If you have a large amount of unpaid debts and can not find the resources to pay off your creditors, one option for you to solve this problem is to file for bankruptcy. Filing for bankruptcy can discharge you from all your eligible debts. This will allow you to have a fresh start and give you a chance to handle your finances better. Here are some things you should know about filing for bankruptcy.
Two ways
There are two ways that you can go about it. One is to file for a chapter 7 bankruptcy which allows you to pay off your creditors by the liquidation of all your non-exempt assets like real estate and automobiles by the bankruptcy trustee. The cash converted from liquidation will be distributed to the creditors. Another way is by filing a chapter 13 bankruptcy where you can pay off your debts within three to five years through a payment proposal. This is ideal for those who have a steady income and who do not wish to let go of their non-exempt assets.
Process
A bankruptcy petition, usually 20 pages long, is made by the debtor. This petition contains the debtor?s personal information, financial activities, secured and unsecured debts, creditors, assets, tax returns, and other related information. There is also a bankruptcy form available in courts that can serve as a guideline for petition. This form is submitted to the local court and a provision is made to prevent the creditors from contacting the debtor and seizing any property within a month. After a month, a meeting of the creditors and debtor is called by the court and there will be negotiations. If an objection is made by any one of the creditors, the judge will intervene. If all goes well, the court will send a notice of discharge to the debtor in four to six months relieving all from all his eligible debts.
Exempted debts
Exempted debts or debts that will not be written off are those that are not listed in the petition, child support and alimony, debts incurred from personal injury or death, student loans from government organizations (except in special cases), and fines and penalties incurred for violating the law.
Filing Bankruptcy provides detailed information on Filing Bankruptcy, Filing Bankruptcy Online, Filing Chapter 11 Bankruptcy, Filing Chapter 13 Bankruptcy and more. Filing Bankruptcy is affiliated with Will Estate Planning.
Article Source: http://EzineArticles.com/?expert=Josh_Riverside
Wednesday, September 19, 2007
Credit Card Debt: Repair After Bankruptcy
Ah, credit card debt. You've asked yourself the question many times, "Will I ever get credit again?" The answer, although seemingly complex, is quite simple: Yes. You can have another chance at re-establishing your credit. Filing bankruptcy is the first intelligent step taken to wiping out accrued credit card debt. The next step you'll have to take is to repair your credit report. In order to do this, you'll need to develop great patience while you're re-establishing your credit, as these things do take time.
Two or three years after you've eliminated credit card debt by filing bankruptcy, you'll want to start rebuilding good credit. How, you ask? Apply for secured credit cards. Preferably cards without annual fees attached to them. Do your research on the internet to see what others have done in similar situations. If you come across an offer which looks to good to be true, it most likely is. Use discretion when giving out Social Security numbers and personal information online.
Start small. Don't expect anyone to hand you a $10,000 credit limit overnight. You've had a history of credit card debt, it's not going to happen. Make lenders trust you again. Make monthly payments in the full amount. Your payment transactions will determine how successful your new credit report will be. If you're late with payments you're heading in the wrong direction. You don't want to end up on the road to credit card debt or bankruptcy again, do you? Of course not.
The stronger your current financial condition is, the better candidate you may be for future credit. Convince lenders that you've left the past behind you. You've changed your ways. Show them how you've handled money since the bankruptcy. Prompt payments made in a full amount are very impressive to a credit lender. If you're denied a major credit card, don't get distraught. Try applying for a department store's line of credit or a card issued by an oil company. These are some small steps to a successful debt-free future.
It's also important to keep an eye on your credit report. Make sure that everything is accurate and appears is it is supposed to. Errors, which can go unacknowledged will only harm you in the future. Your local bank can give you a copy of your current credit report for a nominal fee. However, if you're a legal resident of the United States, you are eligible to receive free credit reports. Specifically, one credit report per year.
In 2005, the Federal Trade Commission announced that every United States citizen is eligible to receive one free credit report on an annual basis, regardless of where they live. This was wonderful news to Americans everywhere. To receive your free credit report, you must supply proof of your identity. Questions you may be asked will include: your name, address, social security number, and a personal question [for security purposes] that only you will know.
Nevertheless, be very careful. There's a wide number of companies who will promise free credit reports. But are they legitimate? Anyone can build a website and claim that they're a credit agency. Why risk giving out your personal information to a stranger? Identity theft has become increasingly popular. Don't fall prey to a fraudulent credit agency that you know absolutely nothing about. Do some background research on the company prior to using their services. If you can't find any information relating to their services they're probably not very trust-worthy.
Credit reports can be received online or through physical mail. Be certain that the company which is offering free credit reports is being employed by the FTC. Bear in mind, anyone can say they're affiliated with the FTC. Make sure that they're legitimate. Such a fiasco occurred recently on the internet. Thousands of people were taken advantage of when they filled out a form for a "free credit report." Don't give out your information to anyone but a trusted bank, a reputable mortgage broker, or an agency employed through the Federal Trade Commission.
To learn more about "fixing" your debt visit: http://www.fix-a-debt.com
All Rights Reserved - This article can be freely reprinted only if resource box and links are kept intact.
