Posts Tagged ‘ bankruptcy ’

The Top 5 Reasons to File for Bankruptcy

27/04/2011
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No one really wants to file for bankruptcy. It’s not fun and it doesn’t feel good to have to admit that you simply don’t have the money to pay your debts. However, in spite of the fact that it may not be an enjoyable experience, it’s also one which is extremely important and which can provide some real and tangible benefits to those who do it. Here are five great reasons why you may want to consider declaring bankruptcy: It Will Get the Creditors Off Your Back While it is possible to file a cease and desist letter to get collection agencies to stop calling you all day long, the reality is that doing so doesn’t mean that you don’t owe the money anymore. You still owe all the money and the collection agencies, now deprived of their most potent weapon in the effort to make you pay up...

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Should I choose an IVA or bankruptcy?

17/03/2011
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A lot of people who find they have no way of repaying their unsecured debts in full face a choice between an IVA (Individual Voluntary Arrangement) and bankruptcy. Both forms of insolvency can help to free struggling borrowers from unmanageable debt problems, but there are key differences between the two that you should understand before you go any further. IVA: how it works An IVA is an agreement with your unsecured lenders in which you’ll repay as much of your unsecured debt as you can over an agreed period of time – usually five years. During this time, you’ll make regular monthly payments towards your debts, based on what you can afford after your other essential expenses have been covered. In return, you’ll be protected against any further action regarding your debts, as long as you keep up with the agreement. On successful completion of your IVA, any unsecured...

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How To Avoid Insolvency

07/03/2011
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The following is a guest post by Mark, who writes on behalf of ClearDebt.  ClearDebt provide advice on IVAs, including comparing an IVA, bankruptcy and other Debt Management solutions. Personal insolvency is the umbrella term for any circumstance where an individual has insufficient money available to make their loan repayments as they fall due. It’s a precarious position to find oneself but has become increasingly common over recent years, with over 135,000 individual insolvencies in England and Wales during 2010 alone. Insolvency is not the same as bankruptcy and although insolvency may lead to bankruptcy, there are usually alternatives available to those who find themselves insolvent. These include Administration Orders, Individual Voluntary Arrangements, and Debt Relief Orders. If you’re facing insolvency it’s important to seek advice at the earliest opportunity and to pursue the most appropriate resolution before your creditors take the matter into their own hands and a...

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Top High Profile Bankruptcy Filings In Recent Times

24/01/2011
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bankruptcy filing

Some of the biggest companies and best-known brands in the world have been reported as filing a bankruptcy at one time or other. Sadly, in the recent recession, many of America’s most respected household names have been the subject of much public scrutiny for filing a bankruptcy under the laws of chapter 11. The largest case of filing a bankruptcy in the history of the United States is that of Lehman Brothers, listing over $600 billion in assets. The company was reported as filing a bankruptcy under chapter 11 laws on September 15, 2008. Its bankruptcy severely affected the U.S. economy, and drew severe criticism over the exorbitant wages that were paid to executives even when the company was in preparation for filing a bankruptcy. Shortly after this case of a major corporation filing a bankruptcy, another household name, this time Donald Trump, was the subject of headline news...

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Should I Trust My Lawyer’s Advice on a Bankruptcy Counseling Firm?

20/12/2010
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Bankruptcy Counseling vs. Debtor Education When a person files for bankruptcy under the bankruptcy code, he/she is required to participate in a pre bankruptcy counseling course called credit counseling. After a bankruptcy has been filed, the person must then go through a course called debtor education in order to prove to the bankruptcy court that he/she is committed and has the proper financial education to turn it all around and not end up in the same mess in the future. Oftentimes, when filing for bankruptcy, your bankruptcy attorney will recommend a certain company or non-profit organization to put you through these courses. In some cases, it may be appropriate to go with the advice of your attorney and take the bankruptcy counseling course through the recommended third party company. However, there are often drawbacks to this. Some things you may want to consider before simply agreeing with your attorney...

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Eliminating Your Debt in Most Convenient and Creditworthy Way

01/09/2010
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debt-consolidation

Debt consolidation has always been beneficial over bankruptcy as far as creditor’s interest is concerned.  Whereas in Chapter 7 or Chapter 13 bankruptcy, creditors get nothing or very little from the debtor, the debt consolidation system shows positive and systematic money management in favor of them. Debt consolidation beneficial for both: Debt consolidation in turn could be extremely advantageous for consumers as the consolidation company would negotiate the reduced interest rate, lower monthly payment, reduced balance, cut off late fees and finally set up the time to be debt free. So in the long run the consumers can save large amount of money. Secured loans like car loans or mortgage loans don’t come under consolidation. Unsecured loans like bank credit cards, department store credit cards can be put into debt consolidation program. Finally from creditor’s point view, dealing with debt Consolidation Company is beneficial. Here at least the consumer...

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Credit Card Debt – Five Signs You Should Seek Help

24/08/2010
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credit-card-debt

The Average American has credit card debt balances that are quickly approaching ten thousand dollars. With soaring interest rates increasing the principal substantially, it is little wonder that more and more debtors are filing for bankruptcy every year. Fortunately, there are several debt relief alternatives to bankruptcy that can help you pay off your unsecured loans without taking such measures. Below, we’ve listed a number of signs that should show you are ready to enlist the services of these programs. 1.) Past due balances Of course, failing to regularly make the monthly payment requirements on your credit card debt statements would be reflection of a need for debt relief.  There are numerous reasons to account for a failure to meet the demand – unemployment, divorce and medical bills are all prime examples of financial hardship, any of which can trigger a cycle of falling behind in payments which in...

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