One of the greatest fears of many people who are considering bankruptcy is that they will lose everything they own. While you could lose some possessions, this is one of the most common misconceptions for most people who are considering bankruptcy. In reality, you will most likely get to keep most o

Settling for debts owed is one way to get yourself out of debt, especially if you cannot afford to pay off your debts in full. When you settle for less than you owe, you must report the forgiven debt to the Internal Revenue Service on your income taxes. You can negotiate by yourself but if you are n

Bankruptcy is a complex area of the law that concerns debts that are owed by a consumer or a business. The process of bankruptcy allows a debtor to eliminate or reschedule most debts.

Bankruptcy is an action that is legal and gives a person the chance to have a fresh financial start.One type of bankruptcy is chapter 7, considered to be the cheapest and fastest in eliminating debts.

This article explains the principal advantages to filing for bankruptcy. While bankruptcy carries a nasty cultural stigma with it, it may be a very positive choice for a number of indebted individuals to help them lighten their financial burden.

A Chapter 11 filing is done by businesses, and this sort of filing is known as either a 'reorganization bankruptcy' or a rehabilitation bankruptcy.' Chapter 11 filing basically gives the petitioner time to put together a plan that helps it get out from under the debts it cannot pay at

There are several options for paying off and eliminating debt. While filing bankruptcy is an option, it has many serious repercussions. Paying off debt can give you a feeling of success and achievement, helping you to learn more about sound financial management. However, if you have exhausted all ot

Bankruptcy court requires the debtor to complete two separate credit counseling courses. One course must be completed before you file your bankruptcy petition and the second is to be completed before you are granted a discharge of debt.

The two bog alternatives for the large debt relief are the debt settlement and the bankruptcy. These two are different alternatives for the debt settlement. Bankruptcy was adopted by the consumers in the past some years when consumers were deeply embedded in the debt. Under new laws devised by the F

When you let your finances get away from you, or you are confronted with unexpected bills, you will need to renegotiate your budget or consider consulting a professional. Bankruptcy is another option, but this would destroy your credit rating for years. While eliminating your debt usually is a lengt

In the past, a bankruptcy filing had a stigma that many Americans wanted to avoid at all cost. In 2008, many Americans were faced with filing bankruptcy as their only choice out of debt. Over the years, corporations have used bankruptcy filing as a form of financial planning.

When people are employed and everything is going well, they may be tempted to go into debt to acquire more possessions. Too much debt can cause people to lose everything if they encounter a financial crisis due to a lack of employment or another unexpected setback. According to Kerry York, executive

The Fair Debt Collection Practices Act (FDCPA) protects consumers from being harassed by debt collectors. A debt collector is a collection agency, a company that buys debts and then collects them, or a lawyer who regularly collects debts. The FDCPA protects you when you owe almost all types of debts

You may receive offers from companies that appear to be lenders that you included in your bankruptcy. Often debt collectors use this tactic to bait you into debt reaffirmation.

A legal process that allows a landlord to remove a tenant from rented premises, eviction law dictates a specific course the landlord must follow. Just as the landlord has certain rights under this law, so does the tenant. Landlords must follow legal eviction procedures to ensure a tenant is not un

Now that the new bankruptcy law is in effect, the landscape has changed for those who are considering bankruptcy as an avenue to reduce or eliminate the burden of a bad financial situation. All debtors will have to get credit counseling before they can file a bankruptcy case-and additional counselin

To apply for Chapter 7 Bankruptcy Proceedings, the entity has to be a company, an individual or a small business owner. These entities are only allowed to apply for bankruptcy upon satisfying some requirements. For example, a person cannot apply for bankruptcy proceedings in his last application for

When a person runs up a hefty credit card bill and fails to pay it back on time, then the credit card company may take a number of actions to secure payment of the money owed it. Among these is to attempt to garnish an individual's wages or other regular income. However, private creditors, such as c

Beware Early Withdrawal PenaltiesThe Internal Revenue Service only allows withdrawals without paying an early withdrawal penalty if the account holder is at least 59 1/2 years old. If not, the IRS will impose a 10 percent early withdrawal penalty on the amount distributed--on top of...

In 2010, the average credit card-holding household was burdened with roughly $5,100 in revolving debt, according to MoneyZine.com. Many people turn to consolidation loans to ease the burden of debt, but the snowball debt-reduction method can help you pay off debt without taking out a new loan.