumer Protection Act, BAPCPA places numerous restrictions on financial constraints on business owners.

Real Estate Investing article on "Business Bankruptcy"

March 15, 2009

Chapter Eleven

Chapter eleven bankruptcy is used by corporations, partnerships and sole proprietors to reorganize business debts. Oftentimes referred to as 'corporate bankruptcy', Chapter 11 allows business owners time to restructure debt in an attempt to become a viable business.

During chapter eleven, businesses are allowed to continue normal operations. If the company is publically-held the reorganization plan must be provided to investors. Distribution of interest and principal payments to bondholders is prohibited during the reorganization phase. Stockholders are placed at the bottom of the list and unable to collect proceeds until creditors are repaid

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March 13, 2009

Fail Out of Bankruptcy

The term, 'fail out of bankruptcy' refers to the debtor's inability to adhere to their bankruptcy repayment plan. Personal bankruptcy includes Chapter 7 and Chapter 13. With Chapter 7, outstanding debts are discharged, while Chapter 13 allows debtors to reorganize their debt and repay it over an extended period of time.

One missed payment can cause a debtor to fail out of bankruptcy. When this occurs, creditors are allowed to petition the bankruptcy court and request dismissal. In most cases, the judge will allow the debtor to explain why they missed their payments. However, if the bankruptcy is dismissed creditors can commence with collection proceedings

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February 17, 2009

Bankrupt

The word 'bankrupt' refers to a person or business that is financially ruined. Both people and companies can rebound from being bankrupt, but their chances for success are limited if they don't take time to investigate what caused them to become bankrupt in the first place.

Today, there is an abundance of bankrupt people and businesses. From automakers and lending institutions, to the corner grocer and your neighbors. Everywhere you turn there is news of gloom and doom, a failing economy, and unemployed people

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February 03, 2009

Bankruptsy

Bankruptsy is one of the most common misspellings of the word 'bankruptcy'. Regardless of how you spell it, bankruptcy can provide relief for individuals and businesses struggling with outstanding debts.

There are six bankruptsy chapters including: 7, 9, 11, 12, 13 and 15. Personal bankruptcy chapters include 7 and 13. Chapter 9 and 11 are usually limited to businesses including corporations, partnerships and sole proprietors. Chapter 12 is reserved for farmers and fishermen; while Chapter 15 is used when debtors possess dual citizenship in a foreign country.

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January 23, 2009 | Comments: 1

File Bankruptcy Online

Many people would prefer to file bankruptcy online, but even with modern technology this option is not yet available. You can, however, locate bankruptcy forms and bankruptcy attorneys via the Internet. Important information regarding various bankruptcy chapters and the new bankruptcy laws can also be found online.

Although you can't file bankruptcy online, the Internet provides numerous tools and resources to assist with filling out forms and preparing financial calculations. Many people prefer to use bankruptcy software, while others prefer hiring a bankruptcy lawyer to help them prepare legal documents and represent them in court.

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January 13, 2009

Bancruptcy

Bancruptcy is a common misspelling for the word 'bankruptcy'. Regardless of how you spell it, the thought of facing bankruptcy generally conjures up fear, anxiety, stress and shame. It's important to realize millions of Americans are currently in the same financial boat. With endless economic upheaval and skyrocketing unemployment rates, the entire country is on the verge of bancruptcy.

The good news is bancruptcy provides the opportunity to reduce or eliminate outstanding debts and start afresh with a clean financial slate. The bad news is new bankruptcy laws were implemented in 2005; making it considerably more difficult to obtain full discharge of debts.

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January 02, 2009

Mortgage Bankruptcy : Understanding Before You Fail Out of Bankruptcy

Mortgage bankruptcy refers to the 'Conyers Bill' which was enacted by legislation in 2007. The mortgage bankruptcy bill is highly controversial because it modified the new bankruptcy laws which took effect in 2005.

The mortgage bankruptcy bill requires borrowers to provide evidence they are incapable of obtaining the financial means to become current on delinquent mortgage payments to stop foreclosure.

