Drug testing

What is Bankruptcy?

Personal bankruptcy is a legal way to give people with overwhelming debt a fresh financial start. However, it is important to realize that certain forms of debt, such as student loans, are not forgiven through the bankruptcy process. Bankruptcy can have a devastating impact to your credit report and credit score. Bankruptcy will often remain on your credit report for as long as 10 years. During this time it can be next to impossible to obtain loans or any type of credit. If you are able to find a lender that is willing to do business with you, you will pay the highest possible interest rates allowed by law.

Quite often, lawyers are quick to suggest bankruptcy but, they don't always explain how damaging bankruptcy can be. Why would a lawyer do this? The answer is simple; If you don't file for bankruptcy, they don't get paid. The best thing that you can do is obtain independent information if you are considering bankruptcy. This way you become informed in an unbiased manner.

There are two forms of bankruptcy:

Chapter 13 involves reorganizing your debt in such a way that you a can keep the property you might otherwise lose, For example, a car or home. Chapter 13 will allow you 3-5 years to pay-off the items you have as opposed to losing them entirely.

Chapter 7 is the most straightforward form of bankruptcy. It involves liquidating all of your assets. However, this can depend upon the laws for the state in which you live. Traditionally, a court appointed representative will sell your personal property or it will simply be returned to the creditors that you owe money to. Federal law only allows consumers to file for Chapter 7 bankruptcy every six years.

Alan Barnes
IAPDA Certified Debt Arbitrator
President and CEO of Debt Regret
http://www.debtregret.com

limousine chicago service
In The News:

What Are The Benefits and Consequences Of Getting Rid Of Debt The Easy Way

We have all experienced getting so far in debt we... Read More

Bank Like a Banker

The business of banking has changed dramatically over the last... Read More

Bankruptcy 101

Bankruptcy still remains a mystery in the eyes of many... Read More

Debt and Your Dreams

You may not realize what that credit card bill is... Read More

Learn The Five Key Debt Reduction Steps You Must Take Immediately!

Step 1. The purpose of this first step is to... Read More

Bankruptcy - The New Scarlet Letter

Nathaniel Hawthorne's book The Scarlet Letter states in Chapter 2,... Read More

The Simple $10 Debt Elimination Solution

Ask a friend what resolutions they made for 2004 and... Read More

IVA Advice

An IVA (individual voluntary arrangement) is an alternative to bankruptcy... Read More

Questions to Ask a Credit Counseling Service about Debt Relief

Debt relief is a topic on a lot of consumers'... Read More

Personal Bankruptcy ? If Its Unavoidable, File Now

The Bankruptcy Abuse and Consumer Protection Act, signed into law... Read More

Eight Ways to Consolidate Debt

Next to winning the lottery, a debt consolidation loan is... Read More

Bankruptcy: Who is to Blame?

If you are considering bankruptcy as a solution to your... Read More

Bankruptcy: What the New Law Means to You

On April 20 of this year, President Bush signed a... Read More

Creating A Realistic Budget

Budgeting -- ooh, what a scary word! If you want... Read More

Bankruptcy ? Bankruptcy Myths

Bankruptcy has long been a big question mark in the... Read More

Dont Let The Good Times Bury You

It is vital to get rid of debt while things... Read More

Debt Settlement

What is debt settlement?Debt Settlement is a process to settle... Read More

Fast Track Out of Debt

You go to the mail box and scan - a... Read More

Your Ticket Out of Debt Relief

If you are in debt over your head and wondering... Read More

Debt Settlement -- Why the Critics Are Wrong

After October 17, 2005, a lot of people are going... Read More

Debt Recovery Can be Easy

OK, so you are up to your head in debt.... Read More

What Does A Bankruptcy Trustee Do?

Once you file bankruptcy a court appointed bankruptcy trustee will... Read More

Five Hot Tips To Get Out Of Debt Forever

The financial and psychological burden of being in debt causes... Read More

The Debt Free Lifestyle

Many people have been taught that you cannot get ahead... Read More

Debt: Dont Pay Your Minimum Balance

Almost all Americans carry credit card debt. Actually, over 40%... Read More

street light music largest led manufacturer Pete's produce ..