Article Source: http://EzineArticles.com/?expert=James_Duggan
Two or three years after you've eliminated credit card debt by filing bankruptcy, you'll want to start rebuilding good credit. How, you ask? Apply for secured credit cards. Preferably cards without annual fees attached to them. Do your research on the internet to see what others have done in similar situations. If you come across an offer which looks to good to be true, it most likely is. Use discretion when giving out Social Security numbers and personal information online.
Start small. Don't expect anyone to hand you a $10,000 credit limit overnight. You've had a history of credit card debt, it's not going to happen. Make lenders trust you again. Make monthly payments in the full amount. Your payment transactions will determine how successful your new credit report will be. If you're late with payments you're heading in the wrong direction. You don't want to end up on the road to credit card debt or bankruptcy again, do you? Of course not.
The stronger your current financial condition is, the better candidate you may be for future credit. Convince lenders that you've left the past behind you. You've changed your ways. Show them how you've handled money since the bankruptcy. Prompt payments made in a full amount are very impressive to a credit lender. If you're denied a major credit card, don't get distraught. Try applying for a department store's line of credit or a card issued by an oil company. These are some small steps to a successful debt-free future.
It's also important to keep an eye on your credit report. Make sure that everything is accurate and appears is it is supposed to. Errors, which can go unacknowledged will only harm you in the future. Your local bank can give you a copy of your current credit report for a nominal fee. However, if you're a legal resident of the United States, you are eligible to receive free credit reports. Specifically, one credit report per year.
In 2005, the Federal Trade Commission announced that every United States citizen is eligible to receive one free credit report on an annual basis, regardless of where they live. This was wonderful news to Americans everywhere. To receive your free credit report, you must supply proof of your identity. Questions you may be asked will include: your name, address, social security number, and a personal question [for security purposes] that only you will know.
Nevertheless, be very careful. There's a wide number of companies who will promise free credit reports. But are they legitimate? Anyone can build a website and claim that they're a credit agency. Why risk giving out your personal information to a stranger? Identity theft has become increasingly popular. Don't fall prey to a fraudulent credit agency that you know absolutely nothing about. Do some background research on the company prior to using their services. If you can't find any information relating to their services they're probably not very trust-worthy.
Credit reports can be received online or through physical mail. Be certain that the company which is offering free credit reports is being employed by the FTC. Bear in mind, anyone can say they're affiliated with the FTC. Make sure that they're legitimate. Such a fiasco occurred recently on the internet. Thousands of people were taken advantage of when they filled out a form for a "free credit report." Don't give out your information to anyone but a trusted bank, a reputable mortgage broker, or an agency employed through the Federal Trade Commission.
To learn more about "fixing" your debt visit: http://www.fix-a-debt.com
All Rights Reserved - This article can be freely reprinted only if resource box and links are kept intact.
Article Source: http://EzineArticles.com/?expert=James_Duggan
Debt Consolidation As A Bankruptcy Alternative
Bankruptcy alternative is the method that you can use to save yourself from the long-term unpleasant consequences of being bankrupt. If you have reached a situation in your financial life where the debts you owe to various creditors, are much higher than your available sources of income, you might be planning about filing bankruptcy petition in the bankruptcy court.
However, before you fill out the bankruptcy form and hire your bankruptcy attorney, it is always prudent to look at the various available options as bankruptcy alternative. For example, debt consolidation can be a great financial tool and it may come at your rescue, when all doors are closed to you.
Is Bankruptcy Freedom From Debt?
Several people have a misconception that filing bankruptcy and getting oneself declared as bankrupt, is the easiest and safest way to get rid of the huge burden of debts. Well, when a person is caught into the nasty traps of debt, he or she has to face several unpleasant things, such as harassing calls from the collection agencies and various other financial pressures.
Therefore, it is not very strange, if he or she starts looking for bankruptcy as an easy alternative. However, here, let me make it very clear that sometimes, the solution looks an easy one, but in reality, it has serious outcomes. Bankruptcy falls into such category of financial solutions. Therefore, prudent people always explore their options and look into details thoroughly, whether any bankruptcy alternative is available to them.
What Is Debt Consolidation?
Debt consolidation can be a great bankruptcy alternative. It is a process in which you hire a particular financial agency to deal with your specific debt situation. Usually, the first thing that the debt consolidation agency does is that it assigns a credit counselor for your specific case. The credit counselor looks into the details and suggests you the specific debt consolidation plan accordingly.
Once you agree to go with a specific plan, the debt consolidation agency will consolidate all your debts into one single monthly installment. They will also talk to your creditors and persuade them to reduce the rate of interest. The greatest advantage of choosing debt consolidation as a bankruptcy alternative is that you will no more need to deal with your creditors directly.
Your debt consolidation agency will do that for you. You will pay the consolidated monthly installment to the debt consolidation agency and they will further remit the respective payment to the concerned creditors.
With the inclusion of the new bankruptcy laws, it is now mandatory for people filing bankruptcy, to go through a debt consolidation procedure. It is only if the debt consolidation, as a bankruptcy alternative does not work, you should go ahead and file for bankruptcy. Filing Bankruptcy is a free online resource providing information on different aspects of bankruptcy and tips to hire a competent bankruptcy lawyer.
Article Source: http://EzineArticles.com/?expert=Asheesh_Mani
However, before you fill out the bankruptcy form and hire your bankruptcy attorney, it is always prudent to look at the various available options as bankruptcy alternative. For example, debt consolidation can be a great financial tool and it may come at your rescue, when all doors are closed to you.
