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Archive for debt consolidation

The History Of Institute Of Bankruptcy In Russia. Part II.


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In this article we continue talking about the history of the bankruptcy institute in Russia. You will be able to know more historical facts and make your own statements and conclusions after finished reading it.

In 1995 in the first reading by the State Duma other project has been approved. In it, it was brought more than 600 amendments. But this work had no continuation, the matter did not reach the second reading. First, there was unexpectedly an alternative project, and secondly, the Duma has passed the law on bankruptcy of banks and other credit institutions.

All this legislative leapfrog did not promote a normal course of affairs. Therefore also it was necessary to undertake emergency measures which already by definition do not promote maintenance of interests of participants of the market, without dependence from the one who is the creditor, and who is the debtor.

At last, in March, 1998 the new law «About an inconsistency (bankruptcy)» which should have settled these relations came into force.

The new Federal law «About an inconsistency (bankruptcy)» considerably differs from the operating earlier «About an inconsistency (bankruptcy) of the enterprises» and includes variety of the positions which are new to Russian legislation.

Bankruptcy development as the means of improvement of economy in modern conditions
In the conditions of formation of market relations, the position of the majority of the enterprises ceases to be stable, thus the general instability steadily grows. The enterprises should make independently decisions on what form they can continue the economic activities, search for buyers, suppliers of materials, to develop commercial strategy of a survival and so on.

The complication of administrative problems caused by plurality of problems, all of them increasing complexity and novelty, demands the reconstruction, and sometimes working out a new mechanism of exit from bankruptcy of the enterprises taking into account specific features of the development of market relations in modern Russia.

The lawyers who are engaged in institute of bankruptcy, are convinced that the legislation about the inconsistency (bankruptcy) in the countries with market economy is necessary for «developments of the economy based on a competition and continuous structural changes. It promotes education of discipline and observance of rules of a business turn in the field of a finance administration, and also is intended to promote reconstruction of the inefficient enterprises or their civilized going out from the market. Basically, similar processes make the economy healthier, releasing it from outsiders that promotes structural reorganization and manufacture updating. Thus, the legislation on bankruptcy is the important legislative base of market economy, or the economy which is in a transition period, and provides guarantees both local, and to foreign investors that finally promotes economic the development of the country».

Almost all of us remember the times when one could easily buy something even if one hadn’t got enough money. Credit was a simple way out. No wonder that today many of those who hunted for a credit, are looking around for how to avoid bankruptcy.

Those people who managed to get into the condition when they owe more money than they have, definitely should look for ways to avoid bankruptcy.

Being in such condition it is smart to use any ways to get over it. Avail yourself of such great chance as the web technologies. Using them at full capacity could give great results. Working with search engines, forums, social networks,web sites one can find many tips to avoid bankruptcy and a great deal of other respective info. Also subscribing to RSS feed on this blog will help to keep track of new publications and tips on the topic.

If you like the Free Info in this Post, please consider to buy me a coffee

The History Of Institute Of Bankruptcy In Russia


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Bankruptcy in the world history and in civil law of Russia

I will remind at first of historically developing relation to the bankruptcy. There was time when the law allowed to execute the poor debtor. The bankrupt was equated to the thief, a collar was put on him and he was placed by a pillory. The inconsistency was associated with a shame. For example, Napoleon compared the poor debtor to the captain who has left the ship, and the inconsistency fact considered as a crime. And let it be from the laws of XII tables, resolving to the creditor to split the poor debtor into parts, we are separated by centuries, and the attention of the legislator from a body incapable to pay the debtor has passed to its property, the relation to a bankruptcy problem as the most serious, demanding the flexible, thought over, effective legal regulation, has remained and today.

In pre-revolutionary Russia the whole system of norms about bankruptcy which have formed the competitive right has been created. Civil-law regulation of bankruptcy has appeared to be a difficult thing. On processing of the norms were spent without exaggeration the centuries. Marks of development of the competitive right were «the Bankrupt Charter» from December, 15th 1740г., «the Charter about bankrupts» from December, 19th, 1800, «the Charter about a trading inconsistency» from June, 23rd 1832

In Russia it was difficult not only to create the legislation on bankruptcy, but also to apply. Under the certificate of a well know Russian civilest G.F.Shershenevich, many articles have been constructed so difficult that complicated not only the trading persons, but also skilled lawyers.

