Archive for the ‘Debt Issues’ Category

What is bankruptcy code 523?

The bankruptcy code 523 is the clause which describes or lists the types of debts that cannot be included for discharge, even when you file for bankruptcy. These are debts that the person who files for bankruptcy will still have to pay regardless of financial circumstances. Among the debts that fall under the bankruptcy code [...]

You can stop foreclosure without bankruptcy – did you know this?

If you are late by more than 30 days on your mortgage payment, the lender can declare the mortgage in default. When this happens, the owner of the house has two choices – either pay the mortgage amount due immediately or face a foreclosure lawsuit that would auction off his/ her home to recover the [...]

What is voluntary bankruptcy?

Voluntary bankruptcy is a court proceeding that someone with more debt than they can pay initiates the process instead of any irate creditor. In this case, the debtor declares that he/ she is finding it impossible to pay their outstanding debts, and therefore is seeking protection from debtors through the intervention of the court. The [...]

Bankruptcy Consultant – Your SOS response

If you are planning to file for bankruptcy the first thing you should consider is hiring a bankruptcy consultant. There are plenty of issues that can arise that will need professional guidance while you are going through a bankruptcy proceeding.  A bankruptcy consultant is able to guide clients with the best options for filing in [...]

Chapter 11 bankruptcy code – What is that?

The Chapter 11 bankruptcy code spells refuge to many companies who are on the brink or over the edge of bankruptcy. Under this clause, a company will be protected by the Court, provided the company will allow the Court to appoint a trustee who would operate the debtor’s business toward financial recovery.. Under the Chapter [...]

Bankruptcy Myths Exploded For Your Benefit

There are many bankruptcy myths floating around and being passed on as truths, which can easily affect someone’s decision as to whether or not go the bankruptcy route. Here you will find some of those myths clarified. Myth – If you have a job you are not eligible to file for bankruptcy. Truth – The [...]

Bankruptcy Court Cases – The Risks Of Filing

Bankruptcy court cases are not easy. Most people are under the impression that bankruptcy is an open and shut case. You tell the court you are broke, they check and find out it if it is true and then the court declares the consumer bankrupt. The fairytale ends with a happy consumer whom is free [...]

Bankruptcy Code 523 – Exceptions To Discharge Of Debts

Here is some news for consumers who falsely believe that filing for bankruptcy will wipe your slate clean of creditors attempting to recoup their money. Under Bankruptcy Code 523 there are a number of debts that will remain the responsibility of the debtor, even if, he/ she successfully files for bankruptcy.  Among these exceptions include [...]

The Special Considerations Of Joint Bankruptcy

The section 302(a) of US Bankruptcy Code allows for married couples to file for joint bankruptcy. This special clause can be very beneficial to couples who need to file for bankruptcy because, although, these are two different bankruptcy cases, they would be treated as one in the eyes of the Court. As a result, there [...]

Chapter 10 bankruptcy – What is this?

The Chapter 10 bankruptcy  is basically a clause under the US Bankruptcy Code describing how a company can save itself by applying for court protection from debtors. The Court then appoints an independent manager, who advises the company  on how it should be reorganized so it can continue to function and recover from its financial [...]