Welcome to Bankruptcy Guide
Bankruptcy Cases Article
. For a permanent link to this article, or to bookmark it for further reading, click here.
Finding Hope When You File Bankruptcy
from:When you decide to file bankruptcy, it usually means your financial situation looks hopeless. Despite what many people think, there is no shame in needing a second chance for a secure financial future. Bad things can happen to good people as the saying goes. In addition, sometimes people simply make poor financial decisions, and the result is they find themselves stuck in a financial morass.
The purpose of the bankruptcy laws is to legally give people that second chance they seek. Anyone who has fallen behind in payments knows that creditors can be diligent and persistent when it comes to collecting their money. Many of your creditors have large and powerful legal teams also that spend all of their time sending collection notices and filing lawsuits. When these kinds of debt collection tactics accelerate, the misery it creates can be devastating. This misery doesn’t just impact your finances, but it can also affect your work and your relationships.
So for many the decision to file bankruptcy is initially one of desperation. But once you meet with the attorney and complete the initial financial assessment forms, the first glimmer of hope is felt. When the bankruptcy notice is actually filed in court, the hope takes hold and becomes one of relief. With the filing comes a cessation of collections efforts enabling you to live a normal life once more.
If you see yourself in this scenario then it is time to consult with a bankruptcy attorney. The bankruptcy attorney specializes in filing bankruptcies under the various chapters and is an expert in the complexities of the law. At some point, you will have to meet with the court appointed trustee, but for most of the process your attorney takes care of any court required appearances and all of the process forms.
Filing bankruptcy is a powerful means of solving debt burdens that you incurred for a variety of reasons. The purpose of bankruptcy is not to enable people to avoid paying their debt, but rather to give people a means of eliminating debt that there is no hope of paying. In fact, chapter 13 requires a payment schedule be established in cases where people are able to pay off some of their debts generally within 5 years.
If you believe you should file bankruptcy, the first step is to consult with an attorney. The attorney will be able to tell you quickly whether you will qualify for filing under the bankruptcy laws. The bankruptcy is for honest people who have made honest mistakes. In some situations the debt is the result of unforeseen circumstances such as hospitalization, death or even a natural disaster.
When it’s time to file bankruptcy, the first thing you will discover is that hope is restored in your life. Everyone deserves a second chance in life!
Bankruptcy Cases News
Insight: China pays high price to spare state firm from bankruptcy - Reuters
Insight: China pays high price to spare state firm from bankruptcy Reuters ERSATZ BANKRUPTCY The Helon case flouted the principle of credit seniority, turning the usual order for creditors' claims on its head. After a nail-biting process fraught with rumors and media speculation of an imminent default, creditors holding ... |
Watchdog Asks To Stub Pot Grower's Bankruptcy - Wall Street Journal (blog)
Watchdog Asks To Stub Pot Grower's Bankruptcy Wall Street Journal (blog) By Katy Stech AP The feds are burned out with a medical marijuana grower that it suspects isn't quite taking its bankruptcy case seriously. A federal court watchdog wants a judge to dismiss the Chapter 11 bankruptcy case of Denver-based CGO Enterprise ... |
Bankruptcy filings down in region - Washington Post
Bankruptcy filings down in region Washington Post Bankruptcy filings in the Washington region fell through the first four months of 2012, reflecting a nationwide trend of families and businesses appearing to get on more stable financial footing, according to the American Bankruptcy Institute. |
UK moves on cross-border insolvency - Moneycontrol.com
 Moneycontrol.com | UK moves on cross-border insolvency Moneycontrol.com The Supreme Court is due to start hearing two cases that will decide the extent to which the English courts have the power to assist foreign courts and liquidators in global bankruptcy cases such as Lehman. Previously, US bankruptcy judgments were not ... A universalist approach |
Mexican firm's bankruptcy case has cross-border impact - KETK
Mexican firm's bankruptcy case has cross-border impact KETK TEXAS — Investors and financial analysts have their eyes on a bankruptcy case, pending in a Dallas courtroom, that they say could systematically shift how American firms do business with Mexican companies. The case also comes at a time when business ... |
Supreme Court set to weigh in on cramdown debate - Thomson Reuters News & Insight
 Blogcritics.org | Supreme Court set to weigh in on cramdown debate Thomson Reuters News & Insight The appeal arises from separate Chapter 11 cases filed in 2009 in the US Bankruptcy Court for the Southern District of Illinois by River Road Hotel Partners and RadLAX Gateway Hotel. River Road and several related entities borrowed more than $155 ... The Rising Cost of Going Bankrupt |
IRS seeks to resume case against Erie County Council's Beeman - GoErie.com
IRS seeks to resume case against Erie County Council's Beeman GoErie.com The judge, Thomas P. Agresti, in late April rejected the Justice Department's request, citing standard bankruptcy law, which generally insulates debtors from creditors. Agresti said Beeman -- who has been fighting the IRS since 2010 in a civil case and ... |
Fewer people filing for bankruptcy in Orlando raises hope of improving economy - Orlando Sentinel
Fewer people filing for bankruptcy in Orlando raises hope of improving economy Orlando Sentinel Although personal insolvency is still much worse now than before the 2007-09 recession, the retreat in bankruptcy filings and other measures such as the unemployment rate are an indication the downward trend may have traction, experts say. |