Is Bankruptcy Freedom From Debt?
Several people have a misconception that filing bankruptcy and getting oneself declared as bankrupt, is the easiest and safest way to get rid of the huge burden of debts. Well, when a person is caught into the nasty traps of debt, he or she has to face several unpleasant things, such as harassing calls from the collection agencies and various other financial pressures.
Therefore, it is not very strange, if he or she starts looking for bankruptcy as an easy alternative. However, here, let me make it very clear that sometimes, the solution looks an easy one, but in reality, it has serious outcomes. Bankruptcy falls into such category of financial solutions. Therefore, prudent people always explore their options and look into details thoroughly, whether any bankruptcy alternative is available to them.
What Is Debt Consolidation?
Debt consolidation can be a great bankruptcy alternative. It is a process in which you hire a particular financial agency to deal with your specific debt situation. Usually, the first thing that the debt consolidation agency does is that it assigns a credit counselor for your specific case. The credit counselor looks into the details and suggests you the specific debt consolidation plan accordingly.
Once you agree to go with a specific plan, the debt consolidation agency will consolidate all your debts into one single monthly installment. They will also talk to your creditors and persuade them to reduce the rate of interest. The greatest advantage of choosing debt consolidation as a bankruptcy alternative is that you will no more need to deal with your creditors directly.
Your debt consolidation agency will do that for you. You will pay the consolidated monthly installment to the debt consolidation agency and they will further remit the respective payment to the concerned creditors.
With the inclusion of the new bankruptcy laws, it is now mandatory for people filing bankruptcy, to go through a debt consolidation procedure. It is only if the debt consolidation, as a bankruptcy alternative does not work, you should go ahead and file for bankruptcy. Filing Bankruptcy is a free online resource providing information on different aspects of bankruptcy and tips to hire a competent bankruptcy lawyer.
Article Source: http://EzineArticles.com/?expert=Asheesh_Mani
What Are Bankruptcy Leads
The main goal of filing bankruptcy is either to give the individual or business relief from heavy debt or to create a fresh financial start. Once the claim is settled those who filed for bankruptcy are clear of debit, but also have limited credit choices. The majority of lenders want a debtor to re-establish a credit history before they will provide funds. Therefore, these debtors are in prime need of companies and/or merchants who offer alternative lending options. Bankruptcy leads afford these businesses the opportunity to target those debtors.
Bankruptcy leads contain the names of persons or businesses who have filed for bankruptcy. The claims are filed through the judicial system, federal, state and county courts, and public records. Companies who specialize in managing or establishing credit can pull data from these records as a marketing tool for their product or service.
Bankruptcy leads include name, address, and date of bankruptcy filing, plus more specific data regarding debt level, income, and status of the claim. Most of the alternative financing companies are seeking debtors whose claims have been discharged, or freed from legal liability. Other companies, however, such as credit reorganizers and debt consolidators can also find potential customers among those who recently filed, as well as those whose claims were dismissed.
Having a bankruptcy claim dismissed means the legal responsibility of paying the creditors still lies with the debtors. Creditor will still need to be paid, and expect the debtor to do so. These debtors are prime opportunities for debt consolidation companies. Other financial institutions and companies that deal with credit and credit history use this data to determine loan approval/disproval. Mortgage companies, automobile dealerships and credit card companies use these bankruptcy leads to calculate debt load and credit worthiness of applicants.
In the United States, there are six types of bankruptcy: Chapter 7, 9, 11, 12, 13 and 15. Chapter 7 and Chapter 13 are the most common for individuals. Chapter 11 is primarily filed by businesses. The chapter under which bankruptcy is filed determines what type of financial services the debtor requires, and which companies can use bankruptcy leads to approach them. In Chapter 7, assets are liquidated, the proceeds distributed to the creditors and the debt considered discharged. In Chapter 13, the debtor retains ownership and possession of assets, but must devote a portion of future income to repaying creditors, generally over a period of three to five years.
The information compiled for bankruptcy leads comes from the public records of bankruptcy claims. Gathering that information can be time-consuming, especially considering that, over a million bankruptcy claims were filed in 2006. Fortunately, several companies offer bankruptcy leads as a marketing tool. Information can be customized to the company’s particular needs: filing status (i.e. filed, dismissed, discharged, type of filing (Chapter 7, Chapter 13, etc.), etc. Available data covers filings from all over the United States and is updated on a regular basis. Other tools, too, such as direct mailing, and web-based services are offered as well.
What are Bankruptcy Leads and how will they help your business grow? Check out our site for valuable Bankruptcy Marketing ideas.
Article Source: http://EzineArticles.com/?expert=Tom_Houser
Bankruptcy leads contain the names of persons or businesses who have filed for bankruptcy. The claims are filed through the judicial system, federal, state and county courts, and public records. Companies who specialize in managing or establishing credit can pull data from these records as a marketing tool for their product or service.
Bankruptcy leads include name, address, and date of bankruptcy filing, plus more specific data regarding debt level, income, and status of the claim. Most of the alternative financing companies are seeking debtors whose claims have been discharged, or freed from legal liability. Other companies, however, such as credit reorganizers and debt consolidators can also find potential customers among those who recently filed, as well as those whose claims were dismissed.
