Browsing Category

Bankruptcy : Business & Finance

How To Declare Bankruptcy

It is a fact that we all hate to face up to but must: at some point in our lives, it is likely that the chips are going to go against us financially and in life, and we are likely to find ourselves in trouble. Though there are many steps on the road to insolvency before you reach there, for an unluc

Post-Bankruptcy Credit Tips

The good thing about filing for bankruptcy is that it wipes your slate clean, giving you a fresh start at a healthy financial future and good credit history. However, the road to rebuilding credit does take some time and effort on your part.

What Happens to Your Car in a Chapter 7 Bankruptcy in North Carolina

North Carolina state law provides for a $3,500 exemption for one car (as of January 2011). The general rule, then, is that you will keep your car if it is worth less than $3,500, or if your total equity in the car is less than $3,500. An auto loan can actually help protect your car from loss in bank

What to Do If Facing Bankruptcy?

Dealing with high levels of personal debt can be daunting to say the least, and many consumers who are struggling with debt have considered seeking bankruptcy protection at some point. While for some people bankruptcy can be a true solution and provide a fresh start, it is important to consider all

Tax Treatment of Debt Forgiveness

Normally, the Internal Revenue Service considers forgiven or canceled debt as income for tax purposes. This consideration means taxpayers must include any debt that their lenders write off as income and pay tax on it. The lender will send you a Form 1099-C, which lists the amount written off. You wi

Can You File Chapter 7 on a Lien on Your Home in Indiana?

Filing for a Chapter 7 bankruptcy can provide you with a limited power to avoid liens on your home, but it may depend on what kind of lien you are talking about. Generally, a Chapter 7 bankruptcy will not help you avoid voluntary liens such as those liens arising from mortgage loans, but a Chapter 7

Filing For Bankruptcy

Today's economy has necessitated many people to file for bankruptcy more than ever before, and the majority of these cases include loss of employment, financial debt from business. In the United States, you find that the chief reason for filing for bankruptcy is the issue of medical debt. When

Avoiding Bankruptcy

Bankruptcy an option for individuals or organizations who don't have the financial means to repay the money they owe their creditors. In such cases, the person or organization can file for bankruptcy in the courts. Though bankruptcy is mostly filed by the person or organization, in some cases,

What Is Non-Priority Unsecured Debt?

When you file bankruptcy, your income and ability to pay your non-priority unsecured debt determine whether you are able to file Chapter 7 (liquidation) bankruptcy or if you must file Chapter 13 (repayment) bankruptcy.

Examples of Unsecured Debt

Credit cardcredit card image by jimcox40 from Fotolia.comUnsecured debt is a type of debt that does not require a piece of personal property for collateral to obtain the loan or credit. Secured debt, on the other hand, does require an asset to be put up as collateral. This type of debt...

Why You Should Choose Car Finance

The costs of modern living are high and this means that many people never get the opportunity to make any savings.When it comes time to buy a new car you may not have enough money to pay for the vehicle you want outright.

Understanding Bankruptcy for Business Owners

Bankruptcy isn't always a €fun€ issue to discuss or consider, especially when it comes to your business. However, if financial struggles plague your business, it's crucial to address the situation as soon as possible. Failing ...

Georgia Chapter 7 Rules

Residents of Georgia may file for bankruptcy protection under Chapter 7 or Chapter 13. A Chapter 7 bankruptcy, also known as a liquidation bankruptcy, allows you to erase your debts in exchange for giving up some of your assets. The federal bankruptcy code outlines the process for filing and the sta

The Effects of Car Repossession

The credit effects of a car repossession last for years.car image by sasha from Fotolia.comNobody wants to get their car repossessed, but in some cases, people may find they have no other choice. Whatever the reason, when people stop making their car payments, the lender will come and...

Learning to Pay Bills

The Importance of Paying BillsHow you pay your bills, whether it's on time, late or not at all, impacts your future. Your financial obligations, from utility bills to mortgages, are all tracked and listed on credit reports. These reports are used by your current and potential creditors...

How to Finance Debts

Financing debt is a way for consumers to try and eliminate debt, and understanding the different ways of eliminating debt is important because, if not corrected, the problem can compound and the debt can continue to grow. Taking out more loans to pay off debt may sound like a solution, but it just i

How Many Times Can You File Bankruptcy?

How many times can you file bankruptcy depends on how well you understand the bankruptcy process. You must understand the bankruptcy law thoroughly. Bankruptcy is a legal process with lots of rules involved.

Definition of "Petition for Chapter 7 Bankruptcy"

Chapter 7 bankruptcy is a legal proceeding in which a person is relieved of his debts when the court liquidates his assets and pays off creditors according to the rules of the Bankruptcy Code. Federal bankruptcy laws apply to all Chapter 7 bankruptcies; states also have their own bankruptcy laws. Fi

What Happens if a Debt Collector Sues You in Court?

Nearly every individual will owe money to a creditor at some time during his life. However, if you fail to pay a debt on time, you may receive phone calls or letters from the creditor or a third-party debt collection agency. Eventually, the creditor or collection agency may file a lawsuit against yo