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A Very Personal Bankruptcy
from:Filing a personal bankruptcy is a major decision and one that only you can make. It’s no secret that it can have long term consequences on your credit. But the question to ask yourself is whether those consequences are better or worse than the consequences of debt spiraling out of control. It doesn’t take long for people to discover that debt only gets worse when ignored.
A personal bankruptcy is called “personal”, because it applies to an individual and not a business. It’s also very personal, because the bankruptcy is structured to meet your particular circumstances. But having said that it’s also necessary to recognize that there are specific laws that define bankruptcies in terms of what’s allowed and not allowed. For personal bankruptcies, you can file a chapter 7 for liquidation or a chapter 13 for a repayment plan.
A personal bankruptcy can do some things to help people deal with their debt, but there are other things outside its realm of control according to law. For example, a personal bankruptcy cannot erase all types of debt. These debts include child support, court ordered payments and criminal fines. The attorney will negotiate with the IRS to determine which tax debts can be eliminated. Also, any debt you create after the bankruptcy is not grandfathered into the order. On top of that, a creditor can make you give up any collateral you used to secure debt instead of just accepting payments.
The good news is that a personal bankruptcy can do lots of great things to make your life easier and give you a new start. Excessive debt feels like you’re carrying hundreds of pounds around on your shoulders all the time. Filing a bankruptcy takes most of that weight off.
There are plenty of good results you will experience as a result of filing bankruptcy. One of the best is the fact that most of your debts are discharged. That means you no longer have the debt and don’t have to pay it. A bankruptcy can prevent your house or car from being taken in a foreclosure or repossession. If you waited to file long enough to have your utilities turned off, they will probably be restored. There are other benefits too, and it is the job of your attorney to make sure you get the most financial relief allowed by the law.
Filing a bankruptcy can actually help your credit if your credit is already virtually ruined. That’s because a personal bankruptcy wipes out the debt you owe and lets you start again with a clean slate. If you work and save money and make timely payments on remaining debts, in all likelihood you will be able to begin rebuilding your credit within a few months of the final bankruptcy discharge.
A personal bankruptcy can remain on your credit history for 10 years. You cannot file another bankruptcy for 4 years on a chapter 7 and for 8 years on a chapter 13. Filing a bankruptcy is a long term decision with near term benefits. A bankruptcy attorney can help you start over again with a new financial life.
Refinance After Bankruptcy News
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Five proposals to solve $1 trillion college loan crisis - USA TODAY
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Madison 92nd Street wins confirmation - The Deal Pipeline
 The Deal Pipeline | Madison 92nd Street wins confirmation The Deal Pipeline by Hayley Kaplan | Published May 21, 2012 at 4:50 PM Madison 92nd Street Associates LLC is ready to exit bankruptcy after a contentious case that included the sale of its New York hotel. Judge Stuart M. Bernstein of the US Bankruptcy Court for the ... |
In re TOUSA, Inc.— Eleventh Circuit Reinstates Widely Criticized Fraudulent ... - JD Supra (press release)
In re TOUSA, Inc.— Eleventh Circuit Reinstates Widely Criticized Fraudulent ... JD Supra (press release) In January 2008, less than six months after closing the Refinancing, the Debtors were forced to file their bankruptcy cases due to the catastrophic downturn in the residential real estate market and the related inability of the Debtors and their ... |
Dippin' Dots hopes for a comeback after bankruptcy filing - Detroit Free Press
Dippin' Dots hopes for a comeback after bankruptcy filing Detroit Free Press The self-proclaimed "Ice Cream of the Future" apparently will have a future after all. Dippin' Dots LLC, created last month by investors from Oklahoma, will ask the US Bankruptcy Court in Louisville, Ky., on Wednesday for permission to take over the ... |