Having a bankruptcy claim dismissed means the legal responsibility of paying the creditors still lies with the debtors. Creditor will still need to be paid, and expect the debtor to do so. These debtors are prime opportunities for debt consolidation companies. Other financial institutions and companies that deal with credit and credit history use this data to determine loan approval/disproval. Mortgage companies, automobile dealerships and credit card companies use these bankruptcy leads to calculate debt load and credit worthiness of applicants.
In the United States, there are six types of bankruptcy: Chapter 7, 9, 11, 12, 13 and 15. Chapter 7 and Chapter 13 are the most common for individuals. Chapter 11 is primarily filed by businesses. The chapter under which bankruptcy is filed determines what type of financial services the debtor requires, and which companies can use bankruptcy leads to approach them. In Chapter 7, assets are liquidated, the proceeds distributed to the creditors and the debt considered discharged. In Chapter 13, the debtor retains ownership and possession of assets, but must devote a portion of future income to repaying creditors, generally over a period of three to five years.
The information compiled for bankruptcy leads comes from the public records of bankruptcy claims. Gathering that information can be time-consuming, especially considering that, over a million bankruptcy claims were filed in 2006. Fortunately, several companies offer bankruptcy leads as a marketing tool. Information can be customized to the company’s particular needs: filing status (i.e. filed, dismissed, discharged, type of filing (Chapter 7, Chapter 13, etc.), etc. Available data covers filings from all over the United States and is updated on a regular basis. Other tools, too, such as direct mailing, and web-based services are offered as well.
What are Bankruptcy Leads and how will they help your business grow? Check out our site for valuable Bankruptcy Marketing ideas.
Article Source: http://EzineArticles.com/?expert=Tom_Houser
Purchasing Bankruptcy Furniture
A business or individual who cannot pay his debts can file for bankruptcy in federal, state or county court. Depending on the type of bankruptcy filed, any property that is owned and not exempted can be returned to the bankruptcy trustee as an asset to be sold. Bankruptcy furniture falls into this category.
Furniture represents a large part of the expenses and inventory list for most individuals as well as for businesses. When persons or companies file bankruptcy, one of the first assets to be sold is the furniture they owned. The furniture is put up for sale or auction, and the proceeds are then used to pay creditors. Bankruptcy furniture sales and auctions are usually handled by a trustee and advertised in advance, giving the buyer a chance to look over the merchandise prior to the sale.
In fact, looking prior to the sale and researching prices is a good idea. Usually the person handling the sale is someone appointed by the court, commonly the bankruptcy trustee, and has no background knowledge of the furniture being auctioned. Not surprisingly, bankruptcy furniture can run the gamut from antiques to modern fixtures and equipment. It is merely the trustee’s duty to oversee the sale or auction and liquidate the assets. For this reason, planning is in the buyer’s best interest.
Bankruptcy furniture can be a great bargain. Often individuals or businesses invest in good quality furniture. Then they are forced to let them go. Sometimes people or individuals do not realize what they have, or are so eager to sell that the price is extremely low. As the types of bankruptcy furniture vary, so do the prices and the quality.
In the case of a failed start-up company, for instance, their furniture might be new and in good condition, or could be well used and cheaply made. An older business could own several excellent quality pieces, or have nothing but garage sale quality items. Antique stores and furniture stores that go into bankruptcy may offer pieces at rock bottom prices simply to clear their inventory. By buying bankruptcy furniture, businesses can furnish their offices, or individuals can furnish their homes.
Bankruptcy furniture may be a great bargain, but it can also be a tedious process. Sales are final, and the pieces are bought “as is”. Warranties and guarantees on items such as electronic equipment may not transfer, so the buyer needs to understand exactly what is being purchased. Removal of the bankruptcy furniture is also the responsibility of the buyer, so planning for transport is essential.
Not only are bankruptcy furniture sales and auctions advertised in local newspapers, but they can also be found online. Several sites post ads for furniture for sale or for auction, and will include contact information. Open auctions allow the buyer to go and personally participate in the sale. If an open auction is not an option, however, some web sites sell bankruptcy furniture via auction on the Internet.
Purchasing Bankrutpcy Furniture and other bankruptcy information for businesses and individuals.
Article Source: http://EzineArticles.com/?expert=Tom_Houser
Furniture represents a large part of the expenses and inventory list for most individuals as well as for businesses. When persons or companies file bankruptcy, one of the first assets to be sold is the furniture they owned. The furniture is put up for sale or auction, and the proceeds are then used to pay creditors. Bankruptcy furniture sales and auctions are usually handled by a trustee and advertised in advance, giving the buyer a chance to look over the merchandise prior to the sale.
In fact, looking prior to the sale and researching prices is a good idea. Usually the person handling the sale is someone appointed by the court, commonly the bankruptcy trustee, and has no background knowledge of the furniture being auctioned. Not surprisingly, bankruptcy furniture can run the gamut from antiques to modern fixtures and equipment. It is merely the trustee’s duty to oversee the sale or auction and liquidate the assets. For this reason, planning is in the buyer’s best interest.
Bankruptcy furniture can be a great bargain. Often individuals or businesses invest in good quality furniture. Then they are forced to let them go. Sometimes people or individuals do not realize what they have, or are so eager to sell that the price is extremely low. As the types of bankruptcy furniture vary, so do the prices and the quality.
