A bankruptcy means test, simply put, is a test (or shall we say, a calculation) that is done in order to determine whether the debtor (on whom means test for bankruptcy is being done) has the means to repay his debts and to what extent.
Bankruptcy Means Test – What Is It And How Is It Conducted Across The Various Chapters Read More »
Jurisdictions allow individuals to declare their bankruptcy through a procedure called personal bankruptcy. That simply means that you cannot afford to pay your debts any longer and requires removal of any such obligation by giving up control of your financial assets. You can either do it through a debtors’ petition (doing it yourself) or through a creditors’ petition (someone who you owe money can do so).
Personal Bankruptcy – What You Should Know Before Filing For Personal Bankruptcy Read More »
While personal bankruptcy can be filed through Chapter 7 or Chapter 13, there are other types of bankruptcies that apply to different situations. While Chapter 7 and Chapter 13 seek to provide repayment solution either by liquidating the financial assets or repayment schedule respectively, the other chapters pertain to businesses, fishermen or farmers, foreign investors etc.
Types Of Bankruptcy – A Quick Glance Into The Six Important Bankruptcy Chapters Read More »
In 2005 the Bankruptcy Abuse Prevention and Consumer Protection Act was passed that changed bankruptcy filing requirements. This means that there may be certain changes that need to be checked before you decide to file for bankruptcy. Being informed and prepared with the new bankruptcy requirements will make your filing process hassle free.
Bankruptcy Requirements For Common Types Of Bankruptcy Read More »
Bankruptcy is a legal state wherein a person or an organization cannot any longer repay their debts to the creditors. This is either filed by the person himself (voluntary bankruptcy filing) or the creditors file it to recover the pending money.
What Is Bankruptcy? How Does Bankruptcy Work? Pros And Cons Of Filing Bankruptcy Read More »
Whatever your reason for going bankrupt, there will surely be a big negative impact of bankruptcy on credit report… and the bankruptcy remains on your credit report for around 10 years. However, there are ways and means to improve your credit report after bankruptcy.
Bankruptcy And Credit Report – How Long Does Bankruptcy Stay On My Credit Report Read More »
Have bankruptcy hitting on your mind? The thing with bankruptcy is that not only should you know how to go about it; you need to ask yourself yet another toughie — “When to file bankruptcy?”
When To File Bankruptcy? Read More »
While bankruptcy may be the last resort when your finances go bust, there are just as many ways to avoid the same. Here’s a take on what all you can do to avoid bankruptcy, both personal and business.
How To Avoid Bankruptcy – 9 Ways To Prevent Filing For Bankruptcy Read More »
The bankruptcy laws are broad in scope and effect; hence the only way to take an effective call on bankruptcy is by figuring out the way it works, its pros and cons, and the way it will affect your case. That being said, here are a few pointers to ponder on when you ask yourself, “Should I file bankruptcy?”
Should I File Bankruptcy? Read More »
Once you have decided that bankruptcy is the way ahead for you, the next query that lingers on is how to go about it? Filing bankruptcy is a long drawn procedure that involves a lot of paperwork, most of which revolves around filing forms — Bankruptcy Forms or Bankruptcy Filing Forms.
Bankruptcy Forms – What Forms Are Needed For Filing Bankruptcy Read More »