The history studying, the reference to the Russian traditions of civil-law regulation of bankruptcy is represented to be a necessary matter. The present stage of development of civil law, including a problem of civil-law regulation of bankruptcy, is not that other, as a new coil of development of that mechanism which was put in Russia throughout XVIII and XIX centuries.
The first project of the federal law on an inconsistency (bankruptcy) has been developed in 1992. It was an attempt to synthesize the elements of the legislation of the countries of the developed capitalism: the USA and the European states. But in America and Europe (except France) a different orientation if it is possible so to say, cases about bankruptcy: behind ocean a priority of interests of the debtor; he, the debtor, often also brings action about his own inconsistency. In the majority of the European countries, on the contrary, interests of creditors are the priority. Mixture of systems, or if you want, principles, in the law of 1992 did not result in anything good. The law remained not activated.

Practically all of us remember the times when it was possible to buy a thing even if one had not enough money. Credit was a simple way out. No wonder that now many of those who hunted for a loan, are searching for how to avoid bankruptcy.

Those people who happened to get into the situation when their expenses exceed their earnings, definitely should search for ways to avoid bankruptcy.

Being in such condition it is wise to use any ways to get over it. Use such unique opportunity as the online technologies. Using them at full capacity could give great results. Making use of search engines, forums, social networks,web sites one can discover many tips to avoid bankruptcy and a great deal of other important info. Also subscribing to RSS feed on this blog will help to be aware of new publications and tips on the topic.

If you like the Free Info in this Post, please consider to buy me a coffee

No Bankruptcy Plan. Good Tips To Come Out From The Depts.


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So what to do if you have a lot of debts and you do not have enough money to repay them. So we are proposing some plan for you here.
First of all gain the confidence of creditors. Do not hide from creditors! Remember that retribution is unavoidable. But it is not so bad, because the lender is a human being first of all. Come to him and honestly tell him about your financial problems. Let him know that you do not intend to avoid your obligations and really want to return the money. Talk and you may come up with a plan of the way out of a difficult situation.

2. Organize your finance properly. Your numerous debts and loans is vivid evidence that the financial affairs of you are going on a mess! The first thing to do is to take strict control of the income and expenses.

For this sit down and write down on paper (or use a computer program), as you have cash and non-cash money, credit and debts. Do not forget to take into account the daily income and expenses, then you know exactly what for you get money. Such accounts should be maintained at least for a month.

For 30 days analyze your financial life. Especially pay attention to costs. Think about what you can save. Certainly there are expenses which can be avoided.

Than make your budgeting plan for next month. Specify all sources of income, record the planned expenditures (based on data from your bookkeeping for the first month). And, most importantly, stick to the budget, however hard it may be.

Making these things, you restore order in finances and can easily plan the repayment of the loans.

3. Try to increase revenue. This advice is for those who live on one salary. So where is to get the additional funds?

• Ask raise at work. Do not ask for higher wages directly: chiefs do not like to talk about it. Ask your guide what you can do to increase your salary (to take on more responsibilities, more work, etc.)? Such an approach will only raise your credibility.
• find second jobs. For example, write an article about how you got into debt bondage.
4. Get money. Just the thought of a new debt causes you shiver? Cover the loan with a high percentage of the money borrowed is a very wise decision. Of course, if you have someone to borrow them from.

When the financial nightmare is over

Forget about credits!
Especially to purchase those goods and services, without which you can easily live. But if you suddenly need a loan badly, remember that your debts should not exceed the maximum level, and that 15 percent of your annual income. Remember this limit!

Before taking a loan, carefully review the conditions set by the Bank, as well as all the possible commission. Take a sheet of paper and figure out how much a loan really costs you and if you are able to repay it.

Practically all of us still remember the times when it was possible to buy a thing even if one hadn’t got enough funds. Credit was a simple way out. It is little wonder that today many of those who applied for a loan, are searching for how to avoid bankruptcy.

People who happened to get into the situation when their expenses exceed their earnings, definitely must look for ways to avoid bankruptcy.

If facing such difficulties it is smart to use any means to get over it. Use such unique chance as the web technologies. Using them at full capacity might give great results. Working with search engines, forums, social networks,web sites one can learn lots of tips to avoid bankruptcy and a great deal of other relevant info. Also signing up for RSS feed on this blog will assist to keep track of new publications and tips on the topic.