In the case of a failed start-up company, for instance, their furniture might be new and in good condition, or could be well used and cheaply made. An older business could own several excellent quality pieces, or have nothing but garage sale quality items. Antique stores and furniture stores that go into bankruptcy may offer pieces at rock bottom prices simply to clear their inventory. By buying bankruptcy furniture, businesses can furnish their offices, or individuals can furnish their homes.
Bankruptcy furniture may be a great bargain, but it can also be a tedious process. Sales are final, and the pieces are bought “as is”. Warranties and guarantees on items such as electronic equipment may not transfer, so the buyer needs to understand exactly what is being purchased. Removal of the bankruptcy furniture is also the responsibility of the buyer, so planning for transport is essential.
Not only are bankruptcy furniture sales and auctions advertised in local newspapers, but they can also be found online. Several sites post ads for furniture for sale or for auction, and will include contact information. Open auctions allow the buyer to go and personally participate in the sale. If an open auction is not an option, however, some web sites sell bankruptcy furniture via auction on the Internet.
Purchasing Bankrutpcy Furniture and other bankruptcy information for businesses and individuals.
Article Source: http://EzineArticles.com/?expert=Tom_Houser
Evaluating The Bankruptcy Cost
If you are planning to file for bankruptcy, you will have to keep several things into your careful consideration – bankruptcy cost is one of them. Before you go ahead and hire your bankruptcy attorney, it is very important for you to understand that the entire bankruptcy procedure might be very expensive and since, your financial situation is already pathetic, you may have to look for some other solution, to pay the various bankruptcy expenses. Therefore, it is always prudent to evaluate the possible bankruptcy cost beforehand. This article will explain some of the important components of bankruptcy cost.
Bankruptcy Attorney Fee
If you are not thoroughly aware of the various bankruptcy laws, you will certainly hire a bankruptcy attorney to deal with your specific bankruptcy case. Here, I must add that bankruptcy laws are very complicated and it is almost impossible for a common person to understand the intricacies of the same. Bankruptcy attorney are specialized persons and they know the ins and outs of every type of bankruptcy case. They know how to defend the bankruptcy claim on your behalf. However, none of the bankruptcy lawyers will provide their service to you without a fee. In usual circumstances, especially when the bankruptcy lawyer is not your friend or relative, you are supposed to pay a very high amount as the bankruptcy attorney fee. It can be hundreds or even thousands of dollars.
Filing Bankruptcy Fee
Filing bankruptcy fee is the next item that constitutes a major portion of the bankruptcy cost. In the last few years, as new bankruptcy laws have been added to the bankruptcy code, the filing bankruptcy fee has risen to a very high level. You can imagine the rise in the price with the very fact that just four years back, the filing bankruptcy cost was just a few dollars, but now you must be ready to pay hundreds of dollars for the same.
Other Expenses
There can be various other expenses as well. For example, if you have filed for chapter 7 bankruptcy, but at a later stage, and you realize that you do not qualify for the same and now you want to file for chapter 13 bankruptcy, you will have to pay a certain amount as a conversion fee to do that.
Long Term Bankruptcy Cost
The above-mentioned expenses are the direct expenses that you have to pay during the bankruptcy procedure. However, you should also not forget about the long-term bankruptcy cost. You should keep in mind that once you are declared as bankrupt, it would affect your financial life negatively for the next 8-10 years.
Bankruptcy cost is the amount of expense that you need to pay during the bankruptcy procedure. The bankruptcy attorney and the filing bankruptcy fee are perhaps the two most important elements that will cover the major portion of the overall bankruptcy cost.
Article Source: http://EzineArticles.com/?expert=Asheesh_Mani
Bankruptcy Attorney Fee
If you are not thoroughly aware of the various bankruptcy laws, you will certainly hire a bankruptcy attorney to deal with your specific bankruptcy case. Here, I must add that bankruptcy laws are very complicated and it is almost impossible for a common person to understand the intricacies of the same. Bankruptcy attorney are specialized persons and they know the ins and outs of every type of bankruptcy case. They know how to defend the bankruptcy claim on your behalf. However, none of the bankruptcy lawyers will provide their service to you without a fee. In usual circumstances, especially when the bankruptcy lawyer is not your friend or relative, you are supposed to pay a very high amount as the bankruptcy attorney fee. It can be hundreds or even thousands of dollars.
Filing Bankruptcy Fee
Filing bankruptcy fee is the next item that constitutes a major portion of the bankruptcy cost. In the last few years, as new bankruptcy laws have been added to the bankruptcy code, the filing bankruptcy fee has risen to a very high level. You can imagine the rise in the price with the very fact that just four years back, the filing bankruptcy cost was just a few dollars, but now you must be ready to pay hundreds of dollars for the same.
Other Expenses
There can be various other expenses as well. For example, if you have filed for chapter 7 bankruptcy, but at a later stage, and you realize that you do not qualify for the same and now you want to file for chapter 13 bankruptcy, you will have to pay a certain amount as a conversion fee to do that.
Long Term Bankruptcy Cost
The above-mentioned expenses are the direct expenses that you have to pay during the bankruptcy procedure. However, you should also not forget about the long-term bankruptcy cost. You should keep in mind that once you are declared as bankrupt, it would affect your financial life negatively for the next 8-10 years.
Bankruptcy cost is the amount of expense that you need to pay during the bankruptcy procedure. The bankruptcy attorney and the filing bankruptcy fee are perhaps the two most important elements that will cover the major portion of the overall bankruptcy cost.