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December 19, 2008 | Comments: 1

Bankruptcy Information

There is plenty of bankruptcy information available these days. Considering more than 1 million people have filed for bankruptcy protection this year, many Internet marketers are capitalizing on this top-ranking keyword. The problem is, much of the information is used solely for profit and not to provide sound advice.

In order to obtain accurate bankruptcy information, it is important to go to the source. Bankruptcy filings are overseen by the U.S. Trustee Program which is a division of the U.S. Department of Justice. The Trustee Program website provides comprehensive bankruptcy information and resources to help debtors determine if bankruptcy is their best option.

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December 15, 2008 | Comments: 1

Chapter 13 Bankruptcy Attorney Will They Clear Up Debts?

In the past, hiring a Chapter 13 bankruptcy attorney was as simple as opening a phone book. Today, it isn't quite as easy. When the new bankruptcy laws went into effect in 2007, a provision was included which requires lawyers to attest to their clients bankruptcy petitions. In a nutshell, this provision requires lawyers to state they believe their clients' petition is necessary. If clients are not completely honest when providing details about their financial situation, the attorney assumes significant risk.

Today, retaining the services of a chapter 13 bankruptcy attorney is more costly. In addition to the above mentioned risk, the Bankruptcy Abuse Prevention and Consumer Protection Act (BAPCPA) require lawyers to engage in additional casework to ensure their clients have a legitimate need to file for bankruptcy protection. This has resulted in higher legal fees; making it more difficult for average Americans to obtain appropriate counsel.

Real Estate Investing article on "Chapter 13 Bankruptcy Attorney"

December 13, 2008

Bankrupsy

Deciding to file bankrupsy is never an easy choice. However, if personal bankrupsy is the only option left, it is best to become as informed about the process as possible. Doing so will help reduce the stress associated with filing bankruptcy and help you stay focused on the task at hand.

A key element of bankrupsy is understanding the new bankruptcy laws enacted in 2005. The Bankruptcy Abuse Prevention and Consumer Protection Act was put into place as a way to protect both consumers and creditors

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November 29, 2008

Credit Card Bankruptcy

Credit card bankruptcy refers to debtors who have filed for bankruptcy protection due to the inability to repay credit card debt. Experts claim approximately 35-percent of bankruptcy filings are caused by overwhelming credit card debt. Nearly two-thirds of Americans admit their main reason for filing bankruptcy was due to poor money management and misuse of credit cards.

The staggering amount of credit card bankruptcy filings caused Congress to enact new bankruptcy laws in 2005. President Bush signed the Bankruptcy Abuse Prevention and Consumer Protection Act in order to reduce credit card bankruptcy filings

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November 05, 2008

Bankrupcy

Bankrupcy filings are occurring at unprecedented rates. With the ever-growing credit crisis and increased unemployment, many Americans are facing challenging financial times. For many people, bankrupcy is the only alternative to save their home from foreclosure.

There are numerous reasons people file bankrupcy. At the top of the list is subprime lending and lack of adequate health insurance. Chronic illness and mounting medical bills can quickly cause a person to go bankrupt. Other causes of bankruptcy include loss of employment, death of a spouse and living outside your means.

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November 02, 2008 | Comments: 1

Going Bankrupt is it Easier to Consolidate Debt?

Americans are going bankrupt at an unprecedented rate. The failure of Fannie Mae and Freddie Mac has set off an avalanche of consumer panic. Unemployment rates are skyrocketing, business doors are closing, consumer spending has hit an all-time low and bankruptcy filings are going through the roof.

It's not only U.S. citizens going bankrupt. It's the entire world economy. Changes need to be made quickly in order to maintain any stability in worldwide markets. Otherwise, the entire global economy will be going bankrupt and we will be in much worse shape than we are now

Real Estate Investing article on "Going Bankrupt "

October 28, 2008

New Bankruptcy Laws Will Make it Tougher for Consumers to Clear Debts

New bankruptcy laws enacted by Congress in 2005 have changed the way consumers, businesses, corporations and farmers obtain protection from creditors. The Bankruptcy Abuse Prevention and Consumer Protection Act (BAPCPA) includes provisions which require debtors to engage in credit counseling and undergo the process of the 'means' test.

