Improving Bankruptcy Awareness E-Book

Noah Daniels

• Herausgeber: BookRix
• Kategorie: Fachliteratur
• Sprache: Englisch

Veröffentlichungsjahr: 2014

Beschreibung

A guidebook you can use as a tool for learning a better awareness of Bankruptcy. The different chapters of Bankruptcy, history of bankruptcy, and bankruptcy today. Requirements about bankruptcy, as well as personal stories. Learn the history of bankruptcy, the factors of debt relief, and the different chapters of bankruptcy. Compare it to alternatives also listed and options you might have. A basic “heads up” to be prepared for bankruptcy. Helpful insights to help make that decision. Find out if you are on a financial path to bankruptcy. Signals designed for people of all financial status. Debt concerns and questions about bankruptcy. Fees, and rules. The effects of bankruptcy on your life or employment. Credit restoration tips.

Leseprobe

Noah Daniels

Improving Bankruptcy Awareness

BookRix GmbH & Co. KG81371 Munich

Legal Notice

This digital eBook is for informational purposes only. While every attempt has been made to verify the information provided in this report, neither the author, publisher nor the marketer assume any responsibility for errors or omissions. Any slights of people or organizations are unintentional and the development of this eBook is bona fide. The producer and marketer have no intention whatsoever to convey any idea affecting the reputation of any person or business enterprise. The trademarks, screen-shots, website links, products and services mentioned in this eBook are copyrighted by their respective owners. This eBook has been distributed with the understanding that we are not engaged in rendering technical, legal, medical, accounting or other professional advice. We do not give any kind of guarantee about the accuracy of information provided. In no event will the author and/or marketer be liable for any direct, indirect, incidental, consequential or other loss or damage arising out of the use of the information in this document by any person, regardless of whether or not informed of the possibility of damages in advance. Thank you for your attention to this message.

All Rights Reserved. No part of this publication may be reproduced in any form or by any means, including scanning, photocopying, or otherwise without prior written permission of the copyright holder.

Copyright © 2014 by Noah Daniels

Chapter 1 - What is Bankruptcy?

For most people they know the term bankruptcy. Unfortunately their knowledge of bankruptcy is limited.

We don’t like the idea of bankruptcy because for most people, we don’t understand bankruptcy.

So, what is bankruptcy? Well, bankruptcy is declared when a person or business is so far in debt financially, they can’t pay creditors or bill collectors what they owe.

The purpose of filing bankruptcy is to give an honest debtor a fresh start in life, by excusing them of most, if not all of their debts.

A bankruptcy case is initiated by filing a petition, which contains the financial information and status of being in debt, or how much is actually owed.

When filing bankruptcy, it is always a must to have an attorney. There are many attorneys that specialize in bankruptcy cases, laws, codes, and filing procedures. Though bankruptcy laws do not differ usually from state to state in the United States; bankruptcy laws do differ in context of the United States compared to Canada or Europe.

There are six types of bankruptcy in the United States at present:

Basic liquidation and financial relief for people or businesses (Chapter 7)

Municipal bankruptcy (Chapter 9)

Rehabilitation or reorganization, used by businesses debtors. or people with very high debt and assets (Chapter 11)

For farmers and fishermen (Chapter 12)

Bankruptcy with a payment plan for people with a regular source of income (Chapter 13)

Used basically for international cases (Chapter 15)

(There are two common forms of bankruptcy for the individual person. These are Chapter 7 and Chapter 13. We will go more in to detail about Chapter 7 and Chapter 13 in another chapter.)

Bankruptcy in today’s economy is unfortunately on the rise. Many things go into considering bankruptcy. How much do I owe? Can I get out of the debt I am in? Although one question is definite and answered, will the bill collectors and collection agencies stop sending me letters and calling on the telephone?

Bankruptcy should be considered as a last resort. Many people do have a misconception however about bankruptcy. They think by filing bankruptcy they will just start over. That sounds easy enough; but there are a lot of things affected.

It can be a life- changing experience. That is for certain. It can be a good thing, yet it can cause damage that will affect you the rest of your life. The result of bankruptcy ultimately can alter your life, your job, your marriage and so much more.

So, now that you have an idea of what bankruptcy is, and that it is on a consistent rise in the United States, let me give you a few warning signs that might help you see yourself heading for a bankruptcy.

In today’s society; not having a budget. This can put you in debt really fast. Hap hazard spending can lead to over spending.

Having no control over spending money. I know a few people, including myself

Sighing over this one. Going out and just spending money without thinking of the future.

Having no emergency fund. This one hits the best of us. Something goes amiss

And we’re not ready for it, so our bills get extended or neglected.

Having a home or vehicle you can’t really afford can stretch your finances even thinner.

The last warning sign is your credit cards. Now, that will definitely do it. Extend

Your credit cards to the maximum amount, pay the minimum fees, or late charges Applied, and bankruptcy just might be next on your list.

Bankruptcy can sneak up on you. Making the best economic decisions can keep you away from bankruptcy.

For some people bankruptcy is the only alternative of getting out of debt. Looking for the best in a bankruptcy can actually help in getting through a bankruptcy hearing and all that pertains to it.

Bankruptcy is not meant to ruin a person or business, it is more of a form of debt relief. In our own minds, we make bankruptcy often times worse than it has to be.