“Top 10 Bankruptcy Myths Exposed” - Get the Free Report Today!
i have a car loan that is in default. i am a co signer with my ex common law partner. he kept the car after our seperation. the car was repoed from him .the collection agency wants money from me. am i responsible for a portion of this debt? and what happens if i just refuse to pay at all?
Posted from: Prince Edward Island
Bookmark or rate this blog:
can I apply for a morgage after the bankrupcy with in the seven years ?
What is the seven year thing?
Posted from: Alberta
Bookmark or rate this blog:
A Chapter 13 bankruptcy will last between 3 to 5 years. And a lot can change during that time, including finding Mr. Right or Ms. Right. For individuals who are still in a Chapter 13 case, the question becomes: “Does marriage during Chapter 13 bankruptcy affect the bankruptcy”? And “if it does, how”?
Bankruptcy is still a frightening and embarrassing situation for many people. The dictionary doesn’t help when it gives definitions like: “utter ruin, failure, depletion”. No wonder so many people won’t consider bankruptcy until it’s the last resort.
What is bankruptcy?
Simply put it’s “being legally insolvent” or an “inability to discharge all your debts as they come due”. Bankruptcy isn’t the cause of debt, it’s the result.
What causes bankruptcy?
Is it simply living beyond your means, or spending indiscriminately more than you make? No. Though that may be true with some - such as celebrity lifestyles - for many, it’s much simpler and beyond their control. There are many outside factors which contribute to bankruptcy.
Common causes of consumer bankruptcy are:
• Medical expenses
• Unemployment
• Accidents
• Business failure
• Divorce
• Ballooning interest rates
The foreclosure crisis has lead more and more people to file bankruptcy as finance and credit card companies lure consumers in with attractive interest rates and low or no down payments. What many didn’t realize was how much payments would rise when the interest rate adjusted after the introductory offer. These types of lending strategies are prevalent enough to be given a name, “predatory lending”.
With such tactics, and other involuntary circumstances, you may find yourself with no other options. Bankruptcy offers hope and help. Bankruptcy is a way to get out of that overwhelming debt. Not all debt disappears with bankruptcy, though; it’s not a cure all. Depending on the type of debt and the type of bankruptcy you file, bankruptcy can eliminate much of your debt and get you back on financial track.
It is vitally important to speak with an experienced bankruptcy attorney about your options if you’re considering bankruptcy. With the changes in bankruptcy laws, you need to have professional advice. Most bankruptcy lawyers will evaluate your case for free. If you’re facing bankruptcy, you have nothing to lose in consulting a bankruptcy attorney.
Arlington Bankruptcy Attorneys
Birmingham Bankruptcy Attorneys
California Bankruptcy Attorneys
If you are more than $10,000 in debt, visit Debt Assistance Today
Hi there. I have recently lost my job in the local paper mill here in my little town. I now have to leave the province to find work but I won`t be making anywhere near the amount of money I had made previously. I think bankruptcy is inevitable. We would like to make an attempt at keeping our house here in town. If I protect my home in the Bankruptcy and find that I cannot make the mortgage payments later on down the road during the 9 month period, can I remove the house from the protected list?
Posted from: British Columbia
Bookmark or rate this blog:
I have gone bankrupt twice before and need to again (all for good reasons, divorce, business failure, bad advice) will I be able to reestablish credit again, how long will it take and what are the consequences of a thrid bankrupt.
Posted from: Ontario
Bookmark or rate this blog:
Hi,
I would like ask a question that if someone has filled for consumer proposal, and want to rent an apartment , Is his credit report will effect his rental application ?
Bookmark or rate this blog:
A bankruptcy attorney really is necessary if you want to protect as much of your assets as you possibly can. The money and assets you can save will typically more than offset the cost of the fees. This article explains why this is the case.
Debtor audits have reappeared in bankruptcy cases. Debtors should be aware of what documentation they need to successfully pass an audit.
You are currently browsing the Bankruptcy Questions Answered weblog archives for June, 2008.
