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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.
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.
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
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.
September 05, 2008
Debt consolidation is financial strategy which can be used to reduce outstanding debts. As more people face financial hardships such as foreclosure and bankruptcy, they are turning to debt consolidation programs. The question is, do they really work?
Various types of debt consolidation exist including consolidation loans, home equity loans, home equity line of credit, debt settlement, credit counseling and bankruptcy. It is important to determine which type of consolidation plan is best suited for your situation and understand the risks involved.
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.