Tips On Recovering From Filing For Bankruptcy
As the recession gets worse, more and more Americans are falling into debt, and more of us are declaring bankruptcy every day. Bankruptcy can be seen as a fresh start, relieving you of much of your debt and payments, but it will also tear up your credit score, staying there for ten years, and decreasing it by several hundred points. In most cases, bankruptcy should be viewed as a last resort because of how important it is to maintain a healthy credit score. If you are forced to file for bankruptcy, there are certain measures you should take to ensure that you can get on the road to financial recovery as quickly as possible.
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Bankruptcy: What Is Automatic Stay And How Does It Protect You From Creditors
The moment that a petition for bankruptcy is filed, U.S. Bankruptcy Code imposes something called an automatic stay. The automatic stay will generally prevent the enforcement, commencement, or appeal of actions and judgments against a debtor from the creditors they owe money to who are trying to collect these debts incurred prior to the bankruptcy petition. The automatic stay also protects property of the bankruptcy estate itself from collection actions and proceedings.
Phony Debt Consolidation Schemes To Be On The Lookout For Part Two
In part one in these series of articles I wrote about potentially shady debt consolidation schemes that you should be on the lookout for. Read on to find out more:....
Divorce And Bankruptcy- Making The Best Of A Stressful Situation
Divorce, coupled with bankruptcy can pose serious problems for those involved. When a married couple who no longer wishes to remain together have debts piling up and are heading for divorce, bankruptcy might be one way to sort out the financial issues. Bankruptcy has the capacity to be filed by just one spouse, or jointly. The effects of bankruptcy on divorce proceedings? Abrupt at best. An automatic stay will put an end to all activities on divorce proceedings.
Categories: Finance Tags: business debt recovery, cash for settlement, Finance