Bankruptcy is a legally declaration and status of any one, a person or any other entity, declaring their inability to pay off the debts to their creditors. Bankruptcy can be filing in court and the declaration is usually followed by an order imposed by the same. In majority of the cases, bankruptcy is declared and filed in court by the debtors. Bankruptcy, sometimes is confused with insolvency. It is to be remembered that Bankruptcy often concerned individuals whereas insolvency is … [Read more...]
How will bankruptcy affect my credit?
Are you considering filing for bankruptcy and, if so, are you under the impression that your credit rating will be ruined forever? Filing for bankruptcy is never a pleasant experience but it’s not the end of the world. You may wonder what happens to your credit score after filing for bankruptcy. That depends on its condition before bankruptcy. If it was already low due to delinquent credit accounts, filing bankruptcy won’t make that much difference. If your score was a healthy number like, … [Read more...]
3 Things you need to know about bankruptcy
If you have been struggling paying your debts, got no other source of income to pay off them within a reasonable time, then you might consider the idea of filing for bankruptcy. Before, you do you need to know basic things about it. Read on. What is Bankruptcy? Bankruptcy is a type of insolvency wherein a person have himself declared as bankrupt by the court. There are two types of bankruptcy under the law. There is the Chapter 7. This one a person will have his debts all wiped out … [Read more...]
What Is the Difference Between Chapter 7 and Chapter 13 Bankruptcy?
Many people struggle for years under mountains of debt, never dreaming that bankruptcy could help them to get back on their feet again. Many people are reluctant to seek legal advice when they’re considering bankruptcy because they look at it as one more bill they’ll owe, not as a way to get out from under their nagging debts. While bankruptcy laws are complex, and there are many different kinds of bankruptcy, for the most part, the average person only needs to know about Chapter 7 and Chapter … [Read more...]
What is bankruptcy?
Bankruptcy is a word that can carry a lot of stigma with it. This is largely due to the fact it can be a severe black mark on your credit report that lasts for years and can affect your ability to qualify for many things. However, on the other hand, bankruptcy is also a way for people who have poorly managed their money and gotten too far into debt to get a fresh start. There are six chapters of law that govern bankruptcy and determine the specific qualifications under which a person or entity … [Read more...]