by: Ken Austin
Types Of Bankruptcy
There are two different types of bankruptcy that can be used in most cases.
Each one has a different set of rules and guidelines that you must follow in order to qualify for and get the bankruptcy.
If you are considering bankruptcy, it is important to understand the differences in these types of bankruptcy and to choose the one that best fits your needs and the one that you qualify for.
Chapter 7 Bankruptcy
This is the type of bankruptcy that is most often used by individual debtors.
It allows for an individual or married couple to wipe out their debt by taking property and liquidating it.
The money from the property is then used to pay off the debt that the individual has incurred.
In some states, certain property can be retained.
Only property that is exempt under the bankruptcy laws is eligible.
In most cases, it will be cars and homes that are in good standing with their creditors.
In some states, you will lose your home.
This is the fastest way to get out of debt but one that is going to wipe you clean of assets.
Chapter 13 Bankruptcy
In this type of bankruptcy, the debtor and creditor work out a plan that allows the debtor to pay off their debt in a payment plan.
Most of the time, this process will happen through the paycheck of the individual.
As long as the payment plan is in effect, the creditor will not take your home or possessions and you will not lose them.
It is a good thing for those creditors that would have lost more if a Chapter 7 were filled and a good thing for the debtor because they can work on improving their overall credit.
Determining which type of bankruptcy is the right choice for you is difficult.
If you can afford to pay off the debt through a Chapter 13, it is likely to do the least amount of damage to your credit.
A Chapter 7 will remain on your credit report for up to ten years.
Nonetheless, it is wise to talk to your attorney about which type of bankruptcy is the right choice for your needs.
About The Author
Ken Austin is the webmaster at
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Do You Need Bad Credit Help
Do You Need Bad Credit Help
by: Jeff Schuman
Do you need bad credit help? Are you one of thousands with no credit and no collateral to help secure approval, or you just have extremely bad credit and no one wants to help you, and all you hear is stories and more stories?
Bad credit is a term used to describe a poor credit rating. Common practices that can damage a credit rating include making late payments, skipping payments, exceeding card limits or declaring bankruptcy. Bad Credit can result in being denied credit.
Bad credit can result in a negative rating from the credit reporting agencies. Many factors can contribute to someone getting a "bad credit" rating, among these are non-payment of an account or late payments over an extended length of time. Whether non-payment of an account is willful or due to financial hardship, the result can be the same, a negative rating which will result in a low credit score. However, lenders...
Do You Need Bad Credit Help
Bankruptcy > Do You Need Bad Credit Help
Is Bankruptcy The Right Option for You?
Is Bankruptcy The Right Option for You?
by: Ken Austin
Types Of Bankruptcy
There are two different types of bankruptcy that can be used in most cases.
Each one has a different set of rules and guidelines that you must follow in order to qualify for and get the bankruptcy.
If you are considering bankruptcy, it is important to understand the differences in these types of bankruptcy and to choose the one that best fits your needs and the one that you qualify for.
Chapter 7 Bankruptcy
This is the type of bankruptcy that is most often used by individual debtors.
It allows for an individual or married couple to wipe out their debt by taking property and liquidating it.
The money from the property is then used to pay off the debt that the individual has incurred.
In some states, certain property can be retained.
Only property that is exempt under the bankruptcy laws is eligible.
Bankruptcy > Is Bankruptcy The Right Option for You?
How To Avoid Bankruptcy & Get Out Of Debt Faster Using Debt Negotiation!
How To Avoid Bankruptcy & Get Out Of Debt Faster Using Debt Negotiation!
by: Kris Bickell
Has credit card debt got you thinking about bankruptcy?
You?re not the only one these days. Even with the new bankruptcy laws, credit card debt continues to climb. Unfortunately for most of us, our paychecks don?t climb as quickly.
If you?re on the verge of bankruptcy, you may have another alternative.
Debt negotiation is a process where you negotiate with your creditors to pay off your debts at a reduced amount ? for example, if you owe $12,000, you can negotiation a payoff of $5,000. The benefit for the creditor is that they get more money than they may have through bankruptcy, and they get the money sooner. The benefit for you is obvious ? you get out of debt faster, and save lots of money in interest.
Where do you get the money to pay off the debt?
Take the money you would have normally used to pay your credit card bills, put...
How To Avoid Bankruptcy & Get Out Of Debt Faster Using Debt Negotiation!
Bankruptcy > How To Avoid Bankruptcy & Get Out Of Debt Faster Using Debt Negotiation!
Debt Consolidation Scam Claims Repayment UnnecessaryDebt Consolidation Scam Claims Repayment Unnecessary
Debt Consolidation Scam Claims Repayment UnnecessaryDebt Consolidation Scam Claims Repayment Unnecessary
by: Charles Essmeier
Most Americans have a problem with debt; the fact that the average household owes nearly $10,000 on their credit cards makes that pretty clear. And with interest rates and minimum credit card payments rising, consumers are finding their bills harder to pay each month. In years past, those who cannot repay their bills would often resort to filing for bankruptcy.
But last year's Bankruptcy Abuse and Consumer Protection Act makes filing for bankruptcy more difficult and expensive than ever. What is someone with a debt problem to do? Credit counseling? Debt consolidation? Something else?
According to a new company that has been issuing press releases, the consumer can simply walk away from his or her debt. That's right, just walk away without repaying. The details are vague, of course, and won't be spelled out until...
Debt Consolidation Scam Claims Repayment UnnecessaryDebt Consolidation Scam Claims Repayment Unnecessary
Bankruptcy > Debt Consolidation Scam Claims Repayment UnnecessaryDebt Consolidation Scam Claims Repayment Unnecessary
Mortgage Loans After Bankruptcy
Mortgage Loans After Bankruptcy
by: Carrie Reeder
Many people believe that once they file for bankruptcy they will have a difficult time getting a mortgage loan. However, there is still hope for being approved even with a recent bankruptcy. If you have bad credit and apply for a mortgage loan, more emphasis will be placed on your income your down payment.
Most lenders prefer to wait until two years after your bankruptcy before considering a person for a mortgage loan. After these two years, it should be relatively easy to get financing. In addition, you will probably be able to get one hundred percent financing. This will happen as long as all your payments have been reported as on time to the credit bureau since your bankruptcy.
If you want to get a mortgage loan before the two year period is finished then you will need a pretty much flawless payment history since the time you filed for bankruptcy. In addition, you will need to provide...
Mortgage Loans After Bankruptcy
Bankruptcy > Mortgage Loans After Bankruptcy
Bankruptcy
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