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Filing for bankruptcy can be a hard decision for most people to make; however, the circumstances surrounding their situation make it impossible for them to see any other way out. There are many reasons that normal trustworthy people, much like you and me, decide that filing for bankruptcy is…
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Filing for bankruptcy can be a hard decision for most people to make; however, the circumstances surrounding their situation make it impossible for them to see any other way out. There are many reasons that normal trustworthy people, much like you and me, decide that filing for bankruptcy is…
Click here to play
Filing for bankruptcy can be a hard decision for most people to make; however, the circumstances surrounding their situation make it impossible for them to see any other way out. There are many reasons that normal trustworthy people, much like you and me, decide that filing for bankruptcy is…
Click here to play
My husband is declaring bankruptcy in his business. He had a small business with his mother and she will probably declare too. The company credit cards are full and he used his personal cards and 1 of mine as well. Will his personal cards be cleared as they were used for the business and so was the one that I had. He was the secondary card holder on my card and I paid off whatever I had on the card..all that`s left is what the business owes. Will it be cleared too as this was not my debt.
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I lost my job due to disability two years ago and have been underemployed since then making about 2000 dollars a month where I used to make 8000. Until the disability I had excellent credit and at the time that I lost my job I had unsecured credit lines totalling 150K which were rarely used.
In the beginning I was a foolish optimist and wanting to provide the family what they were used to I got into a load of credit card debt. Now I`am over 100K in debt and I need to declare bankruptcy.
My wife took a job when I got disabled. It paid a low wage which she saved to be able to take a career course and help support the family. She did not pay any of the household expenses.
Will the fact that my wife did not pay a share of the household expenses affect her if I declare bankruptcy? Will she be forced to repay part of the loan?
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There is nothing to be ashamed of when you consider filing for bankruptcy. Bankruptcy should be viewed as a fresh start, a way to revive your financial situation and start over again. When money is tight and your household is experiencing a crisis, sometimes your best option is to consult with an attorney to learn more about your options and possibility of filing for bankruptcy.
Bankruptcy lawyers represent clients that have usually been forced to file for bankruptcy as a way to clear their debts; their assistance may ease some of the stress during this awkward period. The most recent changes in the law have meant there is more paperwork to complete when filing for bankruptcy, so the services of an attorney can be useful in understanding and preparing your petition. Despite all this extra paperwork for debtors, once it has been completed, the bankruptcy petition can proceed in the same way as it did before the changes in law.
Foreclosure statistics for the first quarter of 2008 were released today, and, as predicted, things are getting worse for the housing market. Q1 of this year saw a 23% rise over foreclosure filings from Q4 2007, and a 112% rise over Q1 of 2007.
In raw numbers, around 650,000 homes have been repossessed, or 1 in every 194 households in America. Some other frightening numbers from the CNN report linked above:
- foreclosures increased in 46 states and in 90 of the nation’s 100 largest metro areas.
- previously “safe” areas saw massive foreclosure filings: Connecticut saw a 300% increase, while Massachusetts saw a 260% increase.
- the worst area for foreclosures is the Southwest, specifically California, Nevada and Arizona. Foreclosure hit 1 of every 54 homes in Nevada, and 1 in 44 homes in Las Vegas. Stockton, California remains the epicenter of the crisis, with 1 in 30 homes being foreclosed, with Riverside/San Bernardino coming in second with 1 in 38 homes.
America is a federation of various states. Each state has its law but the country itself has its own set of federal laws. This includes the federal bankruptcy law.
When a case is filed in a bankruptcy court either voluntarily by the debtor or the creditor, the laws work in a way to protect the interest of both the parties. The laws have provided some powerful tools that the creditors can use in their favor.
