Bankruptcy Attorney Blog
Bankruptcy is a legal proceeding involving a person or business that is unable to repay outstanding debts. The bankruptcy process begins with a petition filed by the debtor (most common) or on behalf of creditors (less common).
In Chapter 7 bankruptcy, some of your property may be sold to pay down your debt. And in return, all or most of your unsecured debts (debts for which guarantee has not been assured) will be removed.
The bankruptcy court may also exempt the business from paying all or part of its debts. Chapter 11 bankruptcy is usually sought and granted in the case where the value of the business is greater than the sum of its assets; in other words, the business has a significant amount of goodwill as a "going concern" which would be lost if the business were sold or liquidated.
There are six types of bankruptcy under the Bankruptcy Code, located at Title 11 of the United States Code. Basic liquidation for individuals and businesses; also known as straight bankruptcy; it is the simplest and quickest form of bankruptcy available. Municipal bankruptcy; a federal mechanism for the resolution of municipal debts.
Credit card debt does not keep away from anyone who does not desire to keep away from it. It treats everyone evenly irrespective of whether or not the individual is a seasoned professional or just a university student.
Avoid overspending e.g. do not buy things just because they are on sale, sales keep coming and going and there are always better offers each time; buy only those things that you really need. A good thing to do is to prepare your monthly budget and follow it religiously. Never budge from your budget.
People who are experiencing problems managing their credit card debt or those who are near in bankruptcy frequently don't understand that the ability to get rid of their credit card debt troubles totally is in their hands.
To correctly defend yourself from credit card debt, you will need to know quite a bit about credit, managing your money, and finances in most cases.
When you receive your credit card bill, you should always strive to pay more than just the minimum. If you just pay the minimum amount, you could very well end up being in debt the rest of your life - as you could be paying little but the interest.
Debt from credit cards can be extremely stressful, and lead to a very disturbing situation. No one is immune to credit card debt, as even college students can experience debt with their credit cards as well.
Credit card offers people the sense of invincibility. And it also gives them tons of uncertainty regarding their economic management capability when they come across problems with their credit card debt.