If you like the Free Info in this Post, please consider to buy me a coffee

Bankruptcy Procedure, Signs Of Bankruptcy.


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Recognition of the debtor’s insolvency (bankruptcy) is currently the only legal way to end (repayment) of all debts of the organization, which can not satisfy the claims of creditors (Insolvency company). Bankruptcy is absolutely legal that is process of law aimed at civilized issues out of business structure be unable to carry effectively out business activities, including those responsible for their debts.

Special place in insolvency takes the issues of bankruptcy of banks and other lending institutions because of the creditors of these institutions as a rule is endemic (depositors – natural persons and legal entities, banks – previously provided by a filed bank credit and loans, tax bodies – on taxes and other obligatory payments; the bank’s employees – on wages and compensation for damages, etc., etc.), so the insolvency of the banks have a certain complexity.

For causing a case of insolvency (bankruptcy), the creditor must have entered into force and the failure in enforcement proceedings, the court decision establishing the right of the creditor to the debtor. Under the executive production refers to enforce the debt from the debtor through the bailiff service.

There are the following stages of bankruptcy: surveillance, financial recovery (or reorganization of an enterprise), external management and bankruptcy proceedings. At any of these stages, until the court decision declaring the debtor bankrupt and delete records on the organization of the debtor from the register of legal persons may be entered into a settlement agreement. Terms of the settlement agreement may be quite different, bearing in mind the compromise reached by the persons concerned: it could be a purchase / postponement of debt repayment, and partial forgiveness of debt, and novation of the debt obligation to another commitment.

The decision of declaring the debtor bankrupt shall be adopted only by court on the basis of reports of arbitration (bankruptcy) trustee and making collections of creditors.

The main figure in the insolvency of a receiver which depending on the stage of bankruptcy may be temporary, administrative, bankruptcy trustee. As the arbitration administrator for approval of the court submitted three candidates from among the members of a self-regulating organizations of arbitration managers. Currently, each receiver must consist of a self-regulating organizations of arbitration managers.

If you detect signs of bankruptcy are taken into account:

-size monetary obligations, including the amount of debt transferred goods, works and services rendered, the amount of the loan with interest payable to the debtor, the amount of debts incurred as a result of unjust enrichment, and debt arising as a result of damage to property lenders, except for obligations to its citizens, to whom the debtor is liable for injury to life or health liabilities for termination benefits and wages of persons employed under an employment contract, obligation to pay compensation to copyright agreements and and obligations to the founders (participants) of the debtor arising from such participation;

-size of mandatory payments without regarding to the legislation of fines (penalties) and other financial sanctions.

Practically all of us still remember the times when it was possible to buy a thing even if one hadn’t got enough money. Credit was a simple way out. It is not surprising that now many of those who hunted for a loan, are searching for how to avoid bankruptcy.

People who happened to get into the situation when their expenses exceed their earnings, definitely must search for ways to avoid bankruptcy.

If facing such difficulties it is wise to use any tools to get over it. Avail yourself of such unique opportunity as the web technologies. Using them at full capacity will give great results. Making use of search engines, forums, social networks,web sites one can find lots of tips to avoid bankruptcy and a great deal of other relevant info. Also subscribing to RSS on this blog will help to keep abreast of new publications and tips on the topic.

If you like the Free Info in this Post, please consider to buy me a coffee

Legal Bankruptcy. Cases In Which It’s Good For The Debtors


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We think that bankruptcy (both real and legal) is like a chess game where the stakes are very high and the payoff is predetermined by those who make the first move and the extent of moves players calculate their plans. Of course, much depends on the skill of the players, but in contrast to classical chess, this game is not played by two people or even two teams, a far larger number of parties are involved in this game.
So what is the legal bankruptcy?

To legal bankruptcy takes place mainly in the following cases:

— Liquidation of business with debts (usually it goes under the simplified procedure). Often it represents the final stage of reorganization and the work of the consulting companies.
— Extraction of the money of the company from under the mortgage, loan or other debt obligations. This method is usually used in informal holdings. It requires careful preliminary financial and legal audit. Often, after some training, and asset protection a person can come to the agreement with creditors without filing for bankruptcy.

