California bankruptcy is a term used in financial circles to quote laws in vogue in California City for dealing cases of bankruptcy under uniform federal laws falling under chapter 7,9,11,12,13 of bankruptcy code.
Expert Author: Milos Pesic
Easy availability of loans in the recent times has given rise to a trend of indiscriminate borrowing. Consequently, those who borrow beyond their means end in a debt trap. Even though various debt relief options are available, in certain cases declaring bankruptcy may be the only way out.
Expert Author: Liz Roberts
Paying for debts regardless of their nature is a mandatory obligation of every individual, as well as partnerships in business. In some cases, it might really be impossible or unreasonable to expect the borrower to be able to pay off under his present miserable condition.
New York bankruptcy laws have considerably checked filing of bankruptcy cases on account of strict federal laws. To file a case one has to fully satisfy the authorities that he has no assets to pay back the debt and therefore is left with no other effective option to stop paying interest on the debt. An individual while filing his case has to furnish a documentary proof that he has no assets to repay the debt as per New York bankruptcy laws.
Expert Author: Stephen Snyder
There is a certain type of thinking that leads people into filing bankruptcy. Recognizing this type of thinking is the first step to change it. One of the key characteristics that makes up your FICO credit scores is how long you've had established credit accounts. So the longer you have credit accounts the better your scores.
Bankruptcy, in simple language means insolvency i.e. a person is no longer in a position to repay his debts. Such a situation arises when liabilities exceed assets and therefore you have no assets to repay your debts.
Expert Author: David Siegel
Immediately when your bankruptcy case is filed, an automatic stay is created. An automatic stay is the equivalent of a restraining order that prevents creditors from taking certain collection actions against you. This article illustrates the power of the automatic stay in bankruptcy proceedings.
Expert Author: David Siegel
Illustrates the main causes of bankruptcy filings in the United States. Nobody wants to be sued and brought to judgment. Nobody wants to have 10 per cent - 15 per cent of their hard earned wages deducted from their pay. In many cases, the taking of 10%-15% of one's wages leads to the inability of that person to pay his rent, utilities or auto payment. Just the thought of the employer potentially having to garnish wages leads many to panic. Debtors do not want their employers or co-workers knowing of their financial troubles.
Expert Author: Letha Lashley
The thought of going bankrupt is generally something that most people don't consciously consider doing. However, the reality of today is that more and more people are not only considering bankruptcy; they are actively seeking it. Various forms of bankruptcy such as chapter 13 and chapter 11 are being exercised by people throughout the country today.
Expert Author: Nelson Smith
Debt Consolidation is a means by where you can take all of your existing loans, credit card payments and outstanding bills and consolidate them into one loan. This loan is spread over a term that will enable you to comfortably afford to pay the set monthly amount. This way you know exactly how much you need to pay and have only one monthly payment going out of your account each month.
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