Bankruptcy Chapters

A fact that surprises many people is that almost 9 out of 10 new businesses end up failing. What happens to a business when it runs out of money? Chapter 11 is the chapter of the United States bankruptcy code that explains what happens in this situation. Chapter 11 and business bankruptcy refer to when a corporation is unable to pay money that it is owed, and therefore is restructured. According to chapter 11 and business bankruptcy regulations, the owner or owners of the business are able to remain in control, but the court oversees a restructuring of the business so that it can pay off its creditors in the future.

A famous example of chapter 11 and business bankruptcy would be a well-known figure in most business circles, Donald Trump. His Taj Mahal Casino in Atlantic City, New Jersey was famously forced to file for chapter 11 bankruptcy after mounting debts and instability. Trump was ultimately forced to restructure the business and ultimately give 50% ownership of the casino to his creditors in order to pay off his debts.

Tags: Business, Chapter 11

Conditions are favorable right now for reducing charge card debt with a consolidation loan. Slowly, financial institutions are becoming more willing to lend and rarely have interest rates been so attractive. To be successful though, you’ve to be honest with yourself about why you are consolidating debt, and pay attention to the information.

Educate yourself on the risks and rewards

Things like debt consolidation are often the only road people have to turn to, especially if the person in questions has racked up a huge credit card bill. Some don’t realize that credit cards are more costly than nearly any form of borrowing. Personal loans from your bank almost always come with lower interest rates than credit cards. Home collateral can give many individuals an over-all lower interest rate and smaller monthly payments. This is the primary risk involved with consolidation loans: taking unsecured credit card debt and consolidating that debt into a secured debt. There is a risk of losing your home if you don’t stay up on payments when using this method.

What is your borrowing strategy?

Debt consolidation loans have to be well thought out prior to obtaining them. When

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Tags: Consolidation Loan, Loan

A recent report from a Memphis news station warns of the latest risk to the safety of your credit card information: a super-stealthy computerized scanner that a tech-savvy thief could use to get your credit card digits while passing you on the street.

RFID Technology in Your Wallet

Here’s how the technology works, according to the story, and why it might pose a problem for ordinary consumers.

• RFID technology: Something called radio-frequency identification is commonly used in passports, credit cards and debit cards to facilitate transactions. Merchants can process information from RFID-enabled cards with a simple scan.
• Portable computing devices: Unfortunately, the technology that allows for quick transactions in the mall and at the airport also, it seems, opens the door to stealthy identity crimes. T

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Tags: Card, Card Information, Credit Card, Credit Card Information

Chapter 13 bankruptcy filings, like Chapter 11 filings, involve a reorganization of an individual’s debt. Under this chapter, a person cannot get debt protection. They merely give debtors time to pay off their debts. The repayment period can take between three to five years.

When Might I Have to File for Chapter 13? A person must go through the means test. If he goes below the average median income he is eligible for this and Chapter 7. Chapter 7 is more common because it does allow people to discharge debts. A chapter 11 attorney can hep a person figure which type is right for him.

Homeowners who want to keep their property will file under Chapter 11 or Chapter 13. Bankruptcy proceedings prevent banks from foreclosing on homes, let owners keep their property, and most importantly, buys the homeowner time. Sometimes a person just needs more time to get back on his feet.

Please do not hesitate to contact us at one of our California offices by calling 1800.941.6730 for your debt resolution needs. You can receive a free consultation over the phone, or request a free in person appointment at a Sagaria Law office nearest you. P

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Tags: Chapter, Chapter 13

This personal bankruptcy story was posted on the internet in March of 2008 as a comment in a discussion on bankruptcy: “Last July I had surgery to remove a kidney stone that I suffered with for 5 months and was stuck. I was in the hospital for a week. After calculating all the various doctor, ambulance and hospital fees I owe over $100,000 for this ordeal!!! The hospital stay alone was $90,000! Did I mention no medical insurance??? I’ve been totally stressing over this. I’m not sure what’s more painful…..my debt that I can’t possibly pay or the kidney stone! I’m saving money so I can file bankruptcy soon.”

Like so many others, medical problems is one of the leading causes for bankruptcy. Not only does medical problems cause enormous expenses, they often cause a loss of income as well. The debtor in this personal bankruptcy illustration had to have surgery to remove a kidney stone and didn’t have any medical insurance. The emergency procedure cost him much more than he bargained for as the kidney stones caused bankruptcy pains as well as physical ones. Becoming bankrupt

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Tags: Bankruptcy, Kidney Stone