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bankruptcy law Archives

Understanding Bankruptcy Law before Requesting For Financial Aid

Filing for bankruptcy can be a hard decision especially when you are facing financial adversities. To most, it mainly appears as a failure on their part. For others, it simply acts as a stepping stone to reinvent their financial decisions as they embark on a new debt free journey. When you file for bankruptcy, you must have been influenced by one or two crucial factors. In most cases, unforeseen circumstances which have ultimately dented your finances ping as the most common red flags. Before considering unwise decisions, you might want to file for Chapter 7 bankruptcy and protect your financial interests.

Should you file for bankruptcy?

Determining to file for bankruptcy is a difficult decision to make for anyone facing financial hardship. To some, it feels like a failure; or like losing. Filing for bankruptcy shouldn’t be seen this way as there is a myriad of reasons that bring people to file for bankruptcy, and many of them are often due to unforeseen circumstances beyond our control.  Making sure you take the appropriate steps for your situation, such as filing for Chapter 7 bankruptcy can help protect your financial future when unexpected events occur.

What collection agencies can and can't do

When you're buried under a mountain of debt, it can feel debilitating. Every phone call sends your heart racing and a trip to the mailbox becomes a dreaded event. On top of all the stress of trying to pay bills and make ends meet, you have collection agencies pestering you. If any of this sounds familiar, know that there is hope. Not only is it possible to get a fresh financial start but you also have rights when it comes to dealing with collection agencies.

Debts that are discharged when you file for bankruptcy

It is common for families to face financial challenges every now and then. Although some may be able to keep their heads above water and avoid getting too far into debt, others may not. At this point, people have several options they can take advantage of should they seek relief. Bankruptcy allows you to discharge many of your debts, and it is often seen as the most appealing option.

Mediators assist parties through bankruptcy

Bankruptcy is meant to be a controlled process. The debtor files for bankruptcy protection and alerts his creditors. The creditors submit claims and the bankruptcy court discharges with the assets and debts. Unfortunately, the reality is much more contentious. To address the rising cost of bankruptcy litigation, some courts are embracing mediation as an alternative to the traditional bankruptcy process.

Major shipping company declares bankruptcy

Even major shipping companies, the seventh largest in the world, declare bankruptcy. Hanjin Shipping of South Korea declared bankruptcy in late August which threw the shipping world into a hectic frenzy. According to Forbes, bankruptcy is the most important aspect of capitalism. Handling success is easy while managing failure is complicated. Capitalism requires a method to manage failure to ensure that it does not become bogged down.

CFPB proposes new rules on debt collection

The Consumer Financial Protection Bureau was created under the Dodd-Frank reform bill passed in the wake of the 2008 financial meltdown. The CFPB's mission is to investigate and prevent predatory lending and debt collection practices similar to those that resulted in the sub-prime mortgages that triggered the meltdown. As part of that mission, CFPB also proposes new rules to regulate debt collection.

Financial tips for people who are recently divorced, Part 2

Divorce entails significant financial stress from bankruptcy to reduced credit ratings. You will have to confront these issues, and the sooner you do, the better. As discussed in a previous post, don't act like your financial situation is unchanged. Your financial situation is changed, and the sooner you confront it, the sooner you can overcome any potential issues.

Financial tips for people who are recently divorced, Part 1

Divorce is a difficult undertaking. It can take months or even years. You literally see your retirement and investments go up in smoke as they are divided up between you and your spouse. Child custody is always complicated and results in many emotional days. But what many people do not consider is that divorce often results in bankruptcy in one or both of the spouses. Many people are unable to rectify that they have moved from a dual to a single income home and fail to adjust their situation to match their reality. Here are a few tips to get you through the financially hard times.

How to prioritize which debts to pay, part 2

As discussed previously, there are strategies to managing your debt in an efficient manner. The trick is to prioritize those debts that are more caustic over those that are more manageable. The previous post suggested that you focus on the necessities and legal obligations. These are the expenses that you cannot avoid. You need to set aside money for food and shelter and you cannot avoid child support obligations. Once you get those expenses and debts under control, then you can focus on your loans. This post will review which loans you should focus on first.

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5885 N. Wayne RD | The | Smith | Law Offices, P.C. | 734.729.4465

The Smith Law Offices, P.C.
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Westland, MI 48185

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