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January 26, 2011
The word 'debtor' refers to a person who owes money to a lending institution or private individual. People and companies that lend money are referred to as creditors. This can encompass banks, credit unions, credit card companies, department stores, and private funding sources such as hard money lenders, family or friends.
In the financial world, debtor can also be referred to as borrower or mortgagor. The latter is used in deed of trust contracts and mortgage notes. These descriptions are interchangeable, but also refer to the persons who borrowed funds and are responsible for repayment of outstanding debts.
December 19, 2008
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.
November 29, 2008
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
November 05, 2008
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.
November 02, 2008
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
October 28, 2008
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.
October 12, 2008
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
September 28, 2008
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.