Filing For Bankruptcy - When NOT to Do It

There are very few reasons that you may be looking for information on filing for bankruptcy. The most frequent and primary one is that you or someone you know and care about has a mountain of debt that is very much past due and is increasing every day, with no solutions in the foreseeable future. When you are looking at that type of situation, filing for bankruptcy might seem to be your only solution, especially when looking at the state of the economy in the world today as well as the jobs market.

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2 Types of Personal Bankruptcy and 4 Types of Business Bankruptcy

Bankruptcy can be defined as a legal procedure that helps a debtor or a business to make a fresh financial start by either paying back or getting discharge from the debts. Upon successful completion of the bankruptcy proceedings, the debtor or the business gets relieved of the debt obligations. This article discusses about the different types of bankruptcy, precisely, different chapters of business and personal bankruptcy.

Types of personal bankruptcy

You can file either Chapter 7 or Chapter 13, when you have huge amount of multiple debts and you've failed in all your attempts to repay them. These 2 types of bankruptcy are given below.

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The Bankruptcy Means Test: Can You Pass?

A quick bankruptcy filing can erase all of your debt, make the bill collectors stop calling, and give you a free pass to a better future. This is how many people think about chapter 7 bankruptcy, but then they learn about the Means Test. For some, this test bursts the bubble of hope and puts a price tag on that pass to a better future.

What is the Means Test?

The means test uses three factors to determine whether you are financially allowed to go through with a chapter 7 bankruptcy filing:

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Tips on Filing Bankruptcy

Being bankrupt is one of the worst nightmares one could wake up to. Imagine yourself doing so well in business only to wake up one day to the shocking reality that you are no longer in a position to have viable business relations with your creditors, just because you are not in a position to repay them due to lack of funds.

Sometimes when this situation goes to the extreme, there is need to take precaution and the best way to go about it is to file for bankruptcy. This is to say that you need to take legal action against your situation so as to protect yourself from unnecessary harassment from creditors. This will also make people aware of your situation so that they can freely choose whether to enter into any business with you or not.

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Debt Relief Options: Filing for Bankruptcy

When you are in a very tough financial situation and have little or not enough income to pay off debt and you have looked into all the potential debt relief options, filing for bankruptcy may be your only possible alternative for debt relief.

What is bankruptcy?

Bankruptcy is a process that allows you to discharge the debts when you are no longer able to pay your creditor back the debt you owe in a certain time frame.

The main objectives of filing for bankruptcy are to give the debtor a fresh start, and /or pay the creditor back as much as possible without placing too much financial burden on the debtor.

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Credit After Bankruptcy - Is It Possible?

One of the most common questions debtors ask bankruptcy lawyers is "Will I be able to get credit after filing bankruptcy?".

Most people are surprised to find their mailboxes flooded with new credit offers after filing bankruptcy. Why does this happen? Why would a creditor give more credit to someone who has filed bankruptcy?

Creditors make money by lending money. If creditors don't lend money, they don't make money. Even credit cards for people with the best credit ratings often carry credit card balances that will not be paid off within the next 20 years if the debtor pays the minimum monthly credit card payment.

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New Bankruptcy Law - Is Filing For Bankruptcy Still a Good Option Under the New Rule?

Currently, there are many people who are considering bankruptcy but are worried that it is no longer the best option available, because of the amendments in the bankruptcy law. Depending on how extreme your financial situation is right now, bankruptcy may still be the only legal option left for you to clean up your slate and start all over.

The New Bankruptcy Law was passed by Congress in 2005, which made it more complex to assure that those who file for bankruptcy are really eligible because they have no means to pay off their debts anymore. This bill was passed due to the relentless lobbying of credit card companies who complain of excessive credit defaults of consumers. Although it is more stringent now than before, the new bankruptcy law still grants bankruptcy to those who are deserving of it.

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What Happens to a Home Equity Line in a Chapter 7 Bankruptcy?

Mortgages certainly are a hot button issue with over 2 million homeowners left needing protection from foreclosure in 2009. So, how is your home equity line treated in a Missouri or Illinios Chapter 7 bankruptcy?

A home equity line is usually considered the same as a second or third mortgage. Mortgages are secured debts that are tied to your house, and if you don't pay them, you could be left needing protection from foreclosure. In a Missouri or Illinois Chapter 7 bankruptcy, almost any debt can be discharged unless it is tied to property that you wish to keep. You cannot discharge a home equity line in a Missouri or Illinois bankruptcy if it is connected to property you intend to keep.

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