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Insights on money, career and trading

Category Archives: Debt

Bankruptcy Lawyers: What Are Their Requirements?

Posted on September 16, 2020 by Daniel at 10:13 am

Bankruptcy can be defined as a civil procedure through which individuals or other entities who can not pay back debts to lenders may seek relief. In most jurisdictions, a bankruptcy action is initiated by the plaintiff, usually initiated by the debtor itself. The court can also grant a temporary bankruptcy protection in certain instances, when the individual is unable to pay back the debts, or if he or she has no assets to liquidate to pay for the debts.

A bankruptcy is considered personal liability protection because it is designed to protect the person filing for bankruptcy and to provide some sort of relief to him or her. The protection is granted by the court only after examining whether the defendant, or debtor, is able to repay all the debts and is not at risk of being unable to repay them in the future. This can only be determined by considering all aspects of a debtor’s financial position, including the debt amount and his or her ability to pay for it.

Before filing for bankruptcy, the plaintiff must first obtain a written opinion that the person is in fact unable to pay the debts and can not make his or her installments on time. This opinion will be provided by a qualified and experienced bankruptcy lawyer. In cases of insolvency where the person has other assets, it is required to establish the value of these assets. A bankruptcy lawyer will help determine this value and prepare a detailed report on it.

According to federal bankruptcy laws, a bankruptcy is granted only if the court finds the debtor to be unable to pay for all the debts and that the assets of the debtor are worth less than the amount that could be owed to the creditors in the case of failure to pay back the debts. If the court finds this to be the case, it will either order the person to sell all the assets he or she owns to satisfy the debts or will declare that the bankrupt is incapable to pay for all the debts himself or herself. In such a situation, the court may allow a temporary court protection against further claims by the person filing for bankruptcy.

When the court is convinced that the debtor can still pay for the debts and that his or her assets are of reasonable value, it will appoint a trustee to oversee the administration of the debtor’s estate. This trustee is responsible for collecting the debts and distributing the proceeds to the creditors according to the terms set forth in the bankruptcy code.

A temporary court protection enables the debtor to continue to meet with the creditors on a regular basis in order to continue paying back the debts, even when he or she is unable to continue to pay them, until the court has determined that he or she is able to pay them. This is done under the supervision of the trustee. The temporary court protection will also give the debtor the chance to reorganize his or her financial resources to repay the debts in an orderly manner.

Bankruptcy protection can be granted either by the state court or by the court of bankruptcy, but the latter is more common. However, both courts have different procedures.

To qualify for a temporary court protection, the plaintiff and the defendant will have to provide the same information about each other, although bankruptcy lawyers are usually paid on a contingency basis. The debtor must file a petition for a temporary court protection with the court to prevent the proceedings.

3 Tips For Using Credit Cards Without Going Deep Into Debt

Posted on December 13, 2018 by Daniel at 2:04 am

While the thought of being able to buy something right now that you can’t actually afford with cash is very enticing, getting stuck in this frame of mind can quickly lead you to getting very deep in debt. So although you might like the fact that you can acquire credit cards or other lines of credit and get the things you want or need, it’s important that you be very careful with them so you don’t wind up getting in financial trouble. To help with this, here are three tips for using credit cards without going deep into debt.

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4 Reasons You Aren’t Making Progress On Paying Off Your Debt

Posted on March 24, 2017 by Daniel at 8:51 pm

Many people find themselves in a pile of debt and feel like they can’t get out of it.  They find themselves spinning their wheels not seeming to improve their credit score.  It is certainly much easier to get yourself into debt than it is to get out of debt. (more…)

3 Tips to Help You Get Out Of Debt Quickly

Posted on January 11, 2017 by Daniel at 6:13 pm

Getting into debt can be easier than you might like to admit. Whether you’re young and finally have the opportunity to use credit or your eyes have just recently been opened to the possibilities of making a purchase and paying for it later, it doesn’t take long for an abuse of credit to turn into a mountain of debt. And while you may be feeling like your debt can never be completely paid off, there are things you can do that will help you get out of debt quicker than you ever imagined. To show you how, here are three tips that can and will help you get out of debt quickly.

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What’s Your Plan to Get out of Debt?

Posted on September 22, 2016 by Daniel at 10:04 pm

One of the major issues affecting all of us in our lives is our relationship with debt. Even if you’re not particularly plagued by a growing debt that deprives you of living the life you really want to live in terms of the plans you have for the future, merely keeping your money in a bank signifies a relationship with debt regardless. The bank uses the money you deposit into your account to first create more money on their balance sheets (fractional reserve banking) and then they loan that created money out and charge interest for it. That’s perhaps a discussion for another day though, otherwise if you do indeed have debt which is hindering the quality of your financial life, you need to have a proper plan to get out of it. (more…)

What Should You Do If You Are Behind On Your Bills

Posted on September 5, 2016 by Daniel at 2:29 pm

If you’re tired of just getting by with your finances, then you will want to give this a read. Being on top of your money and kicking debt to the curb doesn’t need to be difficult. Sometimes it’s tough and hearing from people who are already in debt isn’t ideal for the situation. Nothing will change unless you’re willing on taking action when it comes to your finances. (more…)

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