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A Very Personal Bankruptcy
from:Filing a personal bankruptcy is a major decision and one that only you can make. It’s no secret that it can have long term consequences on your credit. But the question to ask yourself is whether those consequences are better or worse than the consequences of debt spiraling out of control. It doesn’t take long for people to discover that debt only gets worse when ignored.
A personal bankruptcy is called “personal”, because it applies to an individual and not a business. It’s also very personal, because the bankruptcy is structured to meet your particular circumstances. But having said that it’s also necessary to recognize that there are specific laws that define bankruptcies in terms of what’s allowed and not allowed. For personal bankruptcies, you can file a chapter 7 for liquidation or a chapter 13 for a repayment plan.
A personal bankruptcy can do some things to help people deal with their debt, but there are other things outside its realm of control according to law. For example, a personal bankruptcy cannot erase all types of debt. These debts include child support, court ordered payments and criminal fines. The attorney will negotiate with the IRS to determine which tax debts can be eliminated. Also, any debt you create after the bankruptcy is not grandfathered into the order. On top of that, a creditor can make you give up any collateral you used to secure debt instead of just accepting payments.
The good news is that a personal bankruptcy can do lots of great things to make your life easier and give you a new start. Excessive debt feels like you’re carrying hundreds of pounds around on your shoulders all the time. Filing a bankruptcy takes most of that weight off.
There are plenty of good results you will experience as a result of filing bankruptcy. One of the best is the fact that most of your debts are discharged. That means you no longer have the debt and don’t have to pay it. A bankruptcy can prevent your house or car from being taken in a foreclosure or repossession. If you waited to file long enough to have your utilities turned off, they will probably be restored. There are other benefits too, and it is the job of your attorney to make sure you get the most financial relief allowed by the law.
Filing a bankruptcy can actually help your credit if your credit is already virtually ruined. That’s because a personal bankruptcy wipes out the debt you owe and lets you start again with a clean slate. If you work and save money and make timely payments on remaining debts, in all likelihood you will be able to begin rebuilding your credit within a few months of the final bankruptcy discharge.
A personal bankruptcy can remain on your credit history for 10 years. You cannot file another bankruptcy for 4 years on a chapter 7 and for 8 years on a chapter 13. Filing a bankruptcy is a long term decision with near term benefits. A bankruptcy attorney can help you start over again with a new financial life.
Bankruptcy Colorado Specific links
Bankruptcy Colorado News
Bankruptcy filings in Colorado end five years of upticks - Denver Post
Bankruptcy filings in Colorado end five years of upticks Denver Post By Aldo Svaldi Fewer Colorado consumers and businesses filed for bankruptcy protection last year, reversing a five-year run of annual increases. The US Bankruptcy Court's Colorado district reported 29994 cases last year, down 7.7 percent from the 32509 ... Bankruptcy filings fall 7.7 percent in 2011 Bankruptcy filings fall in Colorado |
FGIC, TBS, Christ Hospital, MF Global, Plum TV: Bankruptcy - BusinessWeek
FGIC, TBS, Christ Hospital, MF Global, Plum TV: Bankruptcy BusinessWeek Sumo Development Corp., a golf course and residential development in Colorado, secured the signature of the bankruptcy judge on a Feb. 3 confirmation order approving the Chapter 11 reorganization plan. The plan gives secured lender Newark Revolving Co. |
Bankrupt Meridian firm DBSI faces criminal probe - The Idaho Statesman
Bankrupt Meridian firm DBSI faces criminal probe The Idaho Statesman Among the losers was Bill Marvel, a Colorado investor who put $3.5 million into DBSI buildings. Since the bankruptcy, Marvel said he has lost three buildings to foreclosure, and he expects to lose a fourth. He expects to salvage only about $500000 of ... |
Gary Busey Files For Bankruptcy, Just Like GM? - ABC News (blog)
 ABC News (blog) | Gary Busey Files For Bankruptcy, Just Like GM? ABC News (blog) Actor Gary Busey filed for Chapter 7 bankruptcy protection on Tuesday in California, and his publicist says the actor needs a fresh start, just like General Motors. Busey, who has been featured in dozens of films, including “Lethal Weapon” alongside ... |
Ex-users say bankrupt Open Range continues to bill them - Denver Post
Ex-users say bankrupt Open Range continues to bill them Denver Post "There's no way to contact them," Voss said. "How can they be bankrupt and still send bills, and we don't have service? We want to know what's going on." The Colorado attorney general's office wants to hear from people such as Henry and Voss. |