5 result(s) displayed (1 - 5):
March 13, 2009
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
February 03, 2009
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.
January 13, 2009
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.
September 22, 2008
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
August 21, 2008
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.