e.g. Miami or Miami-Dade or Florida or 33132
Bankruptcies are never pleasant. In some cases it does help an unfortunate debtor to make a new beginning. During bankruptcy the assets of the debtor are sold to clear the dues of creditors. The plus point is that even if the money raised from the sale of assets is insufficient to cover the dues, the financial obligations of the debtor are wiped off and he can start life afresh.
Bankruptcies can be bracketed into three categories – Chapter 7, Chapter 11 and Chapter 13. The most popular one is Chapter 11 – it being filed by business entities. Chapter 7 and Chapter 13 are for individuals. All come within the purview of bankruptcy judges. Trustees appointed by the court are also involved as well as lawyers representing the two parties – creditors and debtors. In USA each state has a different set of guidelines that take precedence over and above federal laws.
Chapter 13 deals with reorganization of debts with the debtor negotiating repayment plans with the creditors. This makes it possible for the debtor to keep some of the assets while making up the loss of the creditors with partial payments. It depends from case to case and there is no guarantee that assets would be saved. In general Chapter 13 bankruptcy requires repayment within three to five years. If the debtor has cleared dues the bankruptcy is discharged.
Among the three types of bankruptcies, Chapter 7 does not require repayment plan. It erases all personal liability of the debtor but the assets have all to be liquidated. The funds released from this liquidation goes to compensate the loss of the creditors. It takes few months for the process to run its course.
Many far-reaching proposals are ongoing to help poor homeowners in debt to be bailed out of a difficult situation. Some of them may be assisted through constructive programs that aim at active participation in places such as FHASecure. This program, though moderated through its eligibility parameters, along with Hope Now, tends to have a limited [...]
Despite stiff bi-partisan opposition, the U.S. House Judiciary on Wednesday, passed after slight alterations, the highly debatable “Conyers Bill” aimed at retaining ownership of “certain” bankrupt property owners. The real estate boom has, over the years seen people investing more than their capability (thus falling short on their payments) or taking more property related loans [...]
Washington Mutual had been demanding for an effective bankruptcy code that is revised to ensure that people can’t simply walk off from paying their credit card bills. Having established its forte as the largest U.S. savings and loan, it is clear that the company had been unable to foresee the possibility of a housing recession [...]
Agnes Mouser of Texas is a 65-year-old widow, who got a $10,000 tax due bill after foreclosure on her loan to settle credit-card debt.
First foreclosure, and then the series of monetary problems associated with it, are increasing day by day all over the country. For instance, the burden of tax comes as a complimentary package [...]
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