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So, what is bankruptcy? I hear you ask. Bankruptcy is the legally stated inability of a person or organization to pay monies to their creditors. It is a process designed to eliminate part or all of an amassed debt and to provide relief to the person who has serious financial problems. Read the rest of this entry »

Generally, Bankruptcy chapter 13 concepts are preferred by debtors who have a valuable asset, such as a home, that is not completely covered by exemptions and that they wish to keep. This is possible because under Bankruptcy chapter 13 a debtor proposes a plan to repay creditors over a three to five year period during which the debtor can make up overdue payments on any assets and pay into the plan the equivalent value of any assets not covered by exemptions. Since the debtors plan will require regular monthly or biweekly payments, Bankruptcy chapter 13 is usually only appropriate for an individual debtor who has a regular source of income. Read the rest of this entry »

California bankruptcy cases are mainly dealt under chapter 13 with the prime aim of ensuring recovery from defaulters at any cost, as such thorough checking of declaration of debtor is made while a debtor files bankruptcy in order to arrive at true financial state of the borrower. In fact it has minimized bankruptcy abuse to a great extent. Read the rest of this entry »

A recent study showed some very interesting data as far as why most people filed bankruptcy in recent years, as well as the demographics about those people. The profile of the majority of people who filed bankruptcy in the US in recent years is: Read the rest of this entry »

Michigan bankruptcy laws are not different from Las Vegas bankruptcy laws as both falls under chapters 7, 9, 11, 13. Under chapter 7, though the loan is totally waved off but still you are responsible for child support, alimony, student loans, fraudulent debts, etc. Relief under chapter 7 is available to individuals, married couples, business corporate and partnership firms. Though there are certain exemptions still granted while filing the case under Michigan bankruptcy laws chapter 7 viz. you can keep your home where you are staying retirement dues, motor vehicle etc. Read the rest of this entry »

Writing this article for you was a pleasure, I desire it be likewise for your to read it. As people use credit cards to make payments for items that they are buying, sometimes they overuse their credit card. This will not become a problem if the person has a way of paying off their debt. Read the rest of this entry »