Under the federal bankruptcy code individuals can discharge consumer debt in bankruptcy which allows them to start fresh. Filing for bankruptcy puts into effect the “automatic stay.” The automatic stay immediately stops your creditors from trying to collect what you owe them. When you file for Chapter 7 bankruptcy, many of your debts will be canceled without any further repayment. In exchange, you might have to surrender some of your nonexempt property. Property that is exempt and need not be surrendered would be motor vehicles, clothing, household furnishings pensions and life insurance. The complete process takes about three to six months and commonly requires only one trip to the courthouse.

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There is much circulation that there is nothing we can do about a bankruptcy after it is all said and done. It is basically implied that we’re powerless consumers who are forced to put up with it until it completes its years long life cycle. But 7, even 10 years? Come on…

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Image via
Wikipedia

Web 1.0 was all about proprietary content.
Web 2.0 is (or was) all about
crowdsourcing and collective content. Web 3.0 seems to be a
self referential parallel universe were everything is a meme of a meme.
A recent comment on
Reddit about an
ebay meme based on the
seven legged spider meme, gave place [...]

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Chapter 13 Bankruptcy is also called a wage earner’s plan. It enables individuals with regular income to develop a plan to repay all or part of their debts.

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When facing a foreclosure, or even worse, a bankruptcy, you have to take into account more than just your current financial situation; you have to be aware of the future financial implications. There is some other information you should have before deciding which road to take; there are some future liabilities that you need to be aware of that your attorney, or even your accountant, will not offer information on, that is if they even know at all.

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When the word “bankruptcy” comes to mind, people usually think of “Chapter 7″ personal bankruptcy because this is the most common one. Under this type of bankruptcy, most of a person’s debts are cancelled. However, the person that is filing for bankruptcy may have to give up certain items of property.

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How to declare bankruptcy is a question that runs through the minds of many people considering bankruptcy. Making that initial decision to file bankruptcy is hard enough that the last thing you need is a complicated process to follow it up. The following explains what you need to do to get to the point of filing bankruptcy and explains how to declare bankruptcy.

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It is important that you have a good understanding of your rights when it comes to bankruptcy credit repair. Individuals who have experienced the devastation of bankruptcy are often targeted by companies and financial institutions that deliver the promises of helping them repair their credit to the point where they can purchase a high ticket items like automobiles, property, and homes.

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Image by
Public Citizen via FlickrAs credit card lenders reduce their risk exposure by closing credit card accounts and reducing lines of credit, we will start seeing a large reduction in consumer spending. This is affecting not only middle class families, but higher income families as well.

From the point of view of the lenders, most [...]

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If you are going to file bankruptcy and not use a good bankruptcy attorney, you are going to be leaving money on the table because you cannot be as familiar with the bankruptcy laws as they are. Seek their advice and find out if you have other options, as they are most familiar with this process and know it inside and out.

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