Best Finance Personal

You should always first consult an Arizona bankruptcy lawyer to get a thorough analysis of the type of bankruptcy filing that is most appropriate for your situation.

Chapter 7
The most common personal bankruptcy is a Chapter 7. In a nutshell, a Chapter 7 filing allows the debtor to discharge most debts, such as credit card bills and health care charges. A Chapter 7 is streamlined, procedurally simple, and the least costly. Your average basic “no-asset” bankruptcy will cost a debtor anywhere from $1,200 – $2,000 in legal fees for an experienced Arizona bankruptcy lawyer (which admittedly is not cheap for most people in financial distress). More complicated bankruptcies cost more.

In addition, a Chapter 7 will relieve the debtor from most liabilities. For example, if an Arizona foreclosure occurs on a debtor’s home, a Chapter 7 will prevent most junior home equity lenders from suing the debtor for any deficiency amount owed. As a side note, so long as the debtor’s mortgage was used to purchase the house, the mortgage lender is usually prohibited from suing the debtor for any deficiency amount, even without a bankruptcy filing(assuming that the Arizona “anti-deficiency statute” applies). Always consult with an Arizona real estate lawyer to determine whether your mortgage lender can sue you for any deficiency amount if a foreclosure has occurred or is pending. Continue reading ‘Differences Between Chapter 7 and Chapter 13 Bankruptcy’ »

Many times, people finding themselves in financial turmoil consult lawyers. They are told that bankruptcy is the immediate solution. However, there are a variety of other options and some of them are frequently overlooked. Bankruptcy is a good option for those who discover that their debt is unmanageable but there are other options to explore. Here are some things to keep in mind when you meet with your Minneapolis bankruptcy attorney.

Debt Settlement

When you communicate your financial difficulties to your creditors, some many give you the option to settle or pay on a payment plan. Some companies will offer debt workouts immediately but others might not offer it until they sense you are about to petition for bankruptcy.

The result is a new settlement amount totaling less than your starting balance. If you owe $8,000, for example, they may give you the option of paying $2,000 for account settlement. Sometimes credit card companies will let you divide up the settlement sum over monthly payments. Continue reading ‘Bankruptcy – Do Alternative Solutions Exist?’ »

One of the options to avoid liquidation if your company is in financial trouble is Pre Pack Administration or Phoenixing. Using this process you rescue the business by setting up a new phoenix company which trades in place of the old without the burden of debt.

Pre-pack administration (often known as Phoenixing) allows a new limited company to be set up which purchases the assets of the old business. The new company is then free to trade in place of the old without having to repay the old company’s debt.

Continue reading ‘Business Turnaround – The Right Time to Use Pre Pack Administration’ »

Bankruptcy can be a very difficult time for you, but it does not help to mope around on that status for a long time. There is still chance to avail for a credit card even after bankruptcy. All that you have to do is know where to look for one and what to look for in credit cards. And with that, I will be discussing certain tips on where to look for plastic after bankruptcy and what they are about.

There are two specific types I would like to start with: secured and unsecured cards. A secured card is a card secured by a special savings account which is a form of collateral for your limit. This type of card you can establish with your card issuer. The issuer has authority to take the money from the special savings account once you are not able to pay your limit. The second choice is the unsecured credit card. It is a card which you handle on your own without the guardianship of the card issuer.

You can apply for an unsecured card by filling out an application form with your consumer and credit information such as your credit report or annual income, and are subjected for approval by the bank or card issuer for a certain limit. This type may also mean failure to avail of an unsecured plastic card depending on the issuer’s guidelines and requirements. So which do you think is the best card that suits you and your preference regarding your recovery from bankruptcy? Continue reading ‘How to Find a Credit Card After Bankruptcy’ »

In order to pressure businesses to pay their debts, an increasing number of companies are applying for Winding Up Petitions because of the serious consequences for a company if they are ignored. If you receive a winding up petition it is vital to act quickly or risk losing your business.

If a creditor of a limited company wants to force the closure of a business due to an outstanding debt, this process is known as winding up. The creditor must first issue a statutory demand for the payment of their debt. If the problem is not resolved within 21 days, a petition for the winding up or closure of the business can be issued.

When a winding up petition is granted by the court, the company in question will be liquidated. The directors of the company can of course challenge the petition. However, once a winding petition is issued, there will be serious consequences for the business even if the debt owed is subsequently paid or successfully challenged. Continue reading ‘Why a Winding Up Petition is Bad News For Your Company’ »

There are all kinds of reasons to perform a bankruptcy search. In order to search successfully, you need to determine what type of bankruptcy you are searching for.

If you are anything like me, then you probably didn’t know there were different types of bankruptcy cases. In fact, until I started searching, I thought all bankruptcy cases were the same. However, you can learn from my search and make your search faster and easier.

Bankruptcy Cases Come in 3 Types
All bankruptcy cases must come under three general categories. They are then filed and settled in a bankruptcy court. Continue reading ‘How to Make Your Bankruptcy Search Quicker and Easier’ »

Thousands of county court judgements are issued to companies in England and Wales every month. Receiving a CCJ will make trading made more difficult and may lead to a petition for the winding up of the business.

Where a creditor of a company (or sole trader) is unable to collect their debt, they can apply to the court to issue a County Court Judgement (CCJ). While there is no minimum limit on the amount for which a CCJ can be applied for, it is normal to instruct a solicitor to carry out the application and therefore would be unusual for the debt to be less than GBP100. A County Court Judgement (technically a County Court Judgment [note spelling]) is an order made by the local court to force payment of the debt.

Once a county court judgement has been applied for, the debtor is notified and given the opportunity to either confirm that the debt is owed or to dispute it. Generally 14 days are allowed for this process. Continue reading ‘Tips For Dealing With a County Court Judgement (CCJ)’ »

If you have recently filed, or are considering filing Chapter 7 bankruptcy, then you may be worried that you will never be in a position to attain credit again. Please be assured that restoring credit after bankruptcy is possible, I’m not saying it will be easy but it can be done.

Yeah, I know that Chapter 7 bankruptcy may legally stay on your credit report for 10 years but the way to view this is that you start rebuilding your credit history the day after your bankruptcy, try to forget about the 10 years, think more short-term. No more late bills! No more burying your head in the sand! No more missed re-payments! Continue reading ‘Restoring Credit After Bankruptcy – All is Not Lost’ »

For senior business managers or owners, Bankruptcy is not an option if you want to continue managing your business.

Every month over 6000 people declare bankruptcy to resolve their debt problems. If you have debts which you have no hope of repaying bankruptcy can be an extremely useful solution.

For those people who are not a home owner, or do own your home but have little equity in it then you will not lose your property in bankruptcy. You will also be able to retain reasonable household goods and personal possessions. However for those running a business it is not such good news. If you are running a business as a director of a limited company or as a sole trader, you need to be very careful before deciding to go down the bankruptcy route. Continue reading ‘Bankruptcy Consequences For Business Owners’ »

In case you find yourself dead close in debt to your credit cards, and thus in view of bankruptcy then here a few useful tips to assist you ignore taking such step.

Presently, bankruptcy is evident to be a common approach when severe debts are confronted.

However, one should seek an expert to gain answers to baffling bankruptcy questions, and also a piece of advice should be gained before taking such crucial step regarding credit card bankrupt.

1. With huge debt already piled up and threatening bankruptcy, you must absolutely stop using any of your cards, as this the main cause of the trouble.

Furthermore, if it’s possible then disable all of it, so that they can never be utilized again. However, you might consider preserving one for emergencies, but mind you this should only be emergencies. Continue reading ‘Avoiding Credit Card Bankruptcy’ »