Article Source: http://EzineArticles.com/?expert=Asheesh_Mani
What is Bankruptcy Marketing?
Bankruptcy marketing gathers information for lenders about those who have filed for bankruptcy. Bankruptcy is a process to relieve an individual or business of the legal responsibility for paying its creditors. Debtors who file for bankruptcy cannot file again for at least six years. Once their debts are discharged by the courts, they owe little or no debt, but their financial options are limited. Having a claim for bankruptcy on file prevents them from buying on credit for a long time.
Traditional financial institutions such as mortgage lenders, automobile dealerships and credit card companies usually require a credit history before extending credit. Those who have filed for bankruptcy are not considered a good risk. Therefore, these debtors need to connect with businesses who offer non-traditional forms of financial assistance. Bankruptcy marketing provides a venue for that connection to be formed.
Through bankruptcy marketing, non-traditional lenders can pinpoint potential customers for their services. Information on bankruptcy claims is a matter of public record and includes many data. In addition to the basics of name and address, the claim contains specific financial statistics such as income, amount of lien, type of bankruptcy, and status of the claim. This data can be compiled and sorted by any number of factors, but is most often categorized by filing status (filed, dismissed, discharged) and type of bankruptcy.
Bankruptcy can be filed under six different types called chapters. Chapter 7 and 13 are most common filing types for individuals. Businesses normally file under Chapter 11. Because the filings are different, the bankruptcy-marketing plan is different, too.
Chapter 7, for instance, involves liquidation of all assets to pay creditors. Chapter 13 involves retention of some assets and designation of future income to pay creditors, usually over a period of three to five years. Debt consolidation companies and credit reorganizers would more likely target those filing Chapter 13. Companies that provide methods to establish new credit would target their bankruptcy-marketing plan to those filing under Chapter 7.
The database of bankruptcy claims is nationwide and can contain over a million filings for just one calendar year. Gathering this information is time-consuming. Many businesses, therefore, hire marketing firms to provide leads for their bankruptcy marketing. Compilation of data can be customized for each lender, by filing status, bankruptcy type, income, discharge date or location. Customization also determines how often data is generated, and the extent of information included.
Companies who provide bankruptcy-marketing services do so by gathering data from courthouses across the United States, utilizing state of the art technology. Data is updated regularly, often daily, and is validated and verified for accuracy before being customized for the lenders. Adding verified current phone numbers is another service available to lenders, in the event that lender wants to incorporate telemarketing into its bankruptcy marketing strategy. The data from the public records can be merged with the lender’s own business information, too. Bottom line: Bankruptcy marketing, however customized, is a powerful tool for the non-traditional lender.
What is Bankrutpcy Marketing and can it help your business?
Traditional financial institutions such as mortgage lenders, automobile dealerships and credit card companies usually require a credit history before extending credit. Those who have filed for bankruptcy are not considered a good risk. Therefore, these debtors need to connect with businesses who offer non-traditional forms of financial assistance. Bankruptcy marketing provides a venue for that connection to be formed.
Through bankruptcy marketing, non-traditional lenders can pinpoint potential customers for their services. Information on bankruptcy claims is a matter of public record and includes many data. In addition to the basics of name and address, the claim contains specific financial statistics such as income, amount of lien, type of bankruptcy, and status of the claim. This data can be compiled and sorted by any number of factors, but is most often categorized by filing status (filed, dismissed, discharged) and type of bankruptcy.
Bankruptcy can be filed under six different types called chapters. Chapter 7 and 13 are most common filing types for individuals. Businesses normally file under Chapter 11. Because the filings are different, the bankruptcy-marketing plan is different, too.
Chapter 7, for instance, involves liquidation of all assets to pay creditors. Chapter 13 involves retention of some assets and designation of future income to pay creditors, usually over a period of three to five years. Debt consolidation companies and credit reorganizers would more likely target those filing Chapter 13. Companies that provide methods to establish new credit would target their bankruptcy-marketing plan to those filing under Chapter 7.
The database of bankruptcy claims is nationwide and can contain over a million filings for just one calendar year. Gathering this information is time-consuming. Many businesses, therefore, hire marketing firms to provide leads for their bankruptcy marketing. Compilation of data can be customized for each lender, by filing status, bankruptcy type, income, discharge date or location. Customization also determines how often data is generated, and the extent of information included.
Companies who provide bankruptcy-marketing services do so by gathering data from courthouses across the United States, utilizing state of the art technology. Data is updated regularly, often daily, and is validated and verified for accuracy before being customized for the lenders. Adding verified current phone numbers is another service available to lenders, in the event that lender wants to incorporate telemarketing into its bankruptcy marketing strategy. The data from the public records can be merged with the lender’s own business information, too. Bottom line: Bankruptcy marketing, however customized, is a powerful tool for the non-traditional lender.
What is Bankrutpcy Marketing and can it help your business?
Article Source: http://EzineArticles.com/?expert=Tom_Houser
Important Bankruptcy Advice
If you are headed towards bankruptcy or have creditors bothering you at all hours of the night then you should know that there is a much easier approach to dealing with your financial situation. There are many options that you ha before having to take on the stigma of bankruptcy.