Under the new bankruptcy laws, filing for bankruptcy has become considerably more complex and costly. BAPCPA was enacted to prevent consumers from racking up large amounts of debts, than filing bankruptcy to avoid repayment. However, the strict provisions have made it difficult for individuals who require debt relief caused by mounting medical bills and inflated mortgage payments.

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October 20, 2008

Bankruptcy Attorneys: Who do You Trust?

Bankruptcy attorneys specialize in helping individuals and business owners obtain relief from debt. The new bankruptcy laws implemented in 2005 caused many bankruptcy attorneys to turn to new areas of law. Reason being the Bankruptcy Abuse Prevention and Consumer Protection Act has made filing bankruptcy so difficult many attorneys opted out of the profession.

Bankruptcy attorneys who continued in the field are now charging considerably higher fees. BAPCPA requires considerable documentation, administration of the 'means' test to determine clients' eligibility, and strict deadlines to adhere to. The process is complex, time-consuming and requires considerably more man-hours.

Real Estate Investing article on "Bankruptcy Attorneys "

October 18, 2008

Chapter 11 Reorganization for Assets Over a Million Dollars.

Chapter 11 bankruptcy is typically reserved for corporations and partnerships and allows for reorganization of company debts. Individuals with high levels of debts are also allowed to file for Chapter 11 protection. However, the majority of personal bankruptcy cases are filed under Chapter 13; particularly when debtors desire to retain assets and repay outstanding debts.

Oftentimes, when a business files for Chapter 11 bankruptcy protection, company assets are sold to compensate vendors. Depending on the circumstances, a bankruptcy judge or court Trustee will dictate which assets are sold and which ones can be retained in order for the company to continue functioning. It is generally in everyone's best interest to allow the company to retain assets which allow the company to generate revenue and protect employee jobs throughout the bankruptcy process

Real Estate Investing article on "Chapter 11 "

October 12, 2008

How to File Bankruptcy

Are you confused about how to file bankruptcy? You aren't alone. The new bankruptcy laws enacted in 2005 have created a tremendous amount of confusion and complexity. The Bankruptcy Abuse Prevention and Consumer Protection Act implemented strict rules and regulations, making it difficult to file personal or business bankruptcy. BAPCPA stipulates all debtors must engage in credit counseling prior to petitioning the court for bankruptcy protection.

Understanding the intricacies of how to file bankruptcy generally requires the services of a qualified bankruptcy attorney. While hiring a lawyer is not required by law, few people possess the fortitude to undergo the bankruptcy process on their own. The complexities of BAPCPA could place debtors who file without legal representation at risk for having their petition rejected

Real Estate Investing article on "How to File Bankruptcy "

October 03, 2008

Chapter 11 Bankruptcy Reorganization

Chapter 11 Bankruptcy is oftentimes referred to as "reorganization" bankruptcy. Although Chapter 11 is available to individuals and businesses, it is typically reserved for those with high levels of debt. Two prime examples of large corporations seeking Chapter 11 bankruptcy protection include American International Group (AIG) and Lehman Brothers Holdings, Inc.

Chapter 11 bankruptcy provides debtors the opportunity to retain assets through the structure of a repayment plan. Once individuals and business entities receive Chapter 11 bankruptcy protection their finances are supervised by the court.

Real Estate Investing article on "Chapter 11 Bankruptcy"

September 28, 2008

Filing Bankruptcy may Stop Foreclosure

Filing bankruptcy is an important decision that has far-reaching effects. Although personal bankruptcy can help consumers get back on track financially, other debt elimination plans should be attempted when possible. Bankruptcy alternatives include debt consolidation, debt settlement, credit counseling and budgeting.

