Maintain your old Siemens Hipath system

Bankruptcy 101

Bankruptcy still remains a mystery in the eyes of many consumers. This article will review the facts of bankruptcy as per written law.

Some of the information in this article refers to a manual called "Bankruptcy Basics" published by the Administrative Office of the United States Courts and written by Leonidas Ralph Mecham, Director.

What, When and How Does a Debtor Discharge His or Her Debts through Bankruptcy ?

A discharge of an individual's debt is a release of an individual's liability from certain specified types of debt. The discharge is a permanent order to the individual's creditors that they refrain from taking legal, collection, written or verbal communication with a debtor regarding the collection of unpaid dollars. This means that once allowed a creditor is to cease all collection activities that they would normally pursue against the debtor. If a Chapter 7 bankruptcy is filed the courts typically give four months for creditors to file a complaint that object the filing. In Chapter 13 cases the courts typically discharge the debt on an average of about 4 years from the date the repayment plan has been entered by the debtor. Without any litigation regarding objections to the discharge, the debtor will automatically receive a discharge once the four month period has expired for chapter 7 filing or after the average four year payback through Chapter 13.

What Types of Debt are Discharged?

Not all debt can be discharged through a Chapter 7 bankruptcy. For example public fines and debts due to an individual's misbehavior such as drunken driving are not allowed. Certain types of tax claims are exempt. Also child support and alimony are exempt. Guaranteed educational loans or debts for certain condominium or cooperative housing fees would be disallowed. An individual may be able to reorganize some of the debts listed if filing Chapter 13.

Can a Creditor Object to a Debtor Attempting to Discharge His or Her Debts?

Yes a creditor may object to the filing of chapter 7 bankruptcy. An individual does not have an absolute right to a discharge of their debt. Creditors receive a notice shortly after the case is filed. A creditor who wishes to object has until the time specified in the motion to dispute the individuals filing. In Chapter 13 bankruptcy cases the debtor is entitled to a discharge upon completion of all payments under the plan. Creditors may object to confirmation of the repayment, but can not object to the discharge if the debtor has completed all payments under the plan.

How Often May an Individual file for Chapter 7 Bankruptcy?

Chapter 7 bankruptcy may only be filed once every 7 years. Chapter 7 bankruptcy will also be denied if a debtor has filed a Chapter 12 or 13 within six years prior to the filing of Chapter 7.

Richard is the Media Planner for Debt Reduction Services?a not for profit organization. You can check out more articles regarding debt or other financial advice at http://www.DebtReductionServices.com

In The News:


Warning: simplexml_load_file() [function.simplexml-load-file]: http://feeds.skynews.com/feeds/rss/world.xml:1: parser error : Document is empty in /home/infob/public_html/includes/rss.php on line 2

Warning: Invalid argument supplied for foreach() in /home/infob/public_html/includes/rss.php on line 9


tikatoshop.it

Erfahrungen mit Pallhuber Wein
Agen Bola SBOBET Terpercaya

Travel in comfort and at your leisure with CT Airlink Limousine & Car Service for top quality private transportation and exceptional customer service. We operate Sedans, SUVs & Vans for CT Car Services to covering all Connecticut airports including Car Service from CT to Newark Airport , Mohegan Casino Uncasville CT, Foxwoods Casino Mashantucket CT, Manhattan Cruise Terminal NYC, Brooklyn Cruise Terminal NYC and Bayonne Cruise Terminal NJ. CT Airlink hire licensed and friendly chauffeurs who have in-depth knowledge of the Areas.

How to Negotiate Debt Settlement

People over extend themselves financially as a result of a... Read More

Is My Credit Card Debt A Problem?

For most Americans, credit card debt is a dangerous and... Read More

Debt Relief with this Simple Formula

Is there a way to get out of debt without... Read More

Selecting A Credit Counselor; Asking The Right Questions.

When you find yourself thinking about using a credit counseling... Read More

Credit Card Debt: How to Get Rid of It

This method is simple, but requires some discipline.First, you have... Read More

Debt Help and Advice for the UK

At some time or another during our lives most of... Read More

Life After Debt ? Strategies for Dealing with Problem Debt

Honorably and ethically rid yourself of burdensome debts using the... Read More

Bankruptcy: Who is to Blame?

If you are considering bankruptcy as a solution to your... Read More

4 Simple Ways to Solve Your Debt Burden

Getting Behind Getting behind on your debts owed can be... Read More

How to Choose a Debt Settlement Company

As consumer debt continues to spiral out of control, debt... Read More

The Effects of Consumer Debt

Consumer Borrowing Consumer borrowing in the UK has now crashed... Read More

Going Bankrupt in the World

It all starts by defaulting on an obligation: Money owed... Read More

Secrets to Why Debt Reduction is So Vital for Your Financial Health

Living with debt is never a good idea if you... Read More

Learn The 15 Debt Elimination Steps You Must Take Immediately!

What Everybody Needs To Know...Learn The Truth About Debt Elimination... Read More

How to Deal with Bill Collectors

So you've screwed up. You're drowning in debt. Maybe the... Read More

What the Mail on Sunday Said

Anyone considering Bankruptcy may have experienced fear after reading an... Read More

Establish Money Saving Goals For Added Success

Having something tangible to strive towards can work wonders for... Read More

Bankruptcy Reform

There are some new bankruptcy laws going into effect before... Read More

Bankruptcy: What You Need to Know

Personal bankruptcy is a legal way to give people with... Read More

Learn The Five Key Debt Reduction Steps You Must Take Immediately!

Step 1. The purpose of this first step is to... Read More

Debt Consolidation Versus Debt Negotiation

Debt consolidation versus debt negotiation are two options that are... Read More

Individual Voluntary Arrangements- A New Alternative to Bankruptcy

This May, the Department of Trade and Industry in the... Read More

Help for the Single Mother with Managing Credit and Debt

Today's consumers benefit drastically from the usefulness of credit. Credit... Read More

A History of Money and Banking Secrets That Banks Dont Want Published

A History of Money and TradeTo start with a history... Read More

Help to Get Out of Debt

Debt Help is the stepping stone to debt elimination and... Read More