If you are one of the many people who are seeking bankruptcy information and advice then there are many companies that are more than capable of helping you. These companies offer you multiple options for resolving your financial issues prior to heading off to bankruptcy court. If you find that you have entered bankruptcy there are a few things that you should be aware of.
The first thing that you should do when you are heading towards bankruptcy is pay off as many creditors as you can with your business assets. You need to set up meetings with an administrator or liquidator who can help you divide up all of your remaining assets so that you can resolve issues with your creditors in order of priority.
If you feel that you are near bankruptcy then you want to please as many creditors as possible. You want to pay special attention to the creditors with the most importance. Find an administrator or liquidator who can help you come up with a fair resolution that will make all of the companies involved happy.
Even after you have paid off your creditors with your remaining assets by means of liquidation you may still need to file for bankruptcy. In this type of case you may find that some of your creditors will need to be included in this bankruptcy. None of these creditors will receive any money from you. You are trying to get your remaining debt discharged so that these creditors won’t bother you any more.
Written by Carly Sternson. Find the latest Bankruptcy Advice or find out more information on Insolvency.
Article Source: http://EzineArticles.com/?expert=Carly_Sternson
If you are one of the many people who are seeking bankruptcy information and advice then there are many companies that are more than capable of helping you. These companies offer you multiple options for resolving your financial issues prior to heading off to bankruptcy court. If you find that you have entered bankruptcy there are a few things that you should be aware of.
The first thing that you should do when you are heading towards bankruptcy is pay off as many creditors as you can with your business assets. You need to set up meetings with an administrator or liquidator who can help you divide up all of your remaining assets so that you can resolve issues with your creditors in order of priority.
If you feel that you are near bankruptcy then you want to please as many creditors as possible. You want to pay special attention to the creditors with the most importance. Find an administrator or liquidator who can help you come up with a fair resolution that will make all of the companies involved happy.
Even after you have paid off your creditors with your remaining assets by means of liquidation you may still need to file for bankruptcy. In this type of case you may find that some of your creditors will need to be included in this bankruptcy. None of these creditors will receive any money from you. You are trying to get your remaining debt discharged so that these creditors won’t bother you any more.
Written by Carly Sternson. Find the latest Bankruptcy Advice or find out more information on Insolvency.
Article Source: http://EzineArticles.com/?expert=Carly_Sternson
Car Loans After Bankruptcy - Tips to Getting Approved
A car loans after a bankruptcy is one way to help build back your credit history. In fact, once your bankruptcy closes, you can apply for a car loan the next day. To get approved with the best rates for your car loan, follow these tips.
Review Your Credit Report
Before you start applying for a car loan, check out your credit report and make sure all your accounts are in order. It is not uncommon after a bankruptcy to see open accounts that should be closed, which hurt your credit rating.
While looking at your credit report, consider adding a page explaining the situation that resulted in your bankruptcy. If there were extenuating circumstances, lenders may approve you for a better rate than under normal conditions.
Plan Your Car Purchase
Before purchasing a vehicle, decide what you can afford in a monthly car loan payment. This will help you decide which financing package is best for you. Both the loan amount and length of payments will determine your monthly payments, so there is flexibility in determining which vehicle you can afford to purchase.
Use A Car Loan Lender
Car loan lenders make their money by finding you a loan. Car loan lenders work with several financing partners to back loans with all types of credit risk, including bankruptcies.
Online car loan lenders deal with thousands of loans, and can usually find you a better deal than your local car dealerships. Online car loan lenders will send you a check when you are approved, basically making you a pre-approved car loan buyer.
Explain Your Situation
Car loan applications will ask if you have ever declared bankruptcy and why. This is your chance to explain what led up to the situation and what steps you have taken to resolve your credit situation. Be sure to include improvements in your financial history too.
Consider Refinancing
Once you are approved for a car loan, keep your eye on future refinancing. By making regular payments on all your bills, in a year’s time you could qualify for significantly lower interest rates. In three years, you can build your credit score to near excellent and qualify for even lower rates.
To view our list of recommended auto loan companies online, visit this page: Recommended Auto Loan Companies Online.
Carrie Reeder is the owner of ABC Loan Guide, an informational website about various types of loans
Article Source: http://EzineArticles.com/?expert=Carrie_Reeder
Review Your Credit Report
Before you start applying for a car loan, check out your credit report and make sure all your accounts are in order. It is not uncommon after a bankruptcy to see open accounts that should be closed, which hurt your credit rating.
While looking at your credit report, consider adding a page explaining the situation that resulted in your bankruptcy. If there were extenuating circumstances, lenders may approve you for a better rate than under normal conditions.
Plan Your Car Purchase
Before purchasing a vehicle, decide what you can afford in a monthly car loan payment. This will help you decide which financing package is best for you. Both the loan amount and length of payments will determine your monthly payments, so there is flexibility in determining which vehicle you can afford to purchase.
Use A Car Loan Lender
Car loan lenders make their money by finding you a loan. Car loan lenders work with several financing partners to back loans with all types of credit risk, including bankruptcies.
Online car loan lenders deal with thousands of loans, and can usually find you a better deal than your local car dealerships. Online car loan lenders will send you a check when you are approved, basically making you a pre-approved car loan buyer.
Explain Your Situation
Car loan applications will ask if you have ever declared bankruptcy and why. This is your chance to explain what led up to the situation and what steps you have taken to resolve your credit situation. Be sure to include improvements in your financial history too.
