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A Very Personal Bankruptcy
from:Filing a personal bankruptcy is a major decision and one that only you can make. It’s no secret that it can have long term consequences on your credit. But the question to ask yourself is whether those consequences are better or worse than the consequences of debt spiraling out of control. It doesn’t take long for people to discover that debt only gets worse when ignored.
A personal bankruptcy is called “personal”, because it applies to an individual and not a business. It’s also very personal, because the bankruptcy is structured to meet your particular circumstances. But having said that it’s also necessary to recognize that there are specific laws that define bankruptcies in terms of what’s allowed and not allowed. For personal bankruptcies, you can file a chapter 7 for liquidation or a chapter 13 for a repayment plan.
A personal bankruptcy can do some things to help people deal with their debt, but there are other things outside its realm of control according to law. For example, a personal bankruptcy cannot erase all types of debt. These debts include child support, court ordered payments and criminal fines. The attorney will negotiate with the IRS to determine which tax debts can be eliminated. Also, any debt you create after the bankruptcy is not grandfathered into the order. On top of that, a creditor can make you give up any collateral you used to secure debt instead of just accepting payments.
The good news is that a personal bankruptcy can do lots of great things to make your life easier and give you a new start. Excessive debt feels like you’re carrying hundreds of pounds around on your shoulders all the time. Filing a bankruptcy takes most of that weight off.
There are plenty of good results you will experience as a result of filing bankruptcy. One of the best is the fact that most of your debts are discharged. That means you no longer have the debt and don’t have to pay it. A bankruptcy can prevent your house or car from being taken in a foreclosure or repossession. If you waited to file long enough to have your utilities turned off, they will probably be restored. There are other benefits too, and it is the job of your attorney to make sure you get the most financial relief allowed by the law.
Filing a bankruptcy can actually help your credit if your credit is already virtually ruined. That’s because a personal bankruptcy wipes out the debt you owe and lets you start again with a clean slate. If you work and save money and make timely payments on remaining debts, in all likelihood you will be able to begin rebuilding your credit within a few months of the final bankruptcy discharge.
A personal bankruptcy can remain on your credit history for 10 years. You cannot file another bankruptcy for 4 years on a chapter 7 and for 8 years on a chapter 13. Filing a bankruptcy is a long term decision with near term benefits. A bankruptcy attorney can help you start over again with a new financial life.
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File For Bankruptcy News
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 Thomson Reuters News & Insight | Houghton Mifflin Harcourt files for bankruptcy Christian Science Monitor Houghton Mifflin Harcourt, the book publishing giant, has filed for bankruptcy protection to eliminate $3.1 billion in debt. Houghton Mifflin Harcourt had been struggling with heavy debt for years. By The Associated Press / May 21, 2012 The used ... Houghton Mifflin files Chapter 11 bankruptcy |
When You Should File Medical Bankruptcy - JD Supra (press release)
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Alex Hotel, Flatotel Owners File for Chapter 11 Bankruptcy - Bloomberg
 Blogcritics.org | Alex Hotel, Flatotel Owners File for Chapter 11 Bankruptcy Bloomberg The owners of New York's Alex Hotel and Flatotel filed for Chapter 11 bankruptcy protection as part of an agreement with lenders who in January won a foreclosure lawsuit for unpaid loans. 205 East 45 LLC, the owner of east midtown Manhattan- located ... The Rising Cost of Going Bankrupt |
Dewey Have Plans To File for Bankruptcy? Sources Say Yes - Above the Law
 Above the Law | Dewey Have Plans To File for Bankruptcy? Sources Say Yes Above the Law The news of a possible bankruptcy filing by Dewey was reported last night by the Wall Street Journal and then by Reuters. From the WSJ Law Blog: New York law firm Dewey & LeBoeuf LLP is readying a possible bankruptcy-protection filing for sometime in ... Dewey to consider bankruptcy filing: source Dewey Reaches Dead-End: Lawyers and Lawyer Search Removed from Website |
ResCap Set to File for Bankruptcy - Wall Street Journal
 New York Times | ResCap Set to File for Bankruptcy Wall Street Journal By ANDREW R. JOHNSON Ally Financial Inc.'s mortgage subsidiary is expected to file for bankruptcy late Sunday or early Monday morning, a person familiar with the matter said. The board of Residential Capital, the unit that has been a drag on the rest ... Ally Financial's mortgage unit files for bankruptcy Ally's Mortgage Division to File for Bankruptcy ResCap decision good for taxpayers: US Treasury |