Bankruptcy Basics
?>
Download eBooks and Software
 Fully Verified Winning System Since 1999 & Vip Club Picks!
Winning Sports Picks & Predictions By Zcodesystem.com - Nhl, Nfl, Mlb And Nba Predictions And Picks From The Best Experts In The Industry + Fully Automated System Proven Since 1999 Awesome Conversion 5.26% And Recurring 60% Commission!
The Lotto Black Book
This Radical Approach To An Online Sales Letter Converts In The 3-5%... We've Never Seen Something Like This Since The Early Days Of 2004-2005 And I'm Sure You Haven't Either... We Convert More Than Our Competition And We Pay Out More... Try It!
Paleo Recipe Book - Brand New Paleo Cookbook
Brand New Paleo Diet Cookbook With Over 370 Recipes. Pays 70% Commission On This High-quality, Easy To Sell Product. Get Banners And Promotional Material At Http://paleorecipebook.com/affiliates.html
Articles > Business and FinanceBankruptcy Basics
by: James H. Dimmitt
According to the American Bankruptcy Institute “household debt is at a record high relative to disposable income.” The Administrative Office of the U.S. Courts reported that the number of filings for the year ended March 31, 2003 “exceeded 1.6 million for the first time in any 12 month period,” a 15.1 percent increase from the previous year.
There are two basic types of personal bankruptcy: Chapter 7 and Chapter 13. Chapter 7 Bankruptcy and Chapter 13 are legal proceedings that are available to a person to cope with a financial crisis. Personal bankruptcy must be filed in a federal bankruptcy court. You will have to pay about $160.00 in court fees. Attorney fees are additional.
Chapter 7 bankruptcy involves the liquidation of all your assets that are not exempt from the bankruptcy settlement. Exempt property may include automobiles, some household furnishings, and property needed for work-related use; for example if you were a mechanic the tools you use to perform your work would be exempt from the bankruptcy settlement. Exemption amounts vary from state to state.
Under this plan the court appoints a trustee to handle the liquidation of your non-exempt property. The trustee can sell or turn over your property to your creditors. The court discharges your debts and you are now debt-free. You are allowed by law to file a Chapter 7 bankruptcy once every six years.
A Chapter 13 bankruptcy allows you to keep property, like a mortgaged house (provided there are no liens on it) or a car, as long as you have a steady income. A Chapter 13 bankruptcy is a court-ordered and approved repayment plan to your creditors. This plan allows you to use your future income to pay back your debts over a 3-to-5 year period without surrendering any property. Once you complete payments under the plan, your debts are discharged by the court.
Both types of bankruptcy may get rid of unsecured debts and stop foreclosures, repossessions, garnishments, utility shut-offs, and debt collection activities. Both provide exemptions that allow people to keep certain assets, although exemption amounts vary. A bankruptcy will not erase most child support, alimony, fines, taxes and some types of student loans.
Most financial experts agree that a bankruptcy should always be the last resort used for managing your debts. Bankruptcy has long lasting results. A bankruptcy remains on your credit report for a period of 10 years, making it more difficult to obtain credit in the future. You should also know that although your bankruptcy disappears from your credit report after 10 years, you may still be asked by future employers or lenders if you have “ever” filed for bankruptcy
Disclaimer: The information contained in this article is for informational purposes only. The author is not herein engaged in rendering legal, insolvency, tax, or other professional advice and services.
?>
News on Business and Finance
The Business Finance Store Discusses Business Incubators
The Business Finance Store discusses business incubators and how entrepreneurs can find the right one to develop their ideas into a successful business.Santa Ana, CA (PRWEB) May 20, 2012 Pinterest, the online virtual pin board, raised $100 million in a round of financing this week, The Wall Street Journal reported. The venture-capital funded tech startup is reportedly valued at $1.5 billion ... The Business Finance Store Highlights Considerations for Upgrading a Credit Card Terminal
The Business Finance Store highlights some things to look for when considering upgrading a credit card terminal.Santa Ana, CA (PRWEB) May 19, 2012 VeriFone’s SAIL credit card swiper might be a little too close to Square’s mobile technology, Bloomberg Businessweek reported. While VeriFone’s SAIL looks physically different, the agreement and usage terms are remarkably similar, such that Square ... Premji says his son Rishad may succeed him eventually
An MBA from Harvard Business School with work experiences in global firms like Bain Consulting and GE, Rishad joined Wipro in July 2007 as a business manager in the banking and finance division. Genpact Signs Business Process Management Engagement with Dr. Reddy's Laboratories
NEW YORK, May 22, 2012 /PRNewswire/ --Â Genpact Limited (NYSE: G), a global leader in business process and technology management, today announced that it has signed an agreement with Dr. Reddy's Laboratories ... Bring Your Own Device: Smart Move For Businesses?
Editor of CNBC.com's Small Business section, has covered business and personal finance for more than 20 years. She loves to shop local. "If your mother hasn't called you crazy yet, then you haven't graduated from the school of entrepreneurship."
|