Consider Refinancing
Once you are approved for a car loan, keep your eye on future refinancing. By making regular payments on all your bills, in a year’s time you could qualify for significantly lower interest rates. In three years, you can build your credit score to near excellent and qualify for even lower rates.
To view our list of recommended auto loan companies online, visit this page: Recommended Auto Loan Companies Online.
Carrie Reeder is the owner of ABC Loan Guide, an informational website about various types of loans
Article Source: http://EzineArticles.com/?expert=Carrie_Reeder
Is There An Alternative To Bankruptcy?
Are you in this situation? You are facing a serious and overwhelming debt issues and you are considering of filing a bankruptcy to get an instant release from the stressful debt problem. While the process of making up your decision, you keep asking yourself to look for other option that you can go for besides the bankruptcy filing. Is there an alternative to bankruptcy?
Have you explored all your options? In fact, there are many factors to consider in deciding whether bankruptcy is an appropriate option. You might need to consult an attorney before you decide to go for this option. The rule of thumb, bankruptcy must always be your last option when you really can't find other better option to get you out of debt.
You may trapped into your overwhelming debt issues and the depressed situation makes you unaware of other potential debt solutions and thinking that bankruptcy filing is only way to get rid of debt. Sometimes a few advices are all you need to get your finance in order, or putting a proper debt management plan can save you from your debt problem. Hence, get help from a professional such as consumer credit counseling service might help you to avoid the need to go for the bankruptcy option.
Consumer credit counseling is non-profit service that is designed to help people who have money problems. It offers free service about how to get out of debt and how you use your credit wisely. Based on your financial situation, a counselor that assigned to handle your case will help you to explore all your available options that may help you to resolve your debt issues. In most case, you may be proposed to sign up a debt management plan, in which a small monthly contribution is needed.
Although enrolling into a debt management plan is optional in consumer credit counseling service, sometimes you find it a helpful to follow the plan and recover your financial to a better situation so that you won't drag into the last option of bankruptcy filing.
If you decide to take up a debt management plan, you normally will go through a full assessment of your financial situation. You need to let the counselor know in details your regular income, expenditure, how much you owe, who are your creditors and other relevant information about your personal circumstances. And based on information you provided, a debt management plan will be proposed to you by the counselor. Under the debt management plan, you will consolidate all your debt payment into one payment that pay to your debt management account, it will then be distributed pro data to your creditors. Your plan will be reviewed at a regular basis it meets your circumstances.
By go through a consumer credit counseling process, you get to know what other options available for you to resolve your debt issue instead of bankruptcy filing. The consequences of bankruptcy follow you for 7 to 10, any other option that may help to resolve your debt issue would be a better option than bankruptcy filing. Hence, you must go through a consume credit counseling before you comes to the conclusion that bankruptcy is an appropriate option.
Cornie Herring is an finance author of www.debt-consolidation-1stop.info, an informative website that provides FREE information and guides on credit & debt solutions: debt consolidation, debt settlement & bankruptcy.
Article Source: http://EzineArticles.com/?expert=Cornie_Herring
Have you explored all your options? In fact, there are many factors to consider in deciding whether bankruptcy is an appropriate option. You might need to consult an attorney before you decide to go for this option. The rule of thumb, bankruptcy must always be your last option when you really can't find other better option to get you out of debt.
You may trapped into your overwhelming debt issues and the depressed situation makes you unaware of other potential debt solutions and thinking that bankruptcy filing is only way to get rid of debt. Sometimes a few advices are all you need to get your finance in order, or putting a proper debt management plan can save you from your debt problem. Hence, get help from a professional such as consumer credit counseling service might help you to avoid the need to go for the bankruptcy option.
Consumer credit counseling is non-profit service that is designed to help people who have money problems. It offers free service about how to get out of debt and how you use your credit wisely. Based on your financial situation, a counselor that assigned to handle your case will help you to explore all your available options that may help you to resolve your debt issues. In most case, you may be proposed to sign up a debt management plan, in which a small monthly contribution is needed.
Although enrolling into a debt management plan is optional in consumer credit counseling service, sometimes you find it a helpful to follow the plan and recover your financial to a better situation so that you won't drag into the last option of bankruptcy filing.
If you decide to take up a debt management plan, you normally will go through a full assessment of your financial situation. You need to let the counselor know in details your regular income, expenditure, how much you owe, who are your creditors and other relevant information about your personal circumstances. And based on information you provided, a debt management plan will be proposed to you by the counselor. Under the debt management plan, you will consolidate all your debt payment into one payment that pay to your debt management account, it will then be distributed pro data to your creditors. Your plan will be reviewed at a regular basis it meets your circumstances.
By go through a consumer credit counseling process, you get to know what other options available for you to resolve your debt issue instead of bankruptcy filing. The consequences of bankruptcy follow you for 7 to 10, any other option that may help to resolve your debt issue would be a better option than bankruptcy filing. Hence, you must go through a consume credit counseling before you comes to the conclusion that bankruptcy is an appropriate option.
Cornie Herring is an finance author of www.debt-consolidation-1stop.info, an informative website that provides FREE information and guides on credit & debt solutions: debt consolidation, debt settlement & bankruptcy.
Article Source: http://EzineArticles.com/?expert=Cornie_Herring
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