Bankruptcy Essay

Bankruptcy is not an easy decision for anyone, unfortunately, it may be the only decision for some people trying to keep their heads above water in uncertain times. Residents of Columbus, and Ohio in general are continuing to face economic uncertainty that wreaks havoc on their finances. 1.Unemployment at rates higher than the national average: This is one of the main reasons that people file for Chapter 13 Bankruptcy Protection-- to keep from losing everything they have worked for when they lose

If you are planning to file a personal bankruptcy case, you should understand that the law requires you to treat all of your creditors similarly according to the type of debt they hold. The law prohibits you from “preferring” one creditor over the others. If a debtor makes a payment to a creditor shortly prior to the petition date, the law presumes that it was a preferential payment. If a payment is proven to be a preference, the law allows the trustee the authority to recover the money paid by the

that filing for bankruptcy spells doom for one's financial future. In reality, bankruptcy offers a fresh start that enables you to rebuild your financial life anew. The bankruptcy attorneys of Greene Law, PC--serving clients throughout the state of Connecticut--understand the things you can do to start rebuilding your finances, no matter what type of bankruptcy you’ve filed. Here they share three of those things. Buy A Car: You're probably thinking, "Buy a car?!? After bankruptcy?!?" Actually, securing

Bankruptcy cases are the intricate legal proceedings that relieve a debtor of his huge debts either by liquidating his non-exempt assets or reorganizing them. Of the two most commonly preferred chapters under the bankruptcy codes, one is chapter 7. A chapter 7 bankruptcy case starts as soon as the court appoints a trustee who takes over the entire non-exempt property of the concerned debtor. He liquidates the assets and pays off the creditors who are involved with the debtor. Opting for a chapter

who are struggling with debt, you may have considered filing for bankruptcy. While Chapter 7 is the most common type of filing, it is not necessarily suited for every situation. As such, it may help to understand the advantages and downsides of filing Chapter 7 bankruptcy in order to determine if it is the right option for your circumstances. There are a number of advantages to declaring Chapter 7 bankruptcy. The Chapter 7 bankruptcy process is much shorter than other options. As such, you will be

In 2005, Congress overhauled the bankruptcy laws. Those changes made it harder for some people to file for Chapter 7 bankruptcy; high income filers that can't pass the means test, will have to repay at least some of their debt in a Chapter 13 bankruptcy. In addition, the 2005 law requires all bankruptcy filers to get credit counseling before they can file a bankruptcy case -- and additional counseling on budgeting and debt management before their debts can be wiped out. I think learning to handle

file for Chapter 13 bankruptcy. In addition to the person filing, there are a number of people involved in the process, including the bankruptcy trustee. An often-overlooked cog in the bankruptcy wheel, bankruptcy trustees play an integral role in the implementation and completion of Chapter 13 repayment plans. After a person files a petition for Chapter 13 bankruptcy, the trustee appointed to the case will hold a meeting of the creditors. During these meetings, a bankruptcy trustee and the person’s

you and your attorney have proposed is sufficient to pay each type of creditor the amount required under the Bankruptcy Code. Each type of creditor may be treated differently, and some creditors may not receive any money during the entire term of your Chapter 13 Case, depending upon your unique circumstances. If I file bankruptcy, won’t my credit be messed up for 10 years? Bankruptcy is allowed to remain on your credit report for up

A petition filed for Chapter 7 bankruptcy will require the debtor to liquidate most of their assets to pay off their creditors. There are three goals for the debtor when filing a Chapter 7 petition, those first one being to claim their assets as “exempt” from creditors, secondly to obtain a discharged of responsibility for the debt listed in the petition and the third being the automatic stay which halts the creditors from attempting to collect or garnish wages once the petition is filed. If the

Us, but hasn't had any luck and Ann, Calvin's mom hasn't heard anything either. Sarah stated she is concerned now that Toys R Us has filled bankruptcy. This counselor told Sarah that she would call to speak with Ann to see how to wants to proceed and get back with her. This counselor then called and spoke with Ann who also brought up the Toy's R Us bankruptcy and how she believes we should just move forward with job development and "not waste any more time on Toy's R Us." This counselor agreed with