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What is Bankruptcy?
Personal bankruptcy is a legal way to give people with overwhelming debt a fresh financial start. However, it is important to realize that certain forms of debt, such as student loans, are not forgiven through the bankruptcy process. Bankruptcy can have a devastating impact to your credit report and credit score. Bankruptcy will often remain on your credit report for as long as 10 years. During this time it can be next to impossible to obtain loans or any type of credit. If you are able to find a lender that is willing to do business with you, you will pay the highest possible interest rates allowed by law.
Quite often, lawyers are quick to suggest bankruptcy but, they don't always explain how damaging bankruptcy can be. Why would a lawyer do this? The answer is simple; If you don't file for bankruptcy, they don't get paid. The best thing that you can do is obtain independent information if you are considering bankruptcy. This way you become informed in an unbiased manner.
There are two forms of bankruptcy:
Chapter 13 involves reorganizing your debt in such a way that you a can keep the property you might otherwise lose, For example, a car or home. Chapter 13 will allow you 3-5 years to pay-off the items you have as opposed to losing them entirely.
Chapter 7 is the most straightforward form of bankruptcy. It involves liquidating all of your assets. However, this can depend upon the laws for the state in which you live. Traditionally, a court appointed representative will sell your personal property or it will simply be returned to the creditors that you owe money to. Federal law only allows consumers to file for Chapter 7 bankruptcy every six years.
Alan Barnes
IAPDA Certified Debt Arbitrator
President and CEO of Debt Regret
http://www.debtregret.com
PR.com (press release), NY - 1 hour ago
Cooper says: “With all the available options out there, competition remains fierce in the debt relief arena; it’s our people and our investment in ...
Minneapolis Star Tribune, MN - 4 hours ago
... deliver on promises, including lower interest rates and borrowing costs, while raising barriers to last-resort relief for many debt-strapped Americans. ...
African Press Agency, Senegal - Oct 9, 2008
"I am calling for the development of a tangible action plan to establishing a system of debt relief or cancellation by rich Islamic states for economically ...
The Punch, Nigeria - Oct 1, 2008
By John Ameh, Abuja Nigeria realised and saved an estimated N308.3 bn from its debt relief efforts after the Paris Club wiped off its $19.3bn debt in June ...
FG Spends N2.4 bn Debt Relief Fund on Education –W’Bank THISDAY
all 6 news articles
Peoria Journal Star, IL - 5 hours ago
So it was a relief to hear that Ross Perot was headed for Peoria, even if his representative said there wasn't time to talk about federal debt while ...
Business Standard, India - Oct 3, 2008
The government today decided to ease the burden on banks on account of the farm debt relief package and subsidised short-term agricultural loans. ...
Farm lending comes to a halt Hindu
all 2 news articles
Sunday Herald, UK - 12 hours ago
The recapitalisation of the leading banks, backed by colossal sums in liquidity and debt-relief, almost certainly halted the run on the banks. ...
The genie's out. Now they've shown what can be done guardian.co.uk
Can politicians really make banking leopards change their spots? Sunday Herald
Smoke, mirrors ... and how a handful of missed mortgage payments ... Sunday Herald
all 933 news articles
MiamiHerald.com, FL - 1 hour ago
I agree with economist Nouriel Roubini that the US needs to create a federal homeowner's mortgage program to provide massive debt relief to the household ...
Jamaica Observer, Jamaica - Sep 23, 2008
"Nigeria has huge debt of many billion dollars and two or three years ago, there was a concerted effort by all concerned to give debt relief. ...
7thSpace Interactive (press release), NY - 17 hours ago
Also, the debt relief offered through the 1999 Heavily Indebted Poor Countries (HIPC) Debt Initiative and the 2006 Multilateral Debt Relief Initiative ...
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