Don t Lose Your Home! Contact a Bankruptcy Attorney Today!
Don t Lose Your Home! Contact a Bankruptcy Attorney Today!
The decision to file bankruptcy is a serious decision but it is a decision that can give you a fresh start if there is no other way out. Bankruptcy is a legal way to discharge unsecured debt that can provide an overwhelmed debtor with a new beginning. It may be possible to keep your present home and your car after filing bankruptcy. A law firm such as the Malaise Law Firm, with attorneys skilled in San Antonio baenkruptcy law can help you decide if bankruptcy is the correct decision for your particular situation. If the decision is made to file bankruptcy, they will explain to you the pros and cons of the two types of bankruptcy available to individuals, Chapter 7 and Chapter 13. Chapter 7 is what most people usually think of as bankruptcy. In Chapter 7 bankruptcy, a debtor s non-exempt assets are liquidated or sold with the proceeds used to pay toward unsecured debts such as credit cards, loans, and medical bills. In the majority of bankruptcy cases people do not lose any property and the unsecured creditors get nothing. Several months after filing bankruptcy the unsecured debts are discharged and the creditors can never collect on the debt. A secured creditor may still enforce a lien to recover property secured by the lien. Chapter 13 is a debt reorganization or consolidation bankruptcy. If a debtor has regular monthly income, their debts including mortgage arrears, car payments, credit card bills, medical bills, loans, student loans, etc. are combined into one low monthly payment. Since the debtor is paying back their creditors through a repayment plan, the debtor does not risk losing their assets as they may under Chapter 7 bankruptcy laws. During the repayment plan creditors are prevented from contacting the debtor without first going through the debtor s bankruptcy attorney and the court. Millions of people declared bankruptcy in 2007 to get the fresh start they needed. Contrary to popular belief, your credit is not permanently damaged and it is still possible to get credit after filing bankruptcy. At the Malaise Law Firm, our San Antonio bankruptcy attorneys have over 40 years experience helping people file bankruptcy, with two board certified attorneys. We put our emphasis on helping our clients do what is in their best interest and our clients needs always come first. The Malaise Law Firm serves the residents of San Antonio, Houston, Dallas, Fort Worth, Corpus Christi, Harlingen, Brownsville, and McAllen, Texas with all of their legal needs including bankruptcy. If you would like to see what we can do to help you please contact The Malaise Law firm today at http://www.malaiselawfirm.com/contactus or call 1-800-BANKRUPT for immediate assistance. or call 1-800-BANKRUPT for immediate assistance.Tom Moss writes about <a href ="http://www.MalaiseLawFirm.com">Bankruptcy San Antonio</a> laws.
Source: www.ArticlePros.com
Bankruptcy Around the World
Wherever you go in the world, finance is a language that is spoken fluently by some, and a completely indecipherable one for others There is such a wide range of topics connected with finance that a strong command of rules, regulations and options coupled with an ability to recognize money-making opportunities can bestow real purchase power upon an individual However, the world of finance is so fast-moving that if you take your eye off the situation for even a moment, you can end up in serious difficulties No matter where you are in the world, the circumstances that lead to bankruptcy exist And where the circumstances exist, so does the practice Just like in America, people go bankrupt all over the world Many of the practices are much the same - but there are some differences . .In Australia, for example, the process of filing for bankruptcy is largely similar to that in the United States You can commence proceedings yourself, or it can be the subject of a petition from a creditor looking to realize some of their asset - your bad debt - before you become a “won’t pay” customer However, a bankruptcy term in Australia is three years, but with the potential to pay it out If, before the three-year period is up, you can pay the debts off in full the bankruptcy will be annulled This encourages individuals to see bankruptcy as an opportunity to learn sound financial practice It is also possible to raise an Offer of Composition, which pays each creditor a certain percentage of what they are owed If they accept the settlement, the bankruptcy can again be annulled . .In Canada, it is possible to file a consumer proposal as an alternative to bankruptcy if your debt amounts to more than $5,000 and less than $75,000 The higher figure does not include the mortgage on the debtor’s home For debts larger than $75,000, it is necessary to file for bankruptcy under which there are additional rules and requirements, which include the appointment of a “Proposal Administrator” who is given the task of overseeing the debt to ensure that it is fully analyzed In many cases, creditors will choose to accept the consumer proposal even though it generally entails paying a reduced amount, because they will receive less under bankruptcy rules . .In the United Kingdom the Enterprise Act of 2002 made it possible for a bankruptcy to last less than 12 months This has led to a larger number of people filing for bankruptcy and a suspicion that many of those filing are people for whom bankruptcy is simply another financial service However, the banks themselves are markedly reluctant to lend money to a recently bankrupt individual, and in most cases it will take six years for bankruptcy to roll off an individual’s credit record, making it virtually impossible to get credit on anything resembling reasonable terms While some lenders have begun to offer loans and credit cards at prohibitive rates of interest, individuals are strongly discouraged from taking them . .Disclaimer: This article is for informational and entertainment purposes only, and should not be construed as legal advice on any subject matter .
Source: www.rsstnx.com