When filing bankruptcy is the only option, it is important to understand the pros and cons of this action. When debtors petition the bankruptcy court, an "automatic stay" is put into place. The stay prevents creditors from moving forward with debt collection and will temporarily stop foreclosure. However, when people file bankruptcy to prevent losing their home, they must continue making mortgage payments until their repayment plan is approved by the court.

Real Estate Investing article on "Filing Bankruptcy "

September 22, 2008

Bankruptcy: Financial Failure and Mountains of Debt.

For many Americans, bankruptcy is the only alternative they have to save their financial assets and personal belongings. While most people view bankruptcy as financial failure, nothing could be further from the truth.

Bankruptcy can be traced back to the Old Testament of the Bible. According to Moses Laws, every 50 years all debts are eliminated. Additionally, the Hebrew law of Forgiveness instructs a release of debt every seven years. Unfortunately, this belief has not carried over to Americans and millions of people are facing foreclosure, loss of valuable assets and complete financial ruin

Real Estate Investing article on "Bankruptcy"

September 15, 2008

Bankruptcy Alternative for Bankruptcy Protection

Every bankruptcy alternative should be explored before filing personal or business bankruptcy. Filing any bankruptcy chapter will have long-lasting and detrimental effects on your credit. In most cases, bankruptcy will remain on your credit report for up to a decade. Ten years is a long time to be punished for financial mishaps.

To determine which type of bankruptcy alternative is best suited for your needs, you will need to conduct a bit of research. Several alternatives to bankruptcy exist including debt consolidation, debt settlement, credit counseling and budgeting.

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August 21, 2008

Personal Bankruptcy may stop foreclosure.

Personal bankruptcy includes Chapter 7 and Chapter 13 of the United States Bankruptcy Code. Chapter 7 eliminates outstanding creditor debts through liquidation of assets, while Chapter 13 allows individuals to retain assets through restructure of payment to creditors.

Many Americans file personal bankruptcy when they are no longer able to keep pace with their financial responsibilities. Oftentimes, people are thrown into bankruptcy due to unemployment, medical issues, divorce or death of a spouse. Other times, bankruptcy is brought on due to reckless and irresponsible spending habits.

Real Estate Investing article on "Personal Bankruptcy "

July 03, 2008 | Comments: 2

Avoid Bankruptcy

People should avoid bankruptcy whenever possible. It is a life-altering experience that affects a person's credit history for years and can bankrupt emotions and self-confidence for a lifetime. Most people believe bankruptcy can wipe their financial slate clean. However, few people realize the underlying consequences and negativity associated with the bankruptcy process.

Options are available to avoid bankruptcy. One of the most efficient options is debt consolidation. Using debt consolidation to avoid bankruptcy can reduce owed debt by 40- to 60-percent and help individuals obtain a clean credit report once outstanding debts are paid in full.

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April 29, 2008

Chapter 13 Payments

Chapter 13 payments are established as part of Chapter 13 bankruptcy filing. The debtor must make regular payments directly to an assigned Trustee who oversees the case. The Trustee will then disperse payments to creditors until accounts are paid in full. In some instances, chapter 13 payments can be made through payroll deductions if approved by the bankruptcy court.

Once bankruptcy has been approved, chapter 13 payments are outlined in the debtor's repayment plan. Regular payments are made to repay creditors, tax liens and if the debtor owns a home, chapter 13 repayment plans can help stop foreclosure.

Real Estate Investing article on "Chapter 13 Payments"

March 01, 2008

Chapter 13 Bankruptcy may not be the right option.

Chapter 13 Bankruptcy is the most common type of bankruptcy filed in the United States. Also known as Wage Earner's Plan, Chapter 13 allows individuals to retain their possessions and repay their debts over a period of three to five years.

Individuals facing foreclosure oftentimes file Chapter 13 Bankruptcy in an effort to save their home. Filing Chapter 13 can stop foreclosure proceedings; however, the individual must continue making mortgage payments in a timely fashion.

Real Estate Investing article on "Chapter 13 Bankruptcy may not be the right option."