Bankruptcy filing is rarely the first option for debt relief. People normally try to move heaven and earth to avoid this alternative, which while understandable and even commendable at times, can often lead to unanticipated and extremely negative consequences.
Misconceptions abound respecting the treatment of Condominium and Association fees in Bankruptcy filings. Certain changes in the law starting in 2005 gave such associations greater protection from the ability of debtors to totally eliminate these fees in bankruptcy.
Unfortunately in these recent times, this has become an all too familiar problem. The years of ever climbing home values were certainly rewarding, but in many ways sowed the seeds for the 2007/2008 economic meltdown.
There are creditors who on some occasions insist on being heard, and there is a Bankruptcy Trustee who is appointed by the United States Trustee’s office to administer the case and review assets and income.
So much of our region has been physically and materially devastated over the last months. Added to the already existing weak and fragile economic situation, the overall effects of this storm may be beyond repair for many.
Chapter 7 personal bankruptcy laws allow Americans who are overburdened by bills to have many types of debt wiped away. One way to understand this debt relief is to talk about the kinds of debts that do not disappear.
Declaring bankruptcy is a decision that affects not only your finances but also your credit score. While your score may decrease after financial hardship, there are practical and real ways to improve it and get back on a better financial path.
Like most big, bad scary things, bankruptcy has a reputation based on a few tidbits of truth and a lot of embellishment. And like most creepy crawlies, it's not nearly as frightening once you know the truth.
If your debts have started spiraling out of control, you may have thought about whether to file for bankruptcy. Massive debt can be crippling, but filing for bankruptcy can also be life altering. Here's a quick guide to help you decide.