Do unpaid bills cause you to lose sleep? Are you being hounded and harassed by creditors? If the answer is yes to these questions, dont fret too much because you are not alone. Many people nowadays are having trouble paying their debts.
Controlling The Causes Of Debts
A very large portion of the world population is presently beset by grave debt problems debt problems that often times lead to the filing of bankruptcy. Statistics reported that in United States alone, over 1.3 million bankruptcy petitions are filed last year and the number is still growing by leaps and bounds. Debts are not the sole concern of the low income earners. More often than not, people with six figure salaries incur the most debts.
Bankruptcy Alternatives
Bankruptcy is an option an individual in dire financial difficulty would be forced to take. This is considered as the last debt management tool or resort a debtor could ever take because of the stigma that comes with its implementation. Being published in the London Gazette, made available on line and registered, bankruptcy orders have a far reaching effect. Everybody would be aware of your misfortunes. Bankruptcy will stay in your credit record for a period of 10 years. Its …
Potential Implications of Insolvency for Directors
An article about the liabilities directors may face personally in the event of corporate insolvency
Debt Settlement & Income Taxes What You Need To Know
Debt settlement has become a popular approach to resolving problem debts without having to file bankruptcy. With this approach, creditors agree to accept a portion of what you owe (usually around 50% or less) to settle the account, and the remaining balance is forgiven. This technique will certainly continue to grow in popularity now that the new bankruptcy law makes it tougher to fully discharge debts in a Chapter 7 bankruptcy.
As with anything, there is no free lunch, a…
Will New Bankruptcy Laws Benefit You?
For businesses, relying on issuing credit, the new personal bankruptcy law is doing great, reducing personal bankruptcy claims from the thousands to double digits.(In the short run).
However, lawyers working with the actual people filing for bankruptcy say that the new law is seriously flawed because it puts more financial burdens on already broke clients and reduces potential debt repayment to small businesses.
Bankruptcy Not For The Faint Hearted
Inability or impairment of ability of individuals or organisations to pay off their creditors is known as bankruptcy. Normally individuals and business establishments initiate the process of bankruptcy but sometimes a group of creditors can ask for a declared state of bankruptcy in order to recover money owed to them.
The law of bankruptcy serves the primary purpose of giving a second chance to the honest debtors by relieving them from most of the debts and to enable the d…