Bankruptcy Primer
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James Copper
May 10, 2013, 3:24:48 AM5/10/13
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Please consider this free-reprint article written by:
James Copper
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Article Title: Bankruptcy Primer
Author: James Copper
Word Count: 478
Article URL: http://www.isnare.com/?aid=142695&ca=Finances
Format: 64cpl
Contact The Author: http://www.isnare.com/eta.php?aid=142695
Easy Publish Tool: http://www.isnare.com/html.php?aid=142695
*********************** ARTICLE START ***********************
Bankruptcy is the legal means of wiping out debt. It may seem like a simple solution when you get in over your head in debt. Bankruptcy, though, should not be taken lightly. There are many repercussions of filing bankruptcy.
Before you file bankruptcy you should have a good understanding of the process and what to expect after you have competed filing.
Bankruptcy is meant to give a person a fresh start by relieving debt. A person can file bankruptcy for most debts they have incurred. Some debts can not be cleared through bankruptcy, though. It is very important for a person to check each of their debts to see if they can be cleared through filing.
During a bankruptcy proceeding a person has to make attempts to pay what they can. Most assets and cash on hand is seized and used to pay off the debts. There are some assets which are exempt and can not be used to pay off debts. Once a person starts bankruptcy proceedings creditors can no longer attempt to collect debts from them.
Bankruptcy is filed in a U.S. Bankruptcy Court. There are six types of bankruptcy. Only a few of these apply to an individual. Chapter 7 and Chapter 13 bankruptcies are the most commonly filed by individuals.
Under Chapter 13 a repayment plan is set up instead of assets being seized. The exempt assets list varies from state to state, so a person should check their states bankruptcy laws to see what assets they will not have to surrender.
The Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 changed how individuals file bankruptcy. The aim of this act is to prevent people from using bankruptcy as a way to get out of debt and instead use alternatives to help them get out of debt.
It bases the idea of paying back debts on a person income. If a person has the ability to payback their debts then they are required to do so. It also requires credit counselling to help ensure a person does not end up with debt problems in the future.
Perhaps the most important point for a person to understand about bankruptcy is that it is not just an easy method to clear debts. When a person files for bankruptcy the creditors are not just going to walk away. The court will try to ensure that every step is taken to pay back as much debt as possible.
The court will force a person to sell their assets, like their vehicle, to pay off the debts. Bankruptcy is more about protecting the individual from having creditors harass them or attempt to collect debts. Once a debt is cleared through bankruptcy, the creditor can not attempt to collect on the debt ever again.
About The Author: James Copper is a mortgage broker with over 30 years experience. He works for http://www.any-loans.co.uk/adverse-credit-loans.shtml as a Adverse Credit Loans Advisor. In his spare time he writes on all things finance and investment related.
Please use the HTML version of this article at:
http://www.isnare.com/html.php?aid=142695
*********************** ARTICLE END ***********************
- To distribute your articles go to http://www.isnare.com/distribution.php
- For more free-reprint articles go to http://www.isnare.com
Message delivered directly to members of the group:
publish-the...@googlegroups.com
*****************************************************************
Please consider this free-reprint article written by:
James Copper
*****************************
IMPORTANT - Publication/Reprint Terms
- You have permission to publish this article electronically in free-only publications such as a website or an ezine as long as the bylines are included.
- You are not allowed to use this article for commercial purposes. The article should only be reprinted in a publicly accessible website and not in a members-only commercial site.
- You are not allowed to post/reprint this article in any sites/publications that contains or supports hate, violence, porn and warez or any indecent and illegal sites/publications.
- You are not allowed to use this article in UCE (Unsolicited Commercial Email) or SPAM. This article MUST be distributed in an opt-in email list only.
- If you distribute this article in an ezine or newsletter, we ask that you send a copy of the newsletter or ezine that contains the article to http://www.isnare.com/eta.php?aid=142695
- If you post this article in a website/forum/blog, ALL links MUST be set to hyperlinks and we ask that you send a copy of the URL where the article is posted to http://www.isnare.com/eta.php?aid=142695
- We request that you ask permission from the author if you want to publish this article in print.
The role of iSnare.com is only to distribute this article as part of its Article Distribution feature ( http://www.isnare.com/distribution.php ). iSnare.com does NOT own this article, please respect the author's copyright and this publication/reprint terms. If you do not agree to any of these terms, please do not reprint or publish this article.
*****************************
Article Title: Bankruptcy Primer
Author: James Copper
Word Count: 478
Article URL: http://www.isnare.com/?aid=142695&ca=Finances
Format: 64cpl
Contact The Author: http://www.isnare.com/eta.php?aid=142695
Easy Publish Tool: http://www.isnare.com/html.php?aid=142695
*********************** ARTICLE START ***********************
Bankruptcy is the legal means of wiping out debt. It may seem like a simple solution when you get in over your head in debt. Bankruptcy, though, should not be taken lightly. There are many repercussions of filing bankruptcy.
Before you file bankruptcy you should have a good understanding of the process and what to expect after you have competed filing.
Bankruptcy is meant to give a person a fresh start by relieving debt. A person can file bankruptcy for most debts they have incurred. Some debts can not be cleared through bankruptcy, though. It is very important for a person to check each of their debts to see if they can be cleared through filing.
During a bankruptcy proceeding a person has to make attempts to pay what they can. Most assets and cash on hand is seized and used to pay off the debts. There are some assets which are exempt and can not be used to pay off debts. Once a person starts bankruptcy proceedings creditors can no longer attempt to collect debts from them.
Bankruptcy is filed in a U.S. Bankruptcy Court. There are six types of bankruptcy. Only a few of these apply to an individual. Chapter 7 and Chapter 13 bankruptcies are the most commonly filed by individuals.
Under Chapter 13 a repayment plan is set up instead of assets being seized. The exempt assets list varies from state to state, so a person should check their states bankruptcy laws to see what assets they will not have to surrender.
The Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 changed how individuals file bankruptcy. The aim of this act is to prevent people from using bankruptcy as a way to get out of debt and instead use alternatives to help them get out of debt.
It bases the idea of paying back debts on a person income. If a person has the ability to payback their debts then they are required to do so. It also requires credit counselling to help ensure a person does not end up with debt problems in the future.
Perhaps the most important point for a person to understand about bankruptcy is that it is not just an easy method to clear debts. When a person files for bankruptcy the creditors are not just going to walk away. The court will try to ensure that every step is taken to pay back as much debt as possible.
The court will force a person to sell their assets, like their vehicle, to pay off the debts. Bankruptcy is more about protecting the individual from having creditors harass them or attempt to collect debts. Once a debt is cleared through bankruptcy, the creditor can not attempt to collect on the debt ever again.
About The Author: James Copper is a mortgage broker with over 30 years experience. He works for http://www.any-loans.co.uk/adverse-credit-loans.shtml as a Adverse Credit Loans Advisor. In his spare time he writes on all things finance and investment related.
Please use the HTML version of this article at:
http://www.isnare.com/html.php?aid=142695
*********************** ARTICLE END ***********************
- To distribute your articles go to http://www.isnare.com/distribution.php
- For more free-reprint articles go to http://www.isnare.com
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