The recent release of statistical data by the Administrative Office of the U.S. Courts reveal that bankruptcy filings were down by 11 percent for the 12-month period ending March 2014. The big question, however, is will the downward trend continue throughout 2015?
If you are currently considering debt relief through the liquidation of personal assets by petitioning for Chapter 7 bankruptcy protection, federal law mandates that you first seek pre-bankruptcy credit counseling and post-filing debtor education.
Admitting your debt has spun out of control and realizing you are financially incapable of managing your liabilities can often lead to moments of sheer frustration and uncertainty. It takes a personal leap of faith to place your trust in an experienced bankruptcy attorney, but it may be a necessary step in stabilizing your financial situation.
Debt refinancing is quite elementary and often used as a financial equalizing tool. More often than not, consumers experiencing the onset of financial difficulties may turn to mortgage refinancing to ease the burden through lower interest rates, avoid foreclosure or possible bankruptcy.
When you purchased your home a few years ago, life was great. Your job was secure, your children were happy and healthy and your marriage was stable, of course with the common marital ups and downs but still reasonably stable.
Then it all came crashing down.
One of your children was diagnosed with a chronic disorder causing medical bills to soar, you became a victim of employment downsizing, and your spouse decided it was all too much and filed for divorce. You are now in danger of losing the family home to foreclosure.
As the economy worsened and more people began looking for relief, debt settlement companies that claim to provide student loan settlement started to crop up across the country. Currently Americans owe more on student loans than they do on their credit cards. As a result, companies are expanding into so-called student loan settlement services.
Are these companies really a legitimate option to for erasing student debt?
Since the 2005 changes to federal bankruptcy laws, filing for bankruptcy has become a more tedious, time-consuming task. Among the changes made were income specifications that affect which type of bankruptcy claim an individual can file.
Chapter 7 Bankruptcy (Liquidation)