Welcome to Bankruptcy Guide
Bankruptcy Article
. For a permanent link to this article, or to bookmark it for further reading, click here.
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.
Bankruptcy News
Houghton Mifflin files for bankruptcy - San Francisco Chronicle
 Christian Science Monitor | Houghton Mifflin files for bankruptcy San Francisco Chronicle publishing Houghton Mifflin files for bankruptcy Houghton Mifflin Harcourt Publishing Co., the publisher of authors from Mark Twain to JRR Tolkien, sought bankruptcy protection to eliminate more than $3 billion in debt. More than 20 affiliates also ... Houghton Mifflin files for bankruptcy protection Houghton Mifflin Harcourt Publishing Files for Bankruptcy Houghton Mifflin files Chapter 11 bankruptcy |
Record number of school districts in state face bankruptcy - Los Angeles Times
Record number of school districts in state face bankruptcy Los Angeles Times Pummeled by relentless budget cuts, a record number of California school districts are facing bankruptcy, state Supt. of Public Instruction Tom Torlakson announced Monday. The Inglewood Unified School District and 11 others -– most in northern ... |
Bankruptcy claim survives against former Erie debt collector - GoErie.com
Bankruptcy claim survives against former Erie debt collector GoErie.com By ED PALATTELLA, Erie Times-News As he attempts to pay off his debts through bankruptcy, the former president of a now-defunct Erie debt-collection agency still must face challenges from the state Attorney General's Office. A judge in US Bankruptcy ... |
Elpida's Bankruptcy is Great News for Remaining DRAM Players, IHS iSuppli Says - Hot Hardware
Elpida's Bankruptcy is Great News for Remaining DRAM Players, IHS iSuppli Says Hot Hardware However, relief is in sight, according to IHS iSuppli, which claims that the DRAM market's woes are over thanks in large part to Elpida's bankruptcy. IHS iSupply forecasts DRAM revenue will reach $30.6 billion this year, up 3.3 percent from $29.6 ... |
Reno's Silver Legacy casino in bankruptcy protection - Modesto Bee
 News10.net | Reno's Silver Legacy casino in bankruptcy protection Modesto Bee By Dale Kasler With a big push from Northern California's Indian casinos, one of Reno's largest casinos has fallen into Chapter 11 bankruptcy protection. The Silver Legacy, once hailed as the savior of Reno's troubled casino industry, ... MGM Property Files for Bankruptcy Silver Legacy the latest gaming property to seek a fresh financial start Reno's Silver Legacy Resort files for bankruptcy |