Can I save my home from foreclosure?
Owing to the recession and economic shortfall, every American is finding it difficult to cope up with their financial situation. Almost 98% of the homeowners are on the verge of losing their homes. People are finding it hard to work out a probable solution for their problem. In order to save thousands of homeowners from [...]
What is Debt Means Test?
The incidence of bankruptcy filings and foreclosure is at an all time high and debt trapped people are taking all possible measures to wriggle out of the country’s “economic avalanche”, which has managed to knock out consumers from the driver’s seat. It is a well known fact that prior to the liquidity crunch, the economy [...]
Is it possible to file bankruptcy for free?
Filing bankruptcy is expensive and it cannot be filed for free. Under the new federal bankruptcy laws, credit counseling has been made mandatory. You are required to take credit counseling session at least 180 days prior to filing bankruptcy. And these classes are not free. You have to shell out approximately USD$60 for a class. [...]
Facts about GM bankruptcy
General Motors sought bankruptcy protection and filed Chapter 11 bankruptcy on June 1st 2009. GM’s filing bankruptcy followed on close heels of another auto giant Chrysler filing bankruptcy. GM is trying to emerge as a new company by filing bankruptcy. Reports suggest that this is probably the 4th largest bankruptcy filing in the history of [...]
Exemption from bankruptcy
Bankruptcy law can be quite confusing at times. This is because bankruptcy laws are made up of state as well as federal laws. Selecting the correct bankruptcy exemptions and using them to your benefit can be a challenging task. Although the federal government has the power to enact laws, it also empowers the states to [...]
Bill AB350 to affect modus operandi of debt settlement companies
More and more consumers are opting for debt settlement as they are wrestling with their debts. Debt settlement is usually opted for when you fail to get the desired results from debt consolidation or you have not qualified for bankruptcy. Filing bankruptcy has become increasingly difficult after the new federal bankruptcy laws were introduced in [...]
How to Declare yourself Bankrupt?
If you find it difficult to meet your minimum financial obligations every month and you have also fallen behind on your payments, it is time you try to strike a balance between your monthly income and expenses. How will you deal with debt collectors? And how will you consolidate your debts? Similar questions may be [...]
What are bankruptcy Courts?
Bankruptcy is a federal court procedure that helps you to address your debts under the supervision of a trustee appointed by the court. You can repay your debts either by selling your assets or making payments according to a repayment plan. The most common types of bankruptcy filed by consumers include Chapter 7 and Chapter [...]
What is the cost of filing bankruptcy?
When you are filing bankruptcy, you are also required to pay fees for the same. The filing fee has to be paid to the Clerk of Court for United States Bankruptcy Court. In case you are filing Chapter 13 bankruptcy, the fees you have to shell out is USD$274. If you are filing Chapter 7 [...]
How important is automatic stay in bankruptcy?
When you file bankruptcy under any Chapter of Bankruptcy Code, any action taken by a creditor, collection agency or any government entity can be stopped with the help of automatic stay. It is an injunction against any action taken by the aforesaid entities. It helps debtor and also protects their property under certain circumstances. In [...]