— To back the funds from debtors. Arbitral manager, can not only “protect” from creditors, but also bring very strickt requirements on the debtor, up to criminal prosecution. Moreover, he officially gets access to all accounting and legal documents of the debtor and conducts their audit. He may, on their basis to initiate criminal proceedings against the directors and owners, claiming that they had been accused false accounting and tax reporting, that even a legally non-debtor company’s founders are essentially one business and all of their assets can be combined into a common pool of debt.

—Financial improvement of the business. Purchase of business. Liquidation of holdings in companies with large debts and the removal of their assets in the new legal entity or the sale by auction “to its customers” for “debt” means. It is often used when buying a business, as it is 100% protection of the bought assets from any of the old claims. It’s cheaper and more reliable method than the legal merger / takeover.

— Solving of tax and even criminal problems. Yes, through bankruptcy they can also be solved, but this may be only a separate private conversation.

It is easy to determine that in such cases a “chess game named legal bankruptcy” It is good for a debtor to have preliminary preparation of the business to legal bankruptcy his part, burdened by debt, with a careful allocation of assets and audit accounting documentation and contracts in a way that was impossible / extremely difficult to establish the relationship of assets to debts and creditor benefits the first time to enter the legal bankruptcy of the debtor in order to prevent asset stripping, or if they did it too late – then try to prove the relationship of assets derived from debt.

Practically all of us still remember the times when it was possible to buy a thing even if one had not enough money. Credit was a simple way out. It is not surprising that now many of those who hunted for a credit, are looking around for how to avoid bankruptcy.

Those people who managed to get into the situation when they owe more money than they have, definitely have to look for ways to avoid bankruptcy.

Being in such condition it is smart to use any ways to get over it. Take advantage of such unique opportunity as the Internet technologies. Using them at full capacity could give great results. Making use of search engines, forums, social networks,web sites one will find a number of tips to avoid bankruptcy and a great deal of other relevant info. Also subscribing to RSS on this blog will assist to keep track of new publications and tips on the topic.

If you like the Free Info in this Post, please consider to buy me a coffee

No Bankruptcy Is Your Slogan.


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Have you lost your job? Have you gone through a divorce and you have suffered financially because of that? Have you got a lot of credit cards and suddenly you find out that you have made a lot of debts? For many people all those and many other situations can be reasons for declaring bankruptcy. But if this decision is reasonable? Filing for bankruptcy is a very serious step and you must think twice before you make this step.

Personal bankruptcy has very serious and negative consequences, which will affect on your further life for many years. Do you want that? Many people think that filing for bankruptcy is an easy way to get rid of debts, but this is not true. If you file for bankruptcy under Chapter 7, this will save you from many debts but anyway you still will have to reply such debts like education loans, alimony, etc. Your valuable assets will be sold to cover your debts. Your social and business reputation will be ruined. Your credit report will be bad too because your credit history will have bankruptcy note during up seven to ten years (fifteen years in the case if you have already filed for bankruptcy in your life). Your life conditions will be changed to worse, because it would be hard for you to get a credit in a bank or to get a credit card, you will suffer because of changed life conditions as you have used to certain life conditions. And so on, so on.

Should you avoid filing for bankruptcy? Or is it better to chose this way?

A lot of people make the decision to file for bankruptcy because they do not know much about bankruptcy process and have the wrong information about it. There are some the most common myths about bankruptcy below.

As it has already been mentioned many people consider bankruptcy as the easiest way to get rid of debts, but in reality the situation is worse than most people realize.
All your debts will be liquidated if you file for bankruptcy. Declaring bankruptcy won’t allow you to get rid of all debts. There are some types of debts which can not be discharged in bankruptcy, these are taxes, providing for your children, student loans etc.
Bankruptcy will give you a fresh start. Bankruptcy does not bring you back in time, it will bring you to a very unpleasant beginning actually. AS your credit report will have bankruptcy mark fro about ten years, you will not be able to get credit items or credits will cost much in interest.
You can keep some savings out of bankruptcy. This is not true. The bankruptcy laws are very strict, you will be punished if you try to hide some accounts, savings or income.
Filing for bankruptcy is easy. It is not true again. Filing for bankruptcy is very difficult, takes much time and it will cost you much actually.
Debts will be removed for free. Your debts will be removed fro free only by selling your assets. Your debts will be liquidated but you have lost your house, car etc.

So, should you avoid bankruptcy or you shouldn’t?

