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December 22, 2010
If you are considering filing chapter 13 bankruptcy it is crucial to take time to become educated about the process. Obtaining debt help through personal bankruptcy is not an easy or inexpensive process. The majority of people who use this strategy to reduce financial burdens often find it causes more harm than good.
Filing chapter 13 bankruptcy requires debtors to retain the services of a bankruptcy lawyer. This can be expensive because new bankruptcy laws require lawyers to certify that all financial information provided is truthful and accurate.
December 17, 2010
Filing Chapter 13 bankruptcy is an important decision. While it is true debtors can obtain debt relief through personal bankruptcy, the process is costly and often leads to additional financial stress.
Filing Chapter 13 bankruptcy is a complex process which requires debtors to hire a bankruptcy lawyer to ensure compliance with the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005.
May 16, 2009
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.
December 07, 2008
Debt settlement provides a bankruptcy alternative to individuals able to pay a portion of their outstanding debts. Debt settlement companies negotiate with creditors to reduce the amount of outstanding balances. In some cases, debts can be reduced by as much as 60-percent.
Using debt settlement can adversely affect the debtor's credit rating. However, it is not as detrimental as filing bankruptcy. Both personal and business bankruptcy remains on your credit report for ten years, while the effects of debt settlement are temporary.
September 15, 2008
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.