If you want to avoid bankruptcy, several alternatives may be able to reduce your debt obligations. Negotiating with your creditors without involving the courts can sometimes work to the benefit of both sides. Rather than risk receiving nothing, a creditor might agree to a repayment schedule that ...
The bankruptcy court will appoint an unbiased trustee to oversee the entire bankruptcy process. They will review assets and determine which assets can be liquidated to pay creditors. The trustee then schedules meetings with the creditors, where the validity of the petition and finances is confirmed....
You can also consider the extreme option for avoiding debt collection: declaring bankruptcy. Key Points Your main goal for debt management may be to avoid debt collection. A debt program may involve balance transfers, debt consolidation and restructuring, and hardship assistance. In extreme cases, ...
bankruptcy is an option to have a judge and court trustee evaluate their assets and liabilities. The court must discharge the obligation to pay. A discharge releases debtors from their obligation to repay their debts. The court may toss the case if the defendant can afford the legal fees....
Starting a business is a pursuit that appeals to many, but not everyone knows where to start. This guide will walk you through the elements of starting a business and explain what you can expect as you embark on the journey.
This is where understanding how bankruptcy stops creditors can provide some peace of mind. Let’s face it: filing for bankruptcy can be intimidating. Many people avoid dealing with their debts, hoping the problem magically disappears. Unfortunately, ignoring debt usually makes the situation worse, ...
, particularly if you’re looking to lower your monthly housing payments and keep your debt at a manageable level so that you can avoid having to go through a bankruptcy again in the future. However, there are also a few challenges that you should consider when refinancing after bankruptcy....
How long a bankruptcy stays on a credit report varies, but most last years. Here are tips to manage credit before and after filing for bankruptcy.
How to Avoid Second Mortgages in Chapter 13 Sometimes you can remove the second mortgage in bankruptcy. In Chapter 13 a debtor may strip away a second mortgage that has no equity. To properly strip away a second mortgage, an attorney must bring this both as a motion and also place lien ...
an emergency bankruptcy lawyer will calm you and assure you that you’re not a bad person just because you must file for bankruptcy. Filing for bankruptcy isn’t the simple solution to a financial issue, but it can be beneficial if you know what you're doing. Given the foregoing, it's...