Almost all of us still remember the times when one could easily buy a thing even if one hadn’t got enough money. Credit was a simple way out. No wonder that now many of those who hunted for a credit, are looking around for how to avoid bankruptcy.

People who managed to get into the situation when they owe more money than they have, definitely have to look for ways to avoid bankruptcy.

If facing such difficulties it is smart to use any tools to get over it. Take advantage of such great chance as the Internet technologies. Using them at full capacity could give great results. Making use of search engines, forums, social networks,web sites one can discover many tips to avoid bankruptcy and a great deal of other important info. Also signing up for RSS on this blog will assist to keep track of new publications and tips on the topic.

If you like the Free Info in this Post, please consider to buy me a coffee

Do Your Best To Avoid Bankruptcy.


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Why should you try your best to avoid bankruptcy? Bankruptcy has turned into the most convenient choice fro people who meet hard financial problems. But bankruptcy is not the best solution for all people who are overwhelmed with debts. And bankruptcy will negatively affects on your life during a long period of time.

There are two the most common types of bankruptcy. A person may file for bankruptcy under Chapter 7 and under Chapter 13.

Bankruptcy faults.
Before you make the decision to file for bankruptcy think very carefully of bankruptcy faults.
Filing for bankruptcy is one of the worst things for your credit history. Your credit history has the mark of bankruptcy up to ten years, and it also stays in the court records for twenty years. The injury it causes goes further than just a credit report; it sharply limits your capability to get a loan; employers usually pay attention to the credit history too, it would be most impossible for you to get a job which deals with finances.

Repossession. Filing fro bankruptcy you will lose all your valuable assets, money, savings, shares, investments etc.

Social reputation. Personal bankruptcy is the court process. Your name will be published in local newspapers and this can ruin your social status.

Business reputation. Business owner who file for bankruptcy take risk to lose not only his/her business reputation; the business owner also might not have any chances to develop the business in future. They will also have to pay higher interest rates getting loans.

Financial. All your bank accounts, credit cards etc. will be closed as soon as you file for bankruptcy, and this is a very serious consequence of bankruptcy. Everything you have recently bought in credit will be returned to the owners.

Life conditions. Your life conditions will be changed and not to the better.

Think very carefully of all those faults of bankruptcy. Isn’t it better to look for some alternatives to bankruptcy and to avoid all those serious consequences?

Why does a person make the decision to file for bankruptcy?

The loss of a job. If you have suddenly lost your job, it may make you take the decision to file for bankruptcy.

Divorce. In the situation when a marriage is broken, one or both spouses usually suffer financially. Some think it also can be a reason to file for bankruptcy.

Medical bills. In the situation when a person is seriously ill or injured and the medical insurance can not cover all the medical expenses, the person also can take the decision to file for bankruptcy.

May debt consolidation be an alternative to bankruptcy?
It actually may be an alternative to bankruptcy to consolidate your debts. Debt consolidation can be a continual solution to your hard financial situation and bankruptcy gives you only a passing relief. If you consolidate your debts you can abate your monthly expenses. As soon as all of your debts are repaid your credit report will be improved. You will also avoid being hounded by creditors. To say one more time, filing for bankruptcy should be the last thing you have to do.

Practically all of us still remember the times when it was possible to buy a thing even if one had not enough funds. Credit was a simple way out. It is not surprising that now many of those who hunted for a credit, are searching for how to avoid bankruptcy.

Those people who managed to get into the situation when they owe more money than they have, definitely have to look for ways to avoid bankruptcy.

Being in such condition it is smart to use any means to get over it. Avail yourself of such unique opportunity as the Internet technologies. Using them at full capacity might give great results. Working with search engines, forums, social networks,web sites one will discover a number of tips to avoid bankruptcy and a great deal of other respective info. Also subscribing to RSS feed on this blog will help to be aware of new publications and tips on the topic.

If you like the Free Info in this Post, please consider to buy me a coffee

Major Information About Bankruptcy.


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Any person who have serious debt problems sooner or later faces an important question ” if I should file for bankruptcy ?” And It is very difficult to answer this question. But any person should understand how his/her personal circumstances will influence on the repair of each solution. Before you answer “yes” on this question you must think and look for another options. There are always some chances to avoid filing for bankruptcy and you must use these chances to the fullest. And every person also has a lot of question about bankruptcy, its proceeding and bankruptcy’s consequences. There are some the most widespread questions.

What is bankruptcy in its definition?
Bankrupt is a person who declares in law that he/she is unable to pay outstanding debts.

What assets will be sold according the the bankruptcy law?
All the assets with a sale able value that you own: real estate, cars, properties abroad, furs, valuable pictures, jewelery, time share, investments and other assets with a stated value. If your home is asset you will have to move out from it, and the house will be sold too.

Will all the debts be clear?
No. Any secured debts you have won’t be clear by bankruptcy. There are also some types of debts which can not be included in bankruptcy, such like education loans, penalties, alimony debts etc.

What savings can I keep in bankruptcy?
If you receive pensions (old age pension, disability pensions, survivor’s pension) it is usually protected in bankruptcy, but other savings and investments will be used in repaying your debts.

What other assets can be kept?
You are usually allowed to keep such assets like furniture, domestic equipment, home video equipment etc.

Can I work whilst in bankruptcy?
You have right to earn money, but bankruptcy affects on your stand in business depending on what you do. For example, if you have a professional license, the regulatory body of you will be notified about your bankruptcy and that can bring you to the result that your license will be suspended. If you work as a director of a business you will have to quit your directorship and if you have a part in the business it will be sold. If you have partnership business your partners will be required to buy out your part in the business. If you work for someone, bankruptcy can not deprive you of the right to work It will be st your employer’s discretion if your occupation connected with dealing with money.

Will your privacy in bankruptcy be saved?
Unfortunately not. Bankruptcy is a court process, so your bankruptcy will be published in newspapers.

How long does bankruptcy last?
Usually bankruptcy lasts fro a year, after this time you will be discharged automatically. But in cases when the debts ere accrued through being not responsible or lavish expenses, bankruptcy can be held for a maximum of fifteen years.

Almost all of us remember the times when one could easily buy a thing even if one hadn’t got enough funds. Credit was a simple way out. It is not surprising that now many of those who applied for a loan, are searching for how to avoid bankruptcy.

People who managed to get into the condition when their expenses exceed their earnings, definitely must search for ways to avoid bankruptcy.

Being in such condition it is smart to use any means to get over it. Use such wonderful chance as the Internet technologies. Using them at full capacity can give great results. Working with search engines, forums, social networks,web sites one will find many tips to avoid bankruptcy and a great deal of other important info. Also subscribing to RSS feed on this blog will assist to keep track of new publications and tips on the topic.

If you like the Free Info in this Post, please consider to buy me a coffee

There Are Another Options To Save Your Financial Situation, Filing For Bankruptcy Is The Last Option You Should Take.


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Bankruptcy is a court order; bankruptcy is the last refuge if you have debts you can not repay. Bankruptcy is one of the most negative events that one undergoes. Bankruptcy is really is one of the last refuge, you file for bankruptcy if you have lost all your hopes to save your financial situation.

Bankruptcy is a very serious topic, it changes the way the fiscal service suppliers deal with you. You can be advised to declare bankruptcy, but before you make the decision to file for bankruptcy consider if you can find the other way out from the difficult financial situation you are having now. You must find all the alternatives to bankruptcy and you will have to go through very difficult circumstances after you file for bankruptcy. Chapter 7 is one of the most common types of bankruptcy.

Think very carefully if your financial is really as hard and requires filing for bankruptcy. If you file for bankruptcy under Chapter 7 your debts will be liquidated. You also can file for bankruptcy under Chapter 13 that requires a plan of repaying of your debts.

Nowadays Internet is the most available source of information, but do not rely on Internet only looking for the bankruptcy information. There are a lot of sites that have commercial interests only and such sites give rather poor information. Do the sites say that life after bankruptcy can become easy? You may get rid of the old debts, but it wouldn’t be easy for you to live with outstanding credit reputation and financial crash. So, do not trust much to the words like “you just file for bankruptcy, refresh your financial situation and soon apply for a personal loan.”

How does the bankruptcy process go?
People who have filed for bankruptcy do not know much about the bankruptcy process. The court names a trustee and informs all your creditors that you have filed for bankruptcy. A lawsuit against you will be instituted before the judgment. Filing for bankruptcy you have to do a lot of paperwork and fill out some forms and documents. You can find the documents and files on line, all the documents and files are free of charge. The papers may only show you the legal aspects, of course, but you will get a clear understanding of the process on true terms. Internet also may help you with getting of the information about life after bankruptcy, join some forums and read comments of the people who have gone through the process of bankruptcy.

As soon as your creditors have been informed about you filing for bankruptcy, they must stop contacting you and can deal with you only through your attorney.

It is really a very hard decision not to file for bankruptcy. But life after bankruptcy is also hard. You will have problems with getting credits (although that doesn’t mean that you won’t be able to get credits at all after bankruptcy), and you will also be known as a bankrupt which is unpleasant. So, before you make this important decision, think that there may be another option to save your financial situation.

Almost all of us remember the times when one could easily buy something even if one hadn’t got enough money. Loan was a simple way out. It is not surprising that now many of those who applied for a loan, are looking around for how to avoid bankruptcy.

Those people who managed to get into the situation when their expenses exceed their earnings, definitely should search for ways to avoid bankruptcy.

Being in such condition it is smart to use any tools to get over it. Use such wonderful opportunity as the online technologies. Using them at full capacity can give great results. Working with search engines, forums, social networks,web sites one can find lots of tips to avoid bankruptcy and a great deal of other respective info. Also signing up for RSS on this blog will help to be aware of new publications and tips on the topic.

If you like the Free Info in this Post, please consider to buy me a coffee

Filing For Bankruptcy Is The Last Option You Should Do.


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Before filing for bankruptcy a person must understand what bankruptcy means and what consequences it will bring to the filer.
What does bankruptcy means? The definition for bankruptcy is following: bankruptcy is legally declared inability of a business or a person to pay off the debts a business or a person has. Although filing for bankruptcy should be the last option a business or a person should do, but sometimes it is just necessary to file for bankruptcy because there can be no other way out for a business or a person. But that doesn’t mean that filing for bankruptcy a person can not continue living his/her financial life.
It won’t be easy to face your life you you have filed for bankruptcy. It will be very hard at the beginning although it may get easier in future. So, you should think twice before you make the decision to file for bankruptcy.
You may have a lot of questions about the bankruptcy process. There are some common questions along with answers below.
How does bankruptcy work? — Bankruptcy is a court process, it has two different types of proceedings: Chapter 7 means liquidation, and Chapter 13 which is known as reorganization. Chapter 7 is the most known bankruptcy proceeding. Filing for bankruptcy under Chapter 7 a person gets rid of all debts or gets rid of a part of accumulated debts; filing for bankruptcy under Chapter 7 gives a relief from financial breakdown to a person. But not everyone can be allowed to file for bankruptcy under Chapter 7. A professional bankruptcy lawyer will guide you through all the difficulties of the bankruptcy process; the lawyer will also help you to explore some alternatives to bankruptcy before you file for bankruptcy. There are debt relief programs which can make a difference to filing for bankruptcy.
Can you save your house if you file for bankruptcy? — You actually can save your house if you follow some fundamental rules. First, before filing for bankruptcy a debtor usually gets 6 months of counseling from an uncommercial credit counseling company. Collection companies may stop contacting the debtor, but they can still keep the collection process and can provide the debtor with foreclosure papers. So, if you follow the bankruptcy procedure and hire a bankruptcy lawyer, you can end up losing your house.

Is there a legal way to avoid bankruptcy? — Of course, there are such ways. It has already been mentioned that a person should think very carefully before filing for bankruptcy, and he/she can still find the way to relief from debts.
The bankruptcy system may seem easy to grasp, but you always should keep in your mind what serious and heavy consequences bankruptcy has. You may find different programs which can help you to solve your hard financial situation or you may use the help of professionals. There are companies that help people to find the way out from the hard financial situation without filing for bankruptcy. Learn about all those alternatives, keep an active position, try every opportunity to save your financial situation; file for bankruptcy only if this is the last option you can do.

Practically all of us still remember the times when one could easily buy something even if one had not enough funds. Credit was a simple way out. No wonder that today many of those who applied for a loan, are searching for how to avoid bankruptcy.

Those people who managed to get into the condition when their expenses exceed their earnings, definitely have to search for ways to avoid bankruptcy.

If facing such difficulties it is smart to use any ways to get over it. Use such great chance as the online technologies. Using them at full capacity might give great results. Making use of search engines, forums, social networks,web sites one will find a number of tips to avoid bankruptcy and a great deal of other relevant info. Also signing up for RSS feed on this blog will assist to keep track of new publications and tips on the topic.

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