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Effect of Bankruptcy on Credit
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Effect of Bankruptcy on Credit

Credit and Bankruptcy

Effect of Bankruptcy on Credit

The effect of filing bankruptcy will remain on your record of credit for a period of ten years. But there is nothing to panic, as this statement doesn’t conclude that you will not be able to further get any debts or finances. In effect, the bankruptcy filing will not be the end of your credit journey. A new start to your financial status Eliminating the debts through the filing of a bankruptcy will give you the provision to start afresh and start saving too! Routine household expenses of groceries, clothing needs and automobile needs can now be accomplished [...]

admin2019-05-10T13:30:06+00:00

Role of your Chapter 13 Bankruptcy Trustee
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Role of your Chapter 13 Bankruptcy Trustee

Chapter 13 Bankruptcy

Role of your Chapter 13 Bankruptcy Trustee

When a Chapter 13 bankruptcy is filed, the debts are generally reorganized and repaid within five years. The creditors receive the dues over a three to a five-year term and the administration of this plan is monitored by an appointed trustee, exclusively for Chapter 13 filings. Here is a brief list of the bankruptcy trustee’s duties with regards to Chapter 13 bankruptcy filing – Reviewing all associated paperwork of the filing Reviewing of the repayment plan for its compliance to bankruptcy laws Collecting the payments as per the plan and distributing the same to the creditors Executing the [...]

admin2023-03-13T09:10:53+00:00

Do You Know Which Federal Benefits are exempted from Garnishments?
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Do You Know Which Federal Benefits are exempted from Garnishments?

Credit Tips

Do You Know Which Federal Benefits are exempted from Garnishments?

Bankruptcy can be quite intimidating. There is a pressure of being unable to cope up with the increasing demands of the debt collectors apart from the social stigma attached to bankruptcy. In case you get sued by the debt collector for non-payment of dues, and the court holds the suit, you are at a huge risk. Your bank accounts and other sources of income (employers) might be used to help settle the debt to the creditors. Lawyers of Los Angeles based law firm Recovery Law Group explain that certain funds are the same from garnishments due to them [...]

admin2023-03-07T10:38:40+00:00

Considering Bankruptcy? Should You Liquidate Your Assets?
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Considering Bankruptcy? Should You Liquidate Your Assets?

Bankruptcy

Considering Bankruptcy? Should You Liquidate Your Assets?

For people who are undergoing severe financial issues, one of the best legal recourse available is filing for bankruptcy. This helps to get huge amounts of debts discharged while offering individuals a chance to have fresh financial beginnings. According to the U.S. Bankruptcy Code, a number of chapters are available to choose while filing for bankruptcy; one must choose the chapter depending on their financial conditions. Chapter 7, also known as “Liquidation Bankruptcy” is one of the most preferred for consumer bankruptcy. In Chapter 7 bankruptcy, the assets of the individual filing for bankruptcy are sold off and [...]

admin2023-03-07T11:21:21+00:00

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Effect of Bankruptcy on Credit

Effect of Bankruptcy on Credit

Role of your Chapter 13 Bankruptcy Trustee

Role of your Chapter 13 Bankruptcy Trustee

Do You Know Which Federal Benefits are exempted from Garnishments?

Do You Know Which Federal Benefits are exempted from Garnishments?

Considering Bankruptcy? Should You Liquidate Your Assets?

Considering Bankruptcy? Should You Liquidate